Growing a small business is all about urgency. `Unless your business is changing faster on the inside than the world is changing on the outside, you will not reach your vision. In other words, keep your focus on growth. Small business owners need to grow at a higher rate of growth than a well establish firm employing thousands. I advocate a growth rate of at least 30 to 40 % a year for a small business. That may be a stretch but a stretch is required to push rapid growth.
A fast paced growth rate also helps with the overall internal function of a company and it challenges you to be open to innovation in all areas.
I have often stated that the main responsibility that you have as a business owner is to make as much money as possible. Yes, honesty and integrity have to be maintained, but urgency is gained by working harder and smarter, putting in long hours when needed and using those hours wisely.
Urgency or fast growth also helps build a competitive advantage. To get that needed push you must know WHY you are doing what you are doing and what’s the good that you are trying to accomplish.
Urgency requires constant movement. That requires quick decisions on opportunities, a quick yes or no. Evaluating opportunities in the world of small business sometimes becomes a “gut feeling”, trusting your own judgement. Letting go of old ways of thinking or old ways of doing something is hard, but unless the bottom line is increasing with these methods, then a change is due.
High speed also requires a thorough knowledge of your customers and target market. Keeping a constant eye on your target market and being aware of changing needs is critical.
A lack of customers is still the biggest problem that we hear from small business owners. Marketing is a multi-faceted undertaking that has to constantly be looking for new and better ways of reaching a target market, but allowing enough time to test the traction of each outreach. Marketing has to be more than a single concentrated effort in one medium. Go back and review the Be Seen and Heard session under marketing in the BizQuack education section.
As always, I am open for a private session to discuss your current marketing efforts.
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