Experienced business owners who have run more than one company understand that growing a business requires a framework. First time entrepreneurs as well as experienced entrepreneurs all do the same activities. They search out potential customers, hire and manage people and they create systems to effectively manage the work.
A study of 4,000 business owners in 60 countries conducted by EMyth indicated that there was more to it than that. They identified 3 critical areas necessary for growth:
1) Adopting a Growth Mentality which showed successful CEOs spent 40% of their time on marketing and sales - with a 60% revenue growth impact over companies that spent less than 40% of their time on these two critical activities. The statement that says, 'if you're not growing, you're dying' is absolutely true.
2) Building a Growth Team where they asked those CEOs the question 'I can do anything I set my mind to', and 85% said Yes! This overconfidence in CEOs to control their future is a critical flaw. And amazingly the stronger the belief in this statement the less profitable and the less these companies grew. The #1 goal of a business owner is to create a mindset that admits they need other people to help them grow.
3) Following a Growth Framework boiled down to recognizing that technical expertise isn't what matters. What matters is your ability to run a business. There are business frameworks that work and successful business owners don't reinvent the wheel. They use a framework to help see how everything in a business is connected from your leadership to marketing to team-building and everything in between.
Frameworks aren't about taking the creativity out of a business. Frameworks help connect people to systems and improve the ability to make sure the customer gets what's promised.
Laurie Taylor
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