If only starting and growing a business was as easy as planting a seed, keeping a plant alive and flourishing. Unfortunately, running a successful business is a lot more complicated. Read on for some tried and true methods to start and nurture business growth.
Identify and shape your vision
The first task of any endeavour if it is to be successful is to define it and shape it so that it is clear and achievable. We all need a target if we are to proceed forward with anything. Once you have refined your vision, it is then important to share it and encourage your staff to uphold it. To do this, incentivise them to be better by reaching key performance indicators (KPIs). It is also beneficial to allow them to make a case for their pay. The effect of doing these two things is creating a sense of ownership of the vision, which not only keeps the company grounded but also gives staff a sense of self-worth and achievement.
Hand-pick your team
The business is a strong as the weakest link, therefore choose your links wisely. Identify what type of people you want to work with and who you think will bring value to the business and share your vision. Search for these people, hand-pick them and then value them. Do not succumb to the pressure to just employ anyone because you have not found the right person yet. It is worth the wait to find exactly who you are looking for who fits the role you have in mind.
Embrace Market Dynamics
While it is important to have a goal and remain focussed on it, it is also vital to diversify your income stream so that not all your eggs are in one basket. A balance is required, but how do you achieve this? It is vital to invest time and effort in being the best at what you do, while also remaining open to the changing dynamic of the market. Research what people need in your area, and then fulfil it, and do the best job possible that you are capable of. Operating in this way ensures the company remains relevant and continues to grow despite trends and influences constantly changing.
Connect and reach out
Success is tentative and is unfortunately not a crown that can be assured for life. It must be worked at and maintained through sheer determination. One of the ways in which a company can grow and remain successful is by its people remaining teachable and willing to reach out and learn from like-minded enterprises. Close-mindedness bred from management and exhibited in staff members ensures business growth will stagnate. How do you avoid this demise? Attend networking gatherings, reach out to industry and professional associations for mentorship and research emerging technologies as well as what the competition are doing. Knowledge is power and we all stand to learn something on a daily basis.
Business growth can largely be modelled on the growth of ourselves as humans, which is reiterated by Charlie Munger, one of the co-founders of the multinational conglomerate Berkshire Hathaway. He states, “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you.” Wise words to live and do business by!
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.