In 9 Ways to Prepare for Growth, Success and Acceleration – Part 1, I outlined the first 5 ways that lead to what I call The GSA Factor™ – Growth * Success * Acceleration™.
Today I will focus on the remaining 4 ways which are:
6. Take care of your people. Your employees are what keep you successful. Recognize and reward it.
Working in a high-growth organization is stressful and challenging. Take note of your employees’ work and respond appropriately, or risk losing top talent.
Create an environment where people are willing to work through the growing pains. In addition, take care of your suppliers, professional advisors and anyone else who can have an effect on your operation.
7. Listen to the experts. You may be an expert in your business or industry, but you don’t know it all. What’s more, there often will be experts who know more about particular parts of an industry than the insiders.
Identify the experts, listen to them and learn from them. Let them help smooth out your learning curves and keep you on your growth track.
8. Stay close to your customers. No company can do without customers, and if you don’t stay close to them, you’ll lose them. Know what they need, but more importantly, know what they want and do everything you can to give that to them.
Don’t forget to communicate. Never let your customers wonder what’s going on. Tell them–whether it’s good or bad.
9. Focus on your core business and don’t get distracted. Stick to the business your company knows best. Be sure any diversification or product line expansion you choose makes sense.
If it has nothing to do with your core business don’t get into it just because it seems like a good opportunity.
Otherwise, you’ll confuse your customers and your employees–and you’ll likely to find that dividing your efforts reduces the quality and profitability of your business.
Just Remember: As you plan for when things go wrong, also plan for when things go well. When you’re prepared for Growth * Success * Acceleration™, you can better manage the changes it brings and let it take you to the goals you set when you started.
To receive a copy of Elevations™, the newsletter that is “Helping Women Soar to Be the Best and Beyond™”, click here!
What’s your thought on the 9 Growth, Success and Acceleration Factors?
I just received a call from Gail who owns a very nice upscale clothing boutique. Gail would like to experience what I call The GSA Factor™ which is Growth * Success * Acceleration™. She plans is to open a second location within the next twenty-four months.
I remembered an article that I read some time ago that is very relevant to Growth * Success * Acceleration™.
The article was written by JK Harris, the founder of Flashpoints Consulting, LLC and of JK Harris & Company, the nation’s largest tax resolution firm.
In that article JK outlined 9 Ways to Prepare for Growth, Success and Acceleration which are.
1. Know what growth means to you and your company. To prepare for something, you must know what it is and how you’ll recognize it. Growth is more than just hitting a set of numbers–it’s a package that includes changes in your company in terms of operations, production, systems, staffing (team) and possibly branding.
In addition, think about what growth means to you personally. What will your life be like when your company grows and the profits increase? How hard are you going to have to work? Are you ready and willing to do what it takes?
2. Maintain relationships with your funding sources. The faster you grow the more cash you’re likely to need. Growth financing is every bit as hard — if not harder — to obtain than startup funding.
Do regular cash-flow projections so that you know how much credit you’re going to need well before you have to start writing checks.
Develop and maintain strong relationships with your funding sources and be sure to have primary and backup sources available. In today’s financial climate, it’s harder than ever to predict credit availability, so stay on top of your cash and financial needs to give yourself plenty of room to maneuver when it’s time to borrow for growth.
3. Get comfortable being in the spotlight. Successful owners of growing companies are almost always in the spotlight to some degree — maybe not always to the general public but certainly within their industry and with their employees (team).
Be prepared for a level of attention that you probably haven’t received before.
4. Hire people based on where you want to be, not where you are. The team that can successfully run a $1 million company is not the same team that can run a $100 million company.
If your goal is Growth * Success * Acceleration™, hire people who can perform in the size company you want to be–they’ll help you get there.
5. Put the right people in the right places. The right people doing the right jobs are absolutely critical to sustain growth. Conduct whole person assessments and job benchmarking.
This will allow you to take a systematic approach to hiring and career development, which will reduce mis-hires and constant employee turnover.
Be sure to check back on tomorrow for Part 2 of 9 Ways to Prepare for Growth, Success and Acceleration where I will give you the last 4 ways to prepare for Growth * Success * Acceleration™.
Do you know what’s important for the success of a small business owner or entrepreneur? I submit that it is: Knowledge, Skills and Talent. I know that many of your competitors also possess these same traits.
So what is the key that will separate you from your competitors?
The key: focus daily on mastering Growth, achieving Success and living in strategic Acceleration with an everyday positive ATTITUDE.
Then implement the below tips that lead to Growth * Success * Acceleration™:
1. Client Benefits: You and your clients must clearly understand the benefits that your products and services provide. Most buying decisions are based on the client’s perception of what you offer.
Remember, clients buy value and benefit not features.
2. Extra Value: Clients must receive more in value than you charge for your products and/or services. Most people don’t want a ‘fair’ exchange; they want a bargain… the feeling that they got extra value for their money is the key.
Value is providing extra services or additional products that are of high value and quality — not good customer service (good customer service is a part of doing business, it is not a value).
3. Extraordinary Service: This means attention to every detail including answering the phone on the first or second ring, providing an 800 number and having a 24-hour client service number.
Providing extraordinary client service should always be first. The service must include an ‘experience’ for the client.
In today’s marketplace, it is always about the ‘experience’. In my company we call it ‘Putting on the Ritz’.
4. Know Your Audience: Every business owner/entrepreneur must know their audience. You must take the time to identify and create your Ideal Client Profile and then create an ‘Ideal Client Portfolio’™ for maximum success.
How can you attract your ideal client if you don’t know who they are? You must know their style, age, income level, and other key demographics and preferences of the clients you are trying to attract, so that you can tailor your ‘Ideal Client Portfolio’ to appeal to them.
Before you select those photos, testimonials and offers for your site, try creating a profile of the ideal client you would like to reach.
Then you can ask yourself with each photo, testimonial and offer — would this appeal to my ideal client and why?
5. Innovation: New is always good, but ‘newer’ is always better. Clients expect the benefits of today’s technology. At minimum, they expect the convenience of e-mail, voice mail, texting and contact with a live person.
If there is a faster, better or more reliable way to do it, then you must adopt these leading-edge techniques before your competition does.
Always go one step beyond the competition.
6. Reliability: Clients assume they can rely on your products and services when they make a purchase. But when they purchase your time and expertise, they can only rely on your availability, your advice, your attention to detail and your follow-through.
You must be there for your clients every single time they have a need.
7. Communication: This means instant two-way communication with your team at every level. It also includes communication with vendors, suppliers, competitors, collaborative partners, strategic alliances and of course your clients.
Be sure to have an “open door” policy; listening is more important than speaking.
Remember, in our competitive marketplace, Knowledge, Skills, Talent and ATTITUDE builds the infrastructure for mastering Growth, achieving Success and living in strategic Acceleration™.
What do you think about the 7 Tips to Master Business Growth, Achieve Success and Live in Strategic Acceleration?
Your comments are always welcome!
Change is inevitable. Many believe that being a high-achieving woman entrepreneur is the fast track to becoming a millionaire.
Many high-achieving entrepreneurs are faced with the challenges of reaching seven and eight figures, always exploring new opportunities and constantly learning new skills due to the ever-changing marketplace.
High-achieving women entrepreneurs know that in this ever-changing marketplace, they must continuously upgrade their brand, business models, systems, value, products and services.
So what are the ways High-Achieving Women Upgrade Their Business for Growth, Success & Acceleration?
1. Think On Their Feet – Be Resourceful
Being a woman of many talents and skills doesn’t mean you have to do everything yourself but it does come in handy when you’re looking for solutions.
When you are resourceful, you have more tools in your toolbox for thinking on your feet.
2. Manage Their Time – So It Doesn’t Manage You
Women are master jugglers because we always seem to take on more than we can handle.
Managing your time is simply about setting boundaries, employing proper planning techniques, learning to say ‘no’ and delegating often.
3. They Make Mistakes – But Learn From Them
Here’s my mantra, “It’s not a mistake if you learn from it.” When things don’t work out, figure out what can be done better, faster, easier or completely different.
Thomas Edison once said: “We now know a thousand ways not to build a light bulb.”
4. They Keep Their Promises – Meet Your Deadlines
How you show up in your business IS your reputation – to your clients, peers and team. Only make commitments you will follow through on and if something comes up that delays you, move mountains to make it happen or make it right when it doesn’t.
5. But Don’t Let Emotions Take Over – Work From Your Heart
Your business is an extension and expression of who you are – always come from the heart in everything that you do.
Make a conscious decision not to let your emotions control your work in a negative way.
Always, always, always make value your main priority and make sure that you have a dynamic coach or mentor whose focus is growth, success and acceleration. Value with the right coach (or mentor) will help to upgrade your business for long-term success.