Strategy for Entrepreneurs to Grow Your Business to the Next Level
- September 24, 2019
- Posted by: Nkem Mpamah
- Category: Business Strategy
As an entrepreneur, you grow your business to the next level only by consistently adding value in the marketplace, and solving other people’s problems. That is a popular strategy for entrepreneurs who are achieving continuous growth in their business. It also accounts for why successful entrepreneurs never stop thinking about how to transform the world around them with their value propositions. The good news is; the more problems entrepreneurs solve, the more money they make, and the more their businesses and lives grow.
However, as entrepreneurs solve more problems, they reach a certain growth level when they begin to feel frozen and paralyzed. Let’s say, you are generating US$100,000 per annum in revenue right now, and you have been working really hard to reach a higher growth level of, say, US$250,000, but cannot. At this point, common sense suggests that if you work extra hard and long hours, maybe you can get there. But in reality, the more you work hard and long hours, the more counter-productive your hard work becomes. This is what keeps many entrepreneurs stagnant in one growth phase for too long.
Every entrepreneur goes through complexity at different growth stages. Sadly, many entrepreneurs blame it on luck, bad economy, or something else. The fact remains that it is not about luck or a bad economy; the problem is Complexity! It is complex because the individuals are constrained by a number of commitments that stop them from growing any further.
How Complexity Hinders Growth
As technology and mobile applications transform, the need to understand the specific entrepreneurs’ strategy for overcoming complexity also increases. Complexities are the accumulation of commitments from the entrepreneur’s past successes or achievements. For example, new relationships you must keep when you win a new contract. It includes paperwork, legal documentation, financial records, taxes, research, and meetings, all of which make additional demands on the entrepreneur. Complexities do not pose a challenge initially. But, as the entrepreneur generates more sales and wins more contracts, the accumulation of additional commitments from these transactions become obstacles to growth.
Many entrepreneurs feel much tension and out of control about their work every day. They see a bigger future ahead of them; greater opportunities they would love to reach, but they cannot get to them. The opportunities are there, but, they do not have the space to think or plan for them. Why not? Because too many activities are going on in their lives too fast, and their capabilities are stretched to the limit.
Strategy for Entrepreneurs
The strategy for entrepreneurs to accelerate to the next growth level differs significantly from those required for day-to-day operations. Although one might think they are the same, the psychology of their application and the intended results are different. Two of the next growth level strategies are:
1. A New Set of Capabilities is Required
Being stuck in one growth phase for too long is evident that your current capabilities can no longer support your next growth ambition. One reason for that is that the entrepreneurs have maximized their current capabilities. As a result, they need a new set of concepts, tools, and strategies to make progress. So, in order to capture the new opportunities in front of them and get to the desired growth phase, they need to develop a new set of capabilities. In fact, they need a new set of structures, habits, skills, relationships, mindsets, and goals. These new capabilities are necessary to help them break through their complexities and reach the future they want. In other words, instead of working hard and long hours, a new level of simplicity and smart working is required.
2. Set New Goal
One of the greatest tragedies of entrepreneurial success is the inability of entrepreneurs and small business owners to set goals. It is not sufficient to think about growth only in your head and make progress with it. While thinking about it is a good starting point; you need to sit down and turn the idea into a goal by writing it down on paper also.
Goal setting is a strategy for entrepreneurs. Successful entrepreneurs set goals to reach the bigger and better future they desire. Therefore, developing a goal is a prerequisite if you want to grow your business to the next level. Even if you have not set goals in the past, there is a need to start it now, as a stepping stone to your growth. Having a goal will help identify everything you will need to reach the opportunities you are seeking in the future. And; it is very important to make your goal bigger than you. The reason is that, until your goal stretches you, you will don’t have the drive to make it happen.
Implementing the Entrepreneur Strategy
The strategy for entrepreneurs to eliminate complexities and grow your business to the next level is usually not the conventional everyday strategy. For example, the reason hard work tends to be counter-productive is that; up until now, your structures have been developed to achieve US$100,000 growth. The same goes for all your relationships, skills, mindset, and habits. Right now, you want to get to US$250,000 growth phase with US$100,000 capabilities, and you cannot.
Many entrepreneurs have been stuck in that situation for many years; working hard, but can’t make any real progress. Rather than working extra hard and long hours, what you need, is a new mindset, a new set of structures, relationships, goals, and habits to get to your next level.
In my Growth Syndicate™ Program, we have developed a lot of proven concepts, tools, and strategies that help successful entrepreneurs recalibrate their thinking, eliminate complexities, and achieve their biggest goals. This opportunity to constantly renew your mindset in a dynamic global marketplace is priceless for successful entrepreneurs.