Conquering Intimidation When Growing Your Business
You’ve established your business. You have the concept, the game plan and a growing base of customers and contacts. Things are going well, and now it’s time to take your business to the next level. Your enthusiasm and optimism are sky-high, but so is your anxiety. What will determine if your success can endure? Do your original business plan and projections need to be revisited? How will you handle double the customers, responsibilities and possible overhead? These are intimidating questions for every entrepreneur who is stepping up to the next level. Luckily, with focus and appropriate means of motivation, you can overcome that intimidation to ensure long-lasting success in your business.
A Clear Vision
For many entrepreneurs, the first leap in growth can be overwhelming because they don’t have a clear vision of what they want from their business. In a very real and practical way, the process of establishing a business is similar to a home renovation. Imagine you are remodeling your kitchen so the drab walnut cabinets, faded linoleum and dated appliances disappear. To achieve your remodeling vision, you have to have a detailed mental picture of what your end goal looks like, and then work toward that picture.
In a kitchen, you would visualize and plan where the granite-topped island, glass mosaic backsplash and slick new cabinets would go. The same is true in your business. You have to know what your goals look like, and then reverse engineer a detailed plan that becomes your blueprint for working toward that goal.
Ideally, this blueprint is drawn up in your original business plan so you already have your template for growth. However, it’s quite possible that your business is growing at a rate you didn’t anticipate (great news!), and that original plan might need to be reevaluated to optimize your revenue and marketing goals. In either case, it’s vital that you assess and address the impact of your company’s growth.
Benefits of Growth
As an entrepreneur, you know the importance of revenue and customer base growth for survival. This growth is what allows a business to maintain day-to-day operations, market itself and, hopefully, reward those who have invested financially in the business.
However, growth is equally important for reasons that you might not initially consider:
- Inflation – Currently, inflation averages about 2% to 3% per year. At a bare minimum, your business has to grow by at least this amount just to move sideways.
- Engagement – Growth is exciting and engaging for your employees. It stretches and challenges them to use their skills in new and unique ways. It gives people purpose, as well as expanded goals to achieve.
- Momentum – Growth is fun. Leaders will see engaged employees who are creatively and actively pursuing new goals and strategies to win new business and build their professional repertoire. The company’s growth will produce this momentum in financial, personal and professional endeavors.
Maintaining Motivation and Focus
Of course, your growth and success in business depends on your level of motivation and focus. You most likely did not stumble upon your success. It requires hard work and determination just to get an idea off the ground. A big part of that all-important focus is clearly articulating your vision for the business. Once this is established, you have to reverse engineer those goals so that they can be broken down into yearly, quarterly and even weekly plans that your team can actively accomplish.
Most importantly, you have to surround yourself with an outstanding team. Your team has to be excited to be on your journey. On a practical level, your team needs to know how to independently prioritize and focus their energies. All too often, people are busy but not working on the most critical pursuits. People can easily get bogged down in daily email and fine details, to the detriment of those critical projects that really drive results and growth. As the leader and motivator of your team, you need to establish a system that ensures your focus and energy are used wisely, and that those team members who go above and beyond are recognized for their outstanding work.
Major growth in your business can be intimidating. You enter a new world of possibility, responsibility and reward. With your clear vision guiding your team’s path – and the knowledge that growth is necessary to your continued success – you have the tools to reach the next level. Don’t become overwhelmed by the work ahead of you; get inspired. It’s exactly what you and your team need.
Cameron Herold is the author of DoubleDouble, a step-by-step guide to doubling the revenue and profit in your company in three years or less. Cameron is one of the most sought-after business minds in North America, the founder of BackPocketCOO and the former COO at 1-800-GOT-JUNK?