How Do You Grow?

Not how to grow your business, but how does your business grow? I’ve spent a lot of time lately around business leaders who are experiencing great growth in their businesses that assume the cause of the growth is that they are getting better at what they do. Key word = Assume.

Grow Your Business

Let’s say you are in the enviable position of leading a growing enterprise. Step back and take a critical look at the growth. What is causing it? Are you a young company that is spreading its wings into new products or territories? Is your market growing and your business is rising on the tide with all the other boats? The problem with these methods of growth is that the music will stop. You’ll reach the geographic ends for your business or your market will take a downturn. When these things happen, only true, organizational growth will help you out-compete your rivals.

There are only three methods to achieve true organizational growth:

1. Your product or service is improving. The only way to know this is by asking your customers on a regular basis about their impression of your product or service. Are you and your team actually providing a better product or service to your core customers? If you are not asking the question, you are missing out on a huge growth opportunity.

2. Your customers are doing more business with you. In other words, you are gaining a larger share of your customers’ wallet. This is very good news and can only be occurring if you are getting better or your competition is getting worse. Make sure it is the former if you want to survive the tough times ahead (You know tough times are coming, right? They always do.)

3. Your customers are recommending you to their trusted friends and colleagues. Where are your new customers coming from and why are they choosing you? If you don’t know the answer to this question, you cannot do more of the things that are working and eliminate those things that are not. Understanding the sources of your new business is critical if you want to keep the growth coming.

Don’t be the cricket frolicking away the spring. Be the ant. Measure how you are growing and you’ll be much happier when winter comes. Thankfully, measuring your customers engagement and satisfaction is more affordable than it has ever been. Need help setting up a customer engagement system? Contact us and lets create a plan.

Not sure where your growth is coming from? Take our growth quiz to see how you are doing.

What do you think? Join the conversation by posting a comment below.

 Photo Courtesy of http://www.flickr.com/photos/jamesjordan 

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