This is a must for Business Growth strategy knowledge for anyone who seeks to start a business and who is already in business with the mindset of survival.
The worst thing I’ve seen in Life is knowing when a particular person starts a business on a small, medium, or large scale.
After 4 to 5 years, I get to pass through that same area and discover the business hasn’t grown at all or it is in a dwindling state.
I get baffled when I see such and ask myself what is actually wrong with these people and their businesses.
The answer that always comes to me is, “They lack the growth vision”.
Many persons enter into business with the mindset of I want to get busy.
They say, “The idle mind is the devil’s workshop”. So I want to get busy with my hands, mind, and body.
That is a great reason, but only when it is based on a “vision” for Business Growth.
Having a business without a vision for Business Growth is like feeding a baby less than a year, for years without showing any sign of an increase in size, height, and strength.
Guess you can imagine how scary that is.
That is the same feeling I get when I see a business in the same circumstances, I get scared and ashamed of it.
At least even if the vision isn’t to expand that particular business, it should involve growth that brings about ownership of other kinds of businesses.
Why you need to read this article:
If you are currently reading this awesome priceless article and you don’t have a growth vision or strategy for your business or the new business you are planning of starting.
Follow these guidelines I am about to give you because it is never late to have a good vision and strategies for Business growth.
And if you are the type that has a growth vision for your business already, but you are still full of doubts about it, these guidelines are very important for you.
While for those that already have a good vision and strategy for their business growth, I will say congrats.
But stick closely to these guidelines also, so you won’t find yourself swapping from a sure vision to a doubtful vision.
Because there is no middleman in growth. You are either going up or coming down.
Strategies for Business Growth
- Understanding Vision
- Business Planning
- Positive Thinking and words
- Understanding your Competitors
- Giving all to your strength.
I will treat these guidelines on a little coverage here but when treated as a single topic I will go deeper.
That is why I urge you to subscribe through the subscribe button at the button right corner of this blog post or subscribe via email.
It is important you know what something is before applying it. Be it technology, cosmetics, fruits, etc.
So what is Vision?
Vision is a picture of your future. You can check for further meanings in a dictionary
Applying this to business means having an image or picture on your mind (that is, an imagination) of how your business will look in a few years to come and where it will be ranked among its competitors in terms of Business Growth.
Definitely, that imagination must be goal-oriented.
Business Planning is goal-oriented. That is, the purpose of every plan is to achieve a goal.
A goal will be likened here to your vision.
For instance, if you have a goal to lose 20 pounds in weight, and you put down plans for losing weight such as controlling your diet, going to the gym, etc.
That is how it is in business.
If you set a Business Goal of more sales in the current year than the previous years, you know definitely you need to set Business plans like; increasing publicity, giving out discounts, creating a better public image than previous years, increase in quality, and many other strategies you can use.
But they must be honest. Because dishonesty will take you far, then drop you faster.
Reflecting it to business means dishonesty will give you all the customers, high sales, and high profits you’ve dreamed of.
But it will drop your business so fast that you won’t be able to recover for a long time.
Positive Thinking and Words
Like I have always said to myself, only positive words will proceed out of my mouth and my heart will always be full of positive thinking.
[Tweet “A man becomes what he thinks and says about himself.”]
The same thing happens in business.
When you always have this thought that your business won’t grow or succeed, I tell you, nothing you can do in this life that can make it succeed. Even God can’t help you.
I advise you to read it, be it whatever religion you may be, I believe we all have a mouth.
Just like the topic I treated titled, “Hard-worker and Smart-worker“.
I gave reference to Blockbuster (a giant industry in DVD rental with over 9,000 stores) defeated by Netflix (a single-store company).
I advise you to go through that article.
The topic, “Hard-worker and Smart-worker” will feed your understanding of what flexibility really means and the power behind being flexible.
What is flexibility; it means easily change.
Being flexible in business doesn’t mean you should jump from one business to another because you notice all your friends are into it, No!
Matter of fact that is stupidity. Because being flexible in business is bigger than that.
Imagine Bill Gates jumped from Microsoft at the early stage to selling computers or Steve Jobs moved from Apple to become the owner of a cab company.
Only God knows what He would have done to both of them if they had done that.
Flexibility in Business means adapting to changes that are profitable.
For instance, if Apple phones known as “iPhone” had stayed in the same version and model, as the first type of iPhone.
I tell you the smallest Nokia Touch light phone sold for $10 would be costlier than iPhone.
Rather they applied the principle of flexibility by upgrading from iPhone 1, 2, 3, and so on.
As the iPhone is changing, it is adapting to the present-day demand of the market. But it is still an iPhone, not another business.
So as a business owner or manager, you must be willing to accept change if you want to keep your market share on the increase.
Understanding Your Competitors
It is good you understand who your competitors really are, just like knowing what vision is before you can start applying it.
Let’s say you are in the soap business, those doing soaps are your competitors, not another company doing sugar because the sugar company is close or opposite to yours.
Understanding your competitors is by knowing their weaknesses and strength.
After discovering that, develop strategies that can hit them or outrun them in their weaknesses.
I know you have a question of,
“what if as a new company in an industry of giants competitors, how will I surpass them in the market share?
I will answer that question when I see it in the comments section.
I will be discussing more on this topic as a topic on its own, so stay subscribed not to miss out.
Giving all to your Strength
SWOT is the bedrock on which all these strategies I have listed above rest on.
It is a familiar term to those who went to business schools but for those who didn’t, do research on what SWOT means
After knowing all this, make sure you work on your strength, that is the only way you can succeed.
Never pay or give attention to your weaknesses by trying to develop them into your strength.
That will end up in failure.
Just like the law of absolute advantage in Economics, that states;
“If a country has resources in producing more of gold that leads to less cost and can also produce silver but it leads to higher cost when compared to the cost of producing gold.
It should focus on gold. While the country uses the income from gold to purchase silver.
By doing this the production of gold will be much to purchase any amount of silver the country wants”.
The same principle applies in business.
The time you give to your weaknesses, give it to your strength, and you will get more results.
Identify your strength and develop it to the full.
I will throw more light on this topic when I treat it as a topic so stay connected through the subscribe button at the bottom right corner.
“Know your Strength, use them wisely”
-Lord Baelish (Game of Thrones)
After knowing all these steps for Business Growth strategies, you are ready to risk into any competition and achieve even more than the vision you have seen towards your business.
Remember to always dream big.
“Think big, Dream big, Believe big and the results will be big” -Unknown”]
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