We all know business growth is a prerequisite for success. But the prospect of growth is daunting; it’s hard work, expensive, and sometimes even scary. However if you put the right thought and effort into it, growth is attainable.
Many myths and misconceptions masquerade as truths in the business world. People who want to start or expand a business are often misled by them. Dispelling popular myths about business growth is key to starting the process and transforming your business.
Keary Crawford and Wayne Simmons, authors of “Growth Thinking,” shared some common business growth myths to overcome on VentureBeat.
Businesses Can Buy Growth
“Growth-focused companies don’t buy growth,” says Crawford and Simmons. They focus on emerging technologies and complementary offers that set them apart from their competition. Value ensures customer satisfaction and repeat sales.
Business Growth Equals Automatic Revenue Increases
Over time, growth does enable businesses to bring in more revenue and increase profits. “Growth-focused companies view their health and viability, first and foremost, through the ultimate metric of top-line revenue growth and their ability to sustain that growth,” says Crawford and Simmons. Top-line revenue growth determines the rate at which companies create value for customers.
Business Growth Means More Jobs
In a lot of industries, growth means expansion in hiring, however be careful what you wish for. More hands can make work lighter, but the more staff you have, the more headaches you can have too.
According to Crawford and Simmons, growth-focused companies concentrate on productivity relative to revenue growth to determine their long-term sustainability. They don’t look at their headcount.
Business Growth is Tactical
Your marketing and sales mix are tactical and designed to deliver short-term results. To increase long-term growth, create a highly differentiated customer value proposition. “This approach takes companies from tactically fulfilling demand to strategically creating the new demand that leads to high growth,” says Crawford and Simmons.
Stick with What Already Works
The cautious guide to business growth is to stick with what has worked. But the marketplace is constantly changing so you need to anticipate new developments and adapt your business strategies to take advantage of them.
Realistic expectations are crucial to business success. Get real, separate fact from fiction and take preemptive action to achieve and sustain business growth.
What other myths would you add to the list?
