I know small business owners with several companies within the construction and real estate industries that have nearly doubled their assets even in a bad economy. How is that possible?
Growing a business is a process
Growing your business is easy! Just follow the proven formula and you can grow your business even in bad economic conditions.
So what is the formula? The Small Business Growth Matrix organizes everything into a few simple to read pages. Each growth stage’s objectives are very specifically defined. So, determine your business’ stage and your primary objectives are clearly established. Now you know your destination.
But as you know, before you can map out a route you need to know from where you are starting. Be careful here! Many small business owners would assess their business and stop there. But, you need to assess yourself too! I’ve seen too many entrepreneurs get lost in their business and lose track of who they are in the process. This can destroy you psychologically in a way that will directly impact the performance of your business. So, make sure you look at yourself. The article “Why So Many Small Business Owners are Unhappy?” has a good message that addresses this topic.
Next, assess if your business is firing on all cylinders. You need to fix what’s broken and clear the obstacles standing between you and business growth. I call this Tuning Your Revenue Engine. Tuning your revenue engine improves your business’ performance allowing you to do more with the resources at your disposal. Properly applying asset is key to business growth.
Finally, with all the information you’ve now gathered it’s easy to put your business plan together. Yes, I know everybody say you need a business plan. But, I take a very different approach. My business plans are more like a project plan – a solid action plan to help you achieve your goals. Think about it, you know…
A. What you need to do (objectives for your stage of the growth cycle).
B. What you want for your life (an assessment of what motivates you personally)
C. How much revenue your business is capable of producing and the resources at your disposal to get it done (Tuning Your Revenue Engine)
D. Just outline who needs to do what by when gives you have a high impact business plan.
See that’s a pretty simple formula. The problem is not many small business owners know the formula, so they never get started. If you’d like to apply this process to grow your business faster I’d recommend a BGS Business Accelerator Masterclass. Membership provides you entry into the BGS Community with full access to the step-by-step Business Growth Framework, courses, tools and resources.
Are you ready to get started? There are plenty of resources available on this blog that can help you get started. If you need a little more assistance contact us. We would be honored to assist you in getting your business growing again.