The ability to grow at a sustainable rate of 20-30 percent annually is at the core of any successful small business. With a world that is moving faster and faster, previous ways of doing business no longer work. Does your business have what it takes to accelerate?
The good news is that small entrepreneurial businesses are best suited to take advantage of the many opportunities being created in today's hyper-paced world. Here's what it takes to build your business for speed:
1. Strategic mindset
Is your business headed in the right direction? If you haven't given much thought to the course your business is traveling, now is the time to reassess your direction. Get ready to embrace change and rethink where your business is headed.
2. Focused, extraordinary action
Even though you keep your computer up-to-date and clean, it's speed slows over time. Too many programs running in the background decelerates its processing speed. The same issue exists in business. Too many initiatives running simultaneously creates overwhelm and lackluster results. Better to take big strategic, focused action and give your business a giant step forward.
3. Fast acting advisors
Many of us might think that in motorsports a racecar driver is the star of the show. In truth, great racing teams are made of an army of people, many with vital roles behind the scenes. In fact, many a race is won--or lost--by a fraction of a second based on the efforts of the pit crew.
Every winning small business owner surrounds him/herself with fast moving, fast acting team of advisors who are at the top of their game.
4. Resources to invest
There's nothing more frustrating, or counterproductive, to acceleration than not having the resources (e.g., time, money, talent) to take advantage of an opportunity staring you in the eye. Fast-moving entrepreneurs understand the importance of being able to act within a moment's notice by maintaining a reserve of resources at the ready.
5. Ease off the brake
With one foot on the gas, and the other on the brake, you're likely to burn out your engine. This is what many small business entrepreneurs do regularly--burnout. Entrepreneurs designed for speed understand the role of self-care, work-life balance, healthy eating, regular exercise, and lifelong learning in their quest to be the best.
Just like a Chevrolet CMV is no match for a Lamborghini Aventador (zero to 60 mph in 27 seconds vs. 2.9 seconds) or a DOS system capable of the multitude of processes you hold in your hand, methods used to achieve success a decade ago are no longer effective. Your business must be built for the speed of today's fast changing world.
To keep your business moving forward quickly, you need to keep your eye on the road ahead, ease into the curves, keep your foot off the brake, and accelerate on the straight away.