3 Tips to Grow Business
Why does a business not grow as much as the business owner thinks it should? Why doesn’t it achieve the desired growth? What mistakes do business owners make that prevent them from reaching the level of growth they should?
You might see some businesspeople who run their businesses for 20, 30, or even 40 years. It’s not that their business isn’t profitable; it is. The business moves forward, but it doesn’t achieve exponential growth like 2x, 3x, 4x, or 5x. Instead, it only grows enough to sustain itself. Let’s look at three major reasons why business owners don’t experience significant or exponential growth.
The first reason is the lack of vision. Yes, they don’t have a vision. They don’t know how far their business can grow. For example, if a business owner has a turnover of one or two crores today, their vision is limited to increasing it to three or four crores. They don’t think about how to take their business to 50, 100, or 200 crores. Without a vision, they won’t strive in that direction, and without effort, the business cannot grow. The most important thing is to have a vision. If you are a business owner, you need a vision. You should have a blueprint in your mind about where you want your business to be in a certain period.
The second major reason is that even if they have a vision and a plan, they don’t know how to execute it. They don’t know the path to achieve growth. Growth can be achieved in two ways: either by asking someone who has already achieved it or by hiring a mentor or consultant. Unfortunately, the people around them are often in the same situation as they are. When everyone’s situation is the same, who will show the path to growth? Asking someone who has never walked that path won’t help them grow. Even if someone in their surroundings has achieved growth, either their ego or hesitation prevents them from asking how they did it.
When they don’t ask anyone, how will they grow? Another important reason is that even if they find a path or someone to show them the way, they don’t hire a mentor or consultant because they see it as a waste of money. They think, “What will this person or this chartered accountant or this consultant tell me? I have more experience.”
Yes, you are a businessperson and have a lot of experience, but you don’t know how to achieve growth in your business. You don’t know how marketing, finance, and HR can help you build a great team to take your business to new heights. Yet, business owners make the mistake of not asking for help or not knowing the way. This is why their business continues to grow slowly over 10, 20, 30, or 40 years.
The third major reason why businesses don’t grow is the habit of doing everything themselves. Yes, you heard it right, the habit of doing everything yourself. A small business owner often does everything themselves or makes sure everything is done under their supervision. They handle accounting, keep track of finances, do marketing, act as a salesperson, open the shutter themselves, and even if they hire an employee, they closely supervise their work.
Even if they have hired an accountant or a marketing person, they have to repeatedly tell them how to do the job. When they are teaching how to do marketing or accounting, they might think, “Why not do it myself?” This leads to a loss as they pay a salary but don’t get the benefit.
What should they do? They need to hire the right team so that the business can run without them. The business should be on autopilot, meaning it should operate smoothly even when they are not present. You might ask, “How is it possible for work to continue without the owner?” This is the start of growth. If a business is to grow, the owner doesn’t need to be involved in day-to-day operations. They should step out of operations and let a consultant or manager handle daily activities. The owner can monitor the business weekly and plan for growth.
So, friends, these are the three ways to bring growth to your business: first, having a vision; second, executing it; and third, not doing everything yourself but building the right team and putting the business on autopilot. By following these steps, your business can achieve 2x, 3x, 4x, or even 5x growth. Growth is not that tough because you already have experience, you have been working for years, your product is good, and your service is good. The only thing missing is hiring a mentor, a consultant, a good team, and having someone to guide you on the path to growth.
If you follow these three steps, your business will surely grow rapidly. If you liked this video, please don’t forget to like and share it. And yes, if you haven’t subscribed yet, please subscribe for more such videos. Thank you!