Need to grow your business without letting the growth get out of control? You’re already on the right track by reading this guide. Here, we’ll share our expert insights in business growth planning.
Across the U.S., 51% of small businesses are focusing on growth as their primary goal in the coming year. Despite wide-ranging challenges from forces like the pandemic and inflation, the nation is still experiencing a strong 24% increase in new business startups year-over-year.
Below, we’ll address the key factors in managing business growth. We’ll describe how to handle business growth wisely so your company can preserve its profitability, retain its best talent, and set the stage for a long and successful future. In this guide we’ll explore a few things to consider when starting the planning process for business growth.
4 Business Growth Strategies to Consider
- Short-Term vs. Long-Term Thinking
- Emotional Intelligence Supports a Growing Business
- Preventing Employee Burnout Through Engagement
- Building a Company-Wide Self-Growth Mindset
Short-Term vs. Long-Term Thinking
Take some time to step away from your everyday schedule and think strategically about your company’s overall business situation. It’s easy to forget about the long-range forecast when you’re always busy weathering your daily work.
Look beyond today and tomorrow. What’s ahead in a month or a year? Does your company have a five-year plan that guides everyone to stay on the same path together?
Is there a succession plan in place that adds stability and helps retain your most talented employees? When your company loses someone, do you have a methodical approach to attracting outstanding new team members?
It’s time to do some strategic planning and ensure your company has clarity in its mission and vision statements. If you’re struggling with getting started, connect with a business strategy consultant who has experience helping companies like yours.
Emotional Intelligence Supports Business Growth
Consider whether your company’s culture and level of emotional intelligence can support fast and lasting business growth. Emotional intelligence in the workplace is extremely important because it fosters adaptability, flexibility, innovation, and problem-solving.
Did you know your emotional intelligence quotient (EQ) is more important than your intelligence quotient (IQ) at work? Business strategists have found that the ability to identify and regulate emotions is one of the most important components of successful team-building. When people feel respected, they’re more likely to share creative inspiration and feel the motivation to accomplish big things.
Don’t worry if your natural EQ isn’t at the top of the scale. It’s not something you’re stuck with. Emotional intelligence is a human interpersonal skill that can be learned and honed over time. Work with a leadership coach who has a background in boosting EQ.
Preventing Employee Burnout Through Engagement
Does your company have strong employee engagement strategies? This is one of the most important questions you can ask during a period of accelerated business growth.
It would be easy to look at a growing company and assume its employees must be fully engaged. Everyone looks so busy! They must be engaged with their work, right? Not so fast.
The truth is that your busiest employees could also be on the verge of total burnout. Growth can wear people out from daily exhaustion and make them want to abandon the company. They often take their hardworking, like-minded colleagues with them.
Almost 80% of all U.S. workers experience work-related stress in a typical month. When these workers’ baseline level of stress rises above average, they’re at risk of burnout and quitting. This is the time to build a better employee engagement plan to support your company as it grows.
Building a Company-Wide Self-Growth Mindset
A crucial component of a fast-growing business is the company mindset. A mindset is a frame of mind that impacts almost every aspect of how individuals and teams operate. In short, it’s a personal and professional worldview.
Fixed mindsets have a hard time adjusting and adapting to rapid business growth. They prefer the same old reliable routes, even when they’re no longer productive or profitable.
Inflexible thinkers can severely limit a company’s growth. When they encounter new situations, they build mental barriers that interfere with the entire team’s capacity to move forward. Just one person with the wrong mindset can have a negative ripple effect on the entire company.
The Harvard Business Review Recently shared the results of a research study into the phenomenon of “toxic rock stars.” These are seemingly successful people who actually harm companies due to their negative mindsets. They cost the economy an estimated $50 billion per year through behaviors like lying, bullying, racism, sexism, and pushing out other top performers who can’t stand the negativity.
By contrast, consider what it’s like to work with a team composed entirely of people with self-growth mindsets. These open-minded thinkers are always looking for new opportunities to succeed together. They’re team-builders who welcome diverse ideas and innovative possibilities.
As your business evolves, it needs growth-minded thinkers more than ever before. These are the flexible and creative leaders who inspire teams to achieve great things and supercharge your company’s growth.
Business Growth Planning With Leadership Resources
Growth brings growing pains, but this doesn’t have to slow your company down. Engage with an experienced business strategy consultant to manage your company’s growth skillfully.
Leadership Resources offers a comprehensive leadership development approach that embraces fast business growth and enhances future growth potential. This is the ultimate “secret sauce” for your business!