Have you asked yourself, objectively, which piece of your business is crippling growth? It might not be entirely overt, but with a little digging, you can almost always identify what pathways you’re pursuing that simply aren’t delivering a strong yield. This is perhaps one of the most challenging endeavors in business –pulling the plug on endeavors you’ve invested in, but which simply aren’t performing.
Instead of being disappointed or hanging on to an underperformer too long, think about it as freeing up your resources to turn the firehose on the areas where there’s a real opportunity.
The point is you can oftentimes amplify your growth rate by more appropriately allocating your resources, and if you don’t have the resources, what are the levers you can pull to get there?
Where to start
While each these areas and engaging the team are essential to growth, it has to start somewhere –and that somewhere is at the top. Leadership must champion a growth agenda –invest in it and actively think about and promote it.
Company leaders must have purpose-driven initiatives, define what a successful outcome of the growth game looks like, and outline a clear path for how to get there. They also must prioritize collaboration internally and with outside partners to avoid being self-siloed into “business as usual, “entrust others on the team and foster cognitive diversity among the leadership to ensure diverse perspectives and points of view.
The mindset of growth doesn’t happen overnight, but rather when your leadership team decides to be intentional. By investing in growth as a top management item, your team will naturally invest in it too – and your company will have no choice but to follow suit.
How do you reallocate your business for financial growth? When it comes down to growing your business, staying profitable, and exploding your revenue?
Do you have comments or questions? Leave them below, I’d love to hear about it.