There are 7 keys to growing your business that any entrepreneur should know and apply. These keys are:
Convince yourself, draw up a plan, get to know your business, identify problems, decide, take care of your clients and carpe diem.
Do you know what they are about? Do you apply them in your business? If you are not doing it, it is very likely that you are not taking advantage of all the potential of your business , that is why we are going to talk about them throughout this article.
Key 1 To Grow Your Business: Convince Yourself
80% of companies fail in the first 5 years .
This figure is overwhelming. But real.
And the reasons for failure are mainly three:
- lack of knowledge and experience.
- don’t hire professionals.
- failures in business management control through budgets and profitability.
The inverse of this figure is the hope for many businesses: if you have solved these three problems, you are much more likely to belong to the 20% of companies that do manage to succeed.
What group do you belong to?
Key 2 To Know Where Your Business Is Going To Go: Make A Plan
Do you have a 5 year goal? Are you clear about where you (and your business) want to be in 5 years? If you don’t know, you have a problem.
The process for proper planning has three very simple steps :
1. Define where you want to be in 5 years.
2. Divide that objective into annual milestones.
3. Divide the first year into monthly milestones.
What are you waiting for to go for your dream?
Key 3 To Grow Your Business: Get To Know It
What is not measured is not improved and what is not improved is degraded. It’s that simple. This is a universal law.
If you don’t want your business to degrade, you have to start implementing improvements and to implement these improvements you need to measure. And how can you establish an adequate cycle to know your business ?
- Defining which variables you want to measure. (customer satisfaction, expansion of your business,…)
- Defining which KPIs (key management indicators) to use. ( NPS , number of stores)
- Establishing when those KPIs are going to be measured to detect those that are below where we want.
- Applying improvements on the KPIs that we have detected with insufficient results.
- Going back to measure.
Key 4 To Focus Properly: Identify Problems
In the world we live in, knowing how to correctly diagnose a problem is becoming more and more important than figuring out how to solve it.
Once the diagnosis is made, 80% of the time, the solution arises by itself.
But the proper diagnosis of the problem, the identification of the root cause, is the cornerstone if we want our business to overcome obstacles.
Key 5 To Improve Your Management: Decide
If you don’t decide, someone else will decide for you. And it is very likely that you will not like that decision.
The decision-making process is a discipline, and as such, it has its steps:
- create a suitable decision environment.
- make the best decision, not the one that suits you best at that moment.
- executes the decision flawlessly.
Key 6 To Grow Your Customers: Take Care Of Them
Customer experience is vital nowadays. The client has decided, among all the products, among all the stores, among the whole world (internet) to enter your business.
What less than to look at him, smile at him and say good morning. What less!!! There are many businesses that do not understand this.
These businesses will end up on the shoulder.
Key 7 To Focus On Your Business: Carpe Diem
Each person interprets this phrase in a different way. For me this phrase means live the present. “State to what you are” in castizo. With what that entails.
And a reflection of this meaning is the GTD methodology , which is based precisely on clearing your head of issues that you are not going to solve now, moving them to lists and worrying, focusing on what you are doing.