Working with many businesses across the range of industries all wit business growth in mind is a privilege that often times I get to ask to summarise my observations on what would make a business become successful, and what are the reason behind it. Whilst going through my notes and interviewing few of the most successful businesses whom I work with, I came up with the following paragraph which describes my research and observations:
“The ability of the business owner or key stakeholder to focus on the business to be open to new ideas and be able to identify it’s value, as well as filtering the noise out at the market will greatly influence the chances of the business becoming successful”.
The following are the two key aspects of what makes a business become successful.
- THE ABILITY TO KEEP AN OPEN MIND TO NEW IDEAS
There are many ideas out there in the market on how you can improve your business. However, keeping an open mind does not mean looking at every new idea in the market and getting distracted by many opportunities that have been presented on a daily basis. The business owner should be able to focus on the core strength of the business and to be open to ideas that could add value or improve the business and make it more productive. In most cases the quest for the information can lead to more opportunity, forcing the formulation and development of complementary products and services which can be done and facilitate the growth of the business.
- THE ABILITY TO IMPROVE ON A CONTINUAL BASIS
A business that can adapt or improve on a continual basis is best placed to ensure its survival and the future profitability. The ability of the leader to incorporate a better way of doing things into the current operation of the business in all likelihood will lead to an increase in efficiency as well. If a company has a culture of continual improvement into its own workforce would be rewarded with reduce cost and even improve productivity.
“The hunger to do things better and the ability to identify good ideas to move the business forward are key aspects of making the business successful”.
If the business is doing well and the owner allows the business to stagnate and accept the ‘status quo’, the owner will continue to benefit from the business and the profitability that it produces for a short period of time. History has shown that if a business chooses not to evolve and improve, it’s competitors will move ahead in the market forcing to adapt at the greater cost than did it earlier or begin to struggle and possibly to shrink in terms of presence in the market.
“In order to give the business the best chance of survival and profitability, keep an open mind look for improvements and act on them. It is only the profitability of the business that at stake”.
If you wish to know more about what it takes to improve your business and to grow in the same trajectory of 20 thousand to 2 million in two years, you can download the first chapter of my book with the very same title right for free here.