Will you grow your business this week?

 In Growth Strategies

What we focus on, we grow.  

Most people want to grow their business.  What does that mean exactly and what are you growing? As always, I’m going to focus on the bottom line.  If you grow sales and not profit, then you have created a busier environment without getting the benefit of ‘growth’ in your net income.

Lately I was part of discussion group where business owners were talking about the challenges they face in growing their business. Whether you have a profit of 50k and would like 100k or 100k and would like 200k the same issues arise.

1 We don’t like change and we fear the unknown.  Change is uncomfortable.  We need to do something different to create different results.

2 Lack of skills of the leader or business owner. Acknowledge what skills are missing and which ones are having the biggest impact on your business (and holding your business back).

3 Staffing issues in Ireland in some sectors.  While many business owners complain about a shortage of staff, there is also the issue of lacking soft skills to manage people as we grow.  If employees aren’t engaged or are unhappy, will this affect the business as you grow?  Most definitely.

Some suggestions on action you can take immediately in overcoming these issues:

1 Self-awareness and understanding your internal dialogue helps a great deal.  Being able to acknowledge the fear, see the value in growth and deciding you want to grow despite the fear.  Actively improving your own self-awareness can help you understand what has held you back to date and what will continue to hold you back if not addressed.  If you find this hard or feel stuck, talking to a trusted advisor can really help.

2 Acknowledge your shortcomings as a leader of your business.  Find courses to take to improve your skill set constantly or read some recommended books in relation to topics that you know you struggle with.  Look for books recommended by leaders that have similar values and ethics as you and you admire.

3 Be open to suggestions of other professionals or people who have gone before and created what you want to create.  Don’t take advice unless it is from a very reliable source.  I believe too many opinions spoil the broth.  Look for advice from people who have been there and done that successfully and who you trust.

Two heads are better than one.  In certain instances you can engage with staff as well as advisors prior to making decisions.  Would ten heads be better than one?  In seeking ideas and positive action your business can take, engaging more people to assist, might provide that one great idea that takes your business to a whole new level.

This week, take time out to consider if you are growing your business or if you are busy being busy.  If you are busy, then do something about it.

Stop and take time to think about what you are growing, what you want to grow and how you can achieve it. 

Sometimes taking a break when we least feel we can, is what is needed for the success of your business.

For more information or to work on your business growth contact wendy@williamsmerrigan.ie

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