What if your business was growing – and your growth was wrong. Think about it. Although entrepreneurs measure success by the growth of their business, not all business growth is created equal. It is possible to experience a type of business growth that could end up choking your business long-term. Babson College demonstrated that point quite well with a recent ad. The ad they produced claimed that, “Over 40% of companies that were at the top of the Fortune 500 in 2000 were no longer there in 2010.” Where did these top companies with their vast resources go wrong?
To make sure your business heads in the right direction, consider your responses to the following questions. And don’t conduct this inquiry alone! It’s much too easy to fudge the truth about what’s really going on in your business. Consider a sit down with your trusted advisor over a cup of coffee (or a glass of wine, if needed) to evaluate the current state of your business growth.
- Are you in the right market?
- Are you providing the right product and/or service?
- Are you serving the right audience?
- Are you properly positioned in your marketplace?
- Are you fulfilling the right vision?
- Are you correctly priced?
- Are you relevant for today, as well as, tomorrow?
- Are you competitive?
- Are you clear about what your business really sells?
- Are you certain you know what your client really buys?
Consumer behaviors are continuing evolving. Subsequently, so must your business. You can’t win in the marketplace by standing still. If you get too comfortable, growth is fleeting. And, as a small business entrepreneur, you don’t have the luxury of such an error in growing your business.