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7 Laws of Growth for Small Businesses

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7 Laws of Growth for Small Businesses

   Over the years, I've tried to answer this one question: What separates the small businesses that achieve sustained growth from those that don't?

Inc. As the magazine's senior advisor, I speak to thousands of businesses each year. I'm glad there are no silver key pills or 17-point checklists that lead to natural growth. However, there are seven specific areas concerning growth companies on which they focus their efforts.

1. Strong sense of purpose. Most leaders who achieve growth have found that fulfilling their aspirations and ambitions takes much longer than the fear of increasing financial returns. They search for higher calling potential than just "more money".

2. Sky Market Intelligence. It is the ability of an organization to adapt and re-adapt seamlessly to the market. Too often, small-business owners get deluged with only a limited view of the consumers with whom they compete. The development leader has a bigger picture.

3. Effective development plan. It is the best predictor of whether a business will grow or not. To be effective, a development plan doesn't need to be overly trending or complicated. However, it needs to be well written, communicated and updated regularly.

4. Customer-Sanskrit Authorized. These days, every company I talk to has chosen to be customer-centric, whereas very few actually are. Take a look at all business processes from the customer's point of view. Are they there to make it easier for the company, or to help the customer get things done faster, smarter and better?

5. The power of technology. Successful leaders don't let the ups and downs of technology cycles blind them to the fact that we live in the information age. If a company is in business, it is in the technology business.

6. The coolest and most genius people. Finding leaders believe that the people they work with are only as great as they are. The ability to hire, train and retain the best and brightest people is often the difference between success and failure.

7. Vision of the future. Some organizations regularly take time off to reflect on the future. Recognized leaders teach how to explain and effect change in the world they live in.

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