Every entrepreneur works hard, cares passionately about their business, and is motivated by a desire to expand and succeed. Business success is driven by business growth, especially in those first critical years when you are building a strong foundation in the marketplace. As an entrepreneur myself, I know firsthand what it means to grow a business. It is an emotional rollercoaster ride of exhilarating highs and miserable lows. Days of fun and energy as well as days of stress and despair. It can feel overwhelming because there are so many aspects of the business to stay on top of on a day-to-day basis, and yet there is a dire need to have that strategic view of how to grow the business further, and to reach that next level.
One thing to bear in mind is that we are living in a new economy, one that demands a new business reality. In this age of innovation, technology and immediacy, there is a multitude of choices for each and every consumer in the market. How does a business compete in this environment? How does a business stay relevant? There are many ways to answer that question, but one thing is for sure: staying the same and continuing business as usual will not be enough. Each and every business leader should be asking themselves the question: “how do we take our business to the next level?”
On the most basic level, business growth can be defined as any of these measures: more sales, more customers, more revenue and better profit margins. Ultimately that is what we aim to achieve, but how do we get there? I believe that there are a number of ways that we can take our businesses to the next level of growth and each time we achieve another level, it will result in more sales, more customers, more revenue and better profit margins.
Let us focus on this concept of The Next Level. I use this term a lot because it is very broad and can mean almost anything to anyone, and that is precisely the point. The Next Level for any business depends on where that business is currently, the market situation, the business strategy and the most pressing need to be addressed.
What is the next level for your business? How would you describe the number one need that you have? What is that one need that that if you could satisfy it, you would achieve exponential growth in your business?
To stimulate some answers to these questions, here are 10 ideas of what a next level need could be for your business:
- Being able to significantly increase the productivity or output with similar resources.
- Being able to increase sales significantly through a better converting sales process.
- Being able to attract many more clients.
- Being able to attract different types of clients, with different demographics, in different locations.
- Scaling the business by expanding into different geographical locations.
- Scaling the business through digitalisation and creating a virtual value offering with a virtual marketplace.
- Scaling the business by diversifying your product and building an ecosystem of product choices.
- Strengthening your brand and growing a strong following of brand advocates by creating an amazing customer experience journey.
- Developing a rock-solid culture within your organisation, so that people are equipped to work at the right pace of change and have strong engagement in your business success.
- Developing leadership that navigates uncertainty and fosters resilience so that your team is unshakeable and unstoppable in the pursuit of achieving the right goals.
Your business will almost certainly need several of these 10 topics over time. I would not recommend tackling several points at once because each one requires significant focus to achieve.
I suggest that you take a moment to reflect on the list. Read through the 10 points again and ask yourself these 2 questions:
- Which one is the most urgent requirement for your business right now? and
- Which one do you think your main competitors are focusing on as their priority?
We know how important it is to take a business to the next level. For some companies, the most pressing need may require a significant effort to do that. For other companies, it might be that a tweak or an adjustment is needed that will unlock the next level potential. Whatever it is, something can be done and this is what will set your business ahead of the others and lead you to further success in the new market economy.
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When it comes to business we create legends, we live amongst them and we do business with them. On the 19th of June we spent an amazing day in Madrid discussing business partnership with The Ultimate Football Legend: Roberto Carlos @oficialrc3 and the legendary Nilson Locatelli @nilson_locatelli who has been responsible for so many greats in the world of football. We look forward to what this partnership will bring to LEGEND and to our clients. Would you like to be part of this? Contact us to find out more. #legend #entrepreneurs #futurefit #buildingbusinesses #legendteam #businessacceleration #football