As you think about 2021 and look forward to 2022, what will be the focus of your growth? Have you already taken some steps toward that one initiative that you'd like to use to grow your business?
Next year, business owners' attention will center on one or more of the following:
- Talent Development
- Business Diversification
- Business Modernization
- Increasing Efficiency
Among these four areas, the challenge is finding the right intersection between following the path at which your business excels, and upgrading the company on the go. And that is the spot where you will find the unique value that will result in growth.
That singular value … what you are excited about and what you prioritize … this is what your teams will follow. So, be mindful and wise about the decisions. After all, building on past wins and saying no to ideas outside of the current strategic initiatives brings the opportunity for more significant achievement.
With this in mind, we asked ten business leaders to share their tips and insight on how to take your business to the next level.
“I believe the leaders who take time to discover their team members' personal and professional goals – and support them – will be rewarded with efficient, loyal employees. And, as a result, their companies will thrive! As a goal-setting expert and corporate consultant, I advocate for the employer and the employees to find win-win situations for all. That starts by aligning the goals of the employees with the goals of the company!" – Debra Eckerling, Goal-Setting Expert, Award-Winning Author, Corporate Wellness Consultant
“Most business leaders tend to focus on 'growing' the business … more sales, more people, more exposure, etc. Instead, if they were to look and have clarity into what is happening within their business, there are always ways to make the revenues you already have more profitable. Do you have processes in place? Are they being followed by everybody? Are there areas within those processes where efficiency can be added? Is everybody clear on their part of that strategy? Do you have the right people in place? Do they fit and believe in your culture, or are they just there for a paycheck? Do you have KPIs in place to tell you what is really going on in the business, or are you simply guessing, micromanaging, and adding to the overhead of everybody?" – Jeff Chastain, Business Transformation Coach
“The three main areas that most businesses suffer from are – what I call – damaging overhead, delayed income, and diminished opportunity. And those things come from not having an effective team. Because of the damaging overhead, you're either paying them too much or worse. You think you're saving money, [by just going ahead to] do it yourself. So you have to then look at how much a new client earns you. Well, then, if you're doing the work yourself, that's your value. So [for] $1,000 a month, [what] you just really have [is] some very damaging overhead." – Kris Ward, Author, Win the Hour. Win the Day
“The team part is absolutely vital if you're growing a business because you cannot do everything in your business. There's no way. Maybe for the first six months or a year, you're trying, and you're learning, and you're getting great at it, but you cannot do it all. So once you get out of your way, then the sky's the limit. But you have to learn all those things." – Jeff Barnes, Chairman Of The Board, Angel Investors Network
“Efficiency needs to be the next big business push! Focus on increasing efficiency within the processes and getting the key deliverables done to open more time for outreach and business development." – Benita S. Samuels, Founder Benita Samuels Marketing & Communications LLC
“Focus on implementing more AI into your work. Utilize technology to provide better and cheaper solutions for your clients. At the same time, the tech will also increase the overall efficiency of your business." – Kiley Peters, Founder & CEO, Brainchild Studios, Founder, Executive Coach & Small Business Consultant, RAYNE IX Coaching & Consulting
“To be bold, in my mind, in business in general, is about taking imperfect and consistent action. I can make decisions that are 90% correct, with 80% of the information, and that's all I'm ever going for.
And then I'm going to take action." – Luke Layman, CEO Vector Solutions, Inc.
“What's really bold is that even before you invest $1 in developing the product, you can say: This represents a market opportunity for us, and this segment of customers is willing to pay to get this job done. So we're going to tie building this product to our revenue growth. And at the end of the day, that is why companies succeed or fail." – Jay Haynes, Founder & CEO of thrv.com
“Be brave and growing. Really, the only way to do that is to systematically implement change. It forces you to make decisions to do things more efficiently. Otherwise, you're gonna put a ceiling on the growth of your business." – Dr. Kelly Henry, Business Consultant and Coach
“Taking time to know the customer and creating language to talk about the customer and how you can add value to help them get done. What they want to get done is a core element of growth from the inside." – Jess Dewell, Red Direction, Operations and Strategy
As additional reading material, I suggest the following articles:
IT Essentials to Maximize Business Growth, Corporate Vision