Invenio: Coaching and Mentoring April 2016 - Growth - Page 57

decisions.

How did you do in answering these questions? Did you have thoughtful and detailed answers for each question? When we talk to small business owners about these questions they often remind us that they are small businesses and not GE, Nordstrom's or Zappos.  And that's the problem.  We have also seen companies that believe answering questions such as these is a waste of time.

Why Our 7 Vital Questions  for  Small  Business  Owners Who Want to Grow Their Business Is NOT a Waste of Time?

A small research oriented company who had been in business for 10 years was modestly successful. They were concerned, however, that although they were able to come up with a strategic plan every year, they were not disciplined enough to implement the tactics required to achieve the plan. And they really didn't have to. Business came in and they were comfortable. You have likely heard us reference that success can be your greatest inhibitor to growth. And, the issue for them was that they weren't growing.

They decided to re-focus their efforts on growth. To do that they:

1.  Looked deep inside themselves and their business and discovered they were missing a number of ingredients for small business growth success. They uncovered this realization simply by honest answering our 7 questions. 

2.  Established company values to guide their work together and in serving their clients.

3.  Created their strategic vision (ideal future state)

4.  Refined their purpose (or mission) statement

5.  Identified key strategies and tactics to implement the vision & created accountability by assigning those to lead individuals. Progress on tactics was reviewed quarterly, with general updates given monthly.

6.  Candidly discussed how they worked together and how work should be distributed to take advantage of each partner's strengths.

7.  Identified their target market and the market niche.

8.  Created tracking and  reporting  tools  and a process to monitor sales.

9.  Created a financial reporting system, reviewing it monthly and using ratio analysis to do a year over year comparison.

10.  They are embarking on a re-branding strategy.

11.  They are working to identify and develop an exit strategy.

They started this initiative in 2008. 2009 was the best financial performance year they had in the company's 10-year history. 2010 was almost 40% higher than 2009. And note this was accomplished in the worst economic downturn since the Great Depression.

So what really happened? Were they lucky? Were they in the right place at the right time? No - neither of these can explain their growth. What they did was stop thinking small. They stopped behaving like a "mom and pop shop" and decided to focus on growth.

So, we encourage you to take a dispassionate view of your business. Stop listening to the generalities and honestly and thoughtfully respond to your own market-focused questions we suggested. Thinking small will keep you small; thinking big and planning big will lay the path to your growth.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR

Tony Kubica

Management Consultants and Business Performance Improvement Specialists Sara Laforest and Tony Kubica have 50+ years of combined experience in helping small and large entrepreneurial

businesses accelerate their business growth in record times. Now, you can learn how to think big

and avoid the self-sabotaging behaviors that most owners possess at:

http://www.kubicalaforestconsulting.com/report.php

helping small and large entrepreneurial businesses accelerate their business growth in record times. Now, you can learn how to think big and avoid the self-sabotaging behaviors that most owners possess at:

http://www.kubicalaforestconsulting.com/report.php

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