No More Myths! How To Discover Your Real Business Growth Factors
Whether you are running your own business or thinking about starting one, you have surely stumbled upon various myths and platitudes about growth already. Especially for startups and small businesses, growth means getting initial traction (solid user base, first paying customers, etc.) in the first place. If one believes the myths, it shouldn’t be a big problem to get this traction: Just find a niche, create a prototype or a nice landing page to collect email addresses, run some Google and Facebook ads and finally tell all of your 100,000 network contacts about it. It’s so easy… isn’t it?
Myths Are Bullshit!
The hard reality is that nobody cares (or pays) for your product or service when you have just released it—no matter how useful or revolutionary it might be. Of course, there will always be exceptions, but it’s extremely unlikely that you have founded the next Dropbox, Evernote or 37signals if you aren’t an experienced and well-connected serial entrepreneur. Success depends on countless variables, so there can’t be “the one sure formula” for business growth. (Granted, this is a platitude, too…)
Follow Your Own Lessons!
There’s one simple yet underestimated fact: The best foundation for growing small businesses is their own, individual experience base. To be more precise, this firstly means sharing and reflecting the unique experiences of every team member (ideally starting from day one of the company). This, again, sounds obvious, but in real life only very few startups practice it in a systematic and sustainable manner. It requires much discipline, and for many founders, it seems like unnecessary extra work to record experiences regularly. That’s a popular misconception, because tracking achievements and lessons learned is crucial for building individual strategies for fast and sustainable growth.
A Framework for Productivity and Growth
Of course, recording and reflecting are useless without appropriate action. I have created an infographic that shows an easy process for identifying and accelerating the key drivers of your business. Constantly increasing the productivity of your team by creating a transparent and trust-based company culture is essential to this process. We call it The Business Growth Gears.
What have been the key factors to accelerating and growing your own business?