What separates good companies from great companies, and good managers from great managers is decision-making. It’s not just about making the right decision, when it is asked of you, but it’s about your ability to consistently make the right decisions, which will help your business reach its full potential.
Here are four key decisions that as a business owner, you need to be able to nail if you want to see your business grow.
Decide… on the right people to work with..
No company, whether it be a tech startup from Silicon Valley, or a multinational blue-chip company, can work towards growth without the right people.
Your employees are the engines that drive your organisation, and to grow, you need the right fuel to power that growth. It may seem like a given: when you are hiring new employees, hire the candidate who suits the position AND the company. Even though all managers and recruiters, know this ideal scenario, there may always be variables that hamper this ideal from becoming reality.
Often when business owners hire their team members, they do it in a haphazard way without any process. That was why we developed a 4-Hour Recruitment Process that helps business owners spend only 4 hours to hire a superstar.
With this process, you may not find the right person in the first round. But since you have a process that you can follow – you can run it again easily to get new candidates in.
Don’t try to fill a position in as soon as possible – wait for the right person, not the first person.
The decision that you need to make here is to not settle for “good enough”.
Decide… where to establish your presence.
Especially in today’s fragmented marketplace across all industries, you need to make the crucial decision of what channels will be your main growth channels.
In 2016, businesses can’t be as broad and vague about their channel strategy as in the past. Trying to do a broad sweep will usually see you with small results across the board. Companies like ASOS and Kogan – which each have a laser focus on the online retail experience – are examples of how the simple decision of picking the right channel for your business can lead to growth.
Any company looking to grow cannot be all things to everyone, nor can it be present everywhere without spreading itself too thin.
Decide… to stay the course in the face of failure.
If you want to see your company grow, you will need how to fail fast and fail right.
A famous example of staying the course is J.K. Rowling, the author of the best-selling “Harry Potter” series. Before having Harry Potter & The Philosopher’s Stone published, she was rejected by TWELVE other publishers. She chose to not give up at the first hurdle. She learned something from each rejection, improved her pitch and manuscript until she reached a winning formula.
Failure is never a reason to give up. Failure is a powerful tool that tells you what did not work, so that you can start moving towards what will work.
The decision you need to make here is to learn from every failure.
Decide… what your goals are.
All great business owners and managers are goal-driven people. However, it’s not just about simply making goals – it’s about setting the right goals, and creating a plan to achieve those goals. And sticking to it!
This may not be as straightforward as you may initially think. The best goals need to be realistic but ambitious, specific but flexible.
When Mark Zuckerberg started Facebook over a decade ago, he set it out to be a simple directory for university students to be able to network. Today Facebook is a social networking giant which boasts capabilities from gaming to e-commerce. From early on, Zuckerberg knew that Facebook could be something great, but needed to grow step-by-step.
Creating a step-by-step plan, setting milestones, and creating a structured growth strategy is what we do every quarter with our clients and special guests. Click here if you would like to learn more about the next Strategic Growth Intensives.
The decision you need to make here is to create tangible business goals and a definitive plan to take you from where you are now, to where you want to be.
These 4 decisions are not only key to creating a business that grows, but also key to helping you run a business with less stress and less time-wasting. Nail these 4 decisions and you will already be halfway towards achieving that next level of growth for your business.
Would you like more advice on how to grow your business?
However small or big your business, our award-winning London business coaches are here to share their wealth of experience with you.
Find out what kind of double-digit growth strategies we offer at one of our upcoming online workshops.