4 Areas of Your Business to Focus on for Growth
How to succeed as a business leader or entrepreneur has been documented worldwide and in print. There are thousands of books, articles, and podcasts on growing businesses and startups. Everyone wants the latest secret or key to success.
But if you strip away all of the fluff and excess, business growth almost always comes down to just a few key areas. It’s not nearly as complicated as we want to make it. Stay focused on these, and you will increase your odds of success by a great deal.
Product or Service
No matter how great your team, marketing, or brand, it will be tough to see success or growth without a superior product or service. Putting an inferior product or service on the market might lead to short-term growth, but it will eventually be figured out.
The quality and value of your product or service are relative to your competitors. So keep a close eye on what they’re bringing to market and always be improving yours. The moment you slow down or lose focus here, you’ll be overtaken. Remain laser-focused on your offering.
Too many founders and entrepreneurs skimp on talent. But rest assured, your growth will stop or stall if you don’t have the right people in the right seats. Don’t give in to the temptation to hire for cheap to keep your profits high. Hiring great talent and good fits now – even though it will cost you – will pay off tenfold in the long run.
The people who make up your company will chart the direction of it. So go after the right talent and make sure people are good fits for your culture. And further, make hiring and building solid talent a part of your company culture. Manage your team in a way where everyone knows the expectation is continuous improvement.
Once you have a quality offering and a reliable team, you should look to marketing. If your product is that great, this job should be easy. Whether you hire a marketing team or outsource this area to an agency, it must be focused on and continuously improved.
Consider how much you’re spending on traditional vs. digital, make sure you’re investing in the right channels, and always be in tune with your customers. Knowing your audience intimately can make all the difference in the world for your growth.
The technology your company uses – both for internal and external purposes – can significantly impact your growth (or lack of it). Not having the right security and systems in place can be detrimental. Skimping here can lead to hacks, leaks, and customer frustration.
If you haven’t built an IT team, you should look into how IT support services can help you keep things secure and efficient without making a bunch of hires.
Wherever you are in your entrepreneurial journey, and no matter where your business is at the moment, commit to these four areas, and you’ll see success. Slack on these areas, and you’ll falter. It doesn’t have to be as complicated as we often make it. Stay focused.