The prospect of more customers and increased revenue is the adrenaline rush business owners thrive on. While growth seems a natural progression, we’ve learned the motivation for growth needs to be clearly established first.
What is not growth?
Growth is not a ticket out of your existing problems or challenges. A successful growth project starts with the needle pointing at a full tank. Starting on a positive note is part of the battle won.
When growth gets entangled with problems or challenges, things can get messy and confusing. It gets very draining.
Our team deep dived into case studies of successful growth projects to uncover the sweet spot of growth. That led to a framework we recommend you refer to prior to considering growth projects for your business. They are:
- You have regular customers
- Your customers want you to grow
- You are turning in profits regularly
- Your industry is growing
- Your business is booming
There are probably other necessary conditions that must be present. But the above are the famous 5 reasons to initiate a growth project.
The conversations with business owners whom we’ve met and fulfil one or more of the 5 above tend to be different from those plagued by a problem or challenge. The former has a clear picture of the future while the latter is at best vague.
So, is your business in the right space for growth? Let’s discover that.