There's something exciting about owning your own business. Whether it's the feeling of freedom running wildly through your hair or the animated "ahhh" that comes from breaking through to the next level, business ownership is electrifying. Overall, though, it's the growth of the business that is most fulfilling and gratifying to most small business owners and entrepreneurs.
Show Me the Baby
Growing a business is like birthing a baby. There's the initial thrill of the possibilities -- the fear when the "what ifs" surface -- and the angst and excitement when your products/services finally make it to market.
And, like parenting, there are days your business is the "apple of your eye" and other days you wonder what invaded your business in the dead of the night! In fact, if you're like most entrepreneurs, those are the times you wonder if Starbucks is hiring!
Overall, parents want to see their baby grow to be a healthy, happy, successful contributor to society. And, every small business owner wants to see their business grow to a healthy, successful entity that contributes to society and the happiness of the owner.
Small Business Falls Short of Business Growth Goals
Most businesses fall short of achieving their growth objectives for revenue and profitability. In face, studies show that only 20 percent of business owners achieve their business growth goals. Shocking, isn't it!
Why is growth so elusive? With information and thought leaders on small business growth and development only a click or call away, business growth seems to elude many entrepreneurs. Although it is the goal of every small business owner to grow their enterprise, few have identified or implemented a growth strategy.
Let's face it! With all there is to do in a day, there seldom is enough time to complete all there is on your plate. And, if growth slows to a crawl, there isn't more time one can add to an already busy day to accomplish what's needed to get the business on track and growing again.
How Will Your Small Business Grow?
To win at growing your business, you have to win at foresight and focus. Rather than wait for the pain of a withering business overwhelms you, use foresight to identify the ideal growth strategy for your business.
Growth strategies are unique to every business. Where your growth comes from, the amount of risk you're willing to take, and the available resources all play an important role in the selection of the growth strategy that is the best fit for your business.
There are a variety of growth strategies that you can implement to ensure your business succeeds. Well-known growth strategies such as market development or penetration, and product development or diversification are a few options available for you.
What is your small business growth strategy? Keep doing what you're doing? Or, identify a clear, concise growth strategy that gets you to the end game you're working so hard to achieve. It's the only way to ensure your business scales to the heights you want.
This article first appeared on Synnovatia. Let's connect: LinkedIn | Twitter | Facebook | Google+