Are you thinking about scaling your business? Growing your business is always a good idea… until you do it and go nowhere. Before you jump the gun, consider these key points to growing your business effectively and smoothly. In this three-part series, we’ll discuss how to set and identify goals, attack those goals, and what growth mindsets to have so you can scale while operating at high levels.
Grow Your Business Part 1: SET GOALS | How To Set Scalable Goals While Staying Organized and Focused
What’s keeping your business from growing? Is it a lack of ideas? A lack of knowledge or information? Most likely not. If you’re like most entrepreneurs I know, you’re probably bursting at the seams with ideas and various projects. Now add in your list of to-do’s and it’s almost crippling. So what you really need is a method to determine…
- Which project or idea to prioritize and…
- How to do accomplish it in an efficient and successful way
The solution isn’t simply to invest more money, resources, and people on the issue because I guarantee that won’t resolve anything. Instead, you’ll need a set of operating procedures to ensure your best ideas are efficiently implemented. In Part 1 of our Grow Your Business Series, we’re going to go over how to set goals and stay focused so you can effectively optimize and scale.
Step 1: Set A Clear SINGLE Goal
It’s important to make sure your team is only focused on one goal because as new ideas come rolling out, prioritization on projects suffers. Ryan Deiss, Founder and CEO of DigitalMarketer.com says, “Goals must be sequential, never simultaneous.” And it makes sense, no? By tackling one goal or project at a time, it allows your whole team to be singularly focused on accomplishing the task at hand.
When different goals are tasked to different members at the same time, silos are created because each member is trying to accomplish their goal. What’s often not realized is there are dependencies, so collaboration, not competition, is needed for true success.
So what’s keeping most companies from this simple and effective system? Most likely you…and all your wonderful ideas. Too many good ideas are what derails your team from progress because when an idea has the potential to be a game changer, you can’t help but consider it, and most likely pursue that possibility. So, now what?
Step 2: Organize Goals
There are four ways to company growth called the “Growth Levers” (see image below).
- Acquisition is focused on acquiring new leads.
- Activation is the process of converting your leads into buyers/clients
- Monetization is the value squeezed from existing clients
- Retention is reducing churn
Placing all the goals you like your team to accomplish is a great way to catalog the different areas of possible growth. Also, it frees you up from having to keep a mental library that so often becomes a cognitive burden. Place each of your ideas into the appropriate column, once you’ve identified your goals, you are ready to prioritize them so you can accomplish them. You are ready for Step 2.
Step 3: Prioritize Each Goal
Now all your ideas are in their proper categories, select a column you feel must be a priority for a set amount of time. The reason? True growth won’t happen when your focus is thinly spread across your business. Instead, true growth happens when you’re able to improve a single area then cascade those effects to other parts of your business.
Next comes the task of picking one of the ideas within that column of focus. To do this, you’ll want to gauge the…
- Impact – how much will the needle of growth move for your business
- Confidence – how certain you are in the completion of this task
- Ease – how hard this task will be to complete
Measure each of these on a scale from one to ten and the idea that racks up the most points must have the highest priority. Work through your ideas with your team and allow each of them to contribute and provide their input on the scoring system.
What’s Next? Grow Your Business Part 2: Attack!
In Part 2 of the Business Growth Series, we will discuss how to attack your set goals, so you can get do your business successfully and come out ahead.
For now, if you have any tips on how to grow a small business? Let us know in the comments section below.
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