As entrepreneurs, we start our business to follow our passion rather than the profits. The possibility of seeing our dreams become reality is what drives us. With social and competitive pressures, your business cannot remain stagnant. To survive, your business must continue to develop.
As GrowthWheel suggests, the real question is, “What kind of life do we want for our business and for ourselves within the business?” Business owners can select from seven inter-connected growth strategies to develop their business:
- Financial Growth
- Volume Growth
- Idea and Product Growth
- Quality Growth
- Network Growth
- Market Growth
- Income Growth
Businesses can use multiple growth strategies at once or sequentially. For example, your business could focus on network growth in the short run and then idea and product growth in the long run. It is important to prioritize a list of growth strategies that are appropriate for developing your business.
With your prioritized list, your business can prepare to overcome the associated growth challenges. Every growth strategy presents a unique combination of challenges. For example, the network growth strategy is associated with the challenges of identifying the right partners, establishing alliances, and developing loyalty through the network. With preparation, your business can develop plans and actions to move your business forward.
As entrepreneurs, we may feel unprepared to focus on a growth strategy and feel overwhelmed by the potential challenges. There are many emotional and financial barriers that entrepreneurs face. However, it is essential to overcome these barriers by strengthening our growth ambitions. Success breeds success and we can learn from others’ experiences. For more information, download "Seven Different Ways to Grow and Develop Your Business."
As GrowthWheel advocates, “The most important thing is to be a part of a social community, where everyone supports and strengthens each other in their belief that growth is something possible and mutually desirable.” Our social community at the Whitewater Innovation Center can help strengthen and grow your business.
Our Certified GrowthWheel coaches are available for one-on-one consulting. Contact Mark Johnson to coordinate your first one-on-one consulting session.