A Simple Way to Foretell Business Growth
None of us can read the tea leaves — or rely on the wisdom of the Magic 8-Ball — regarding exactly what will work and what won’t for business growth. But over the years, I’ve learned a tactical approach that is very effective. As simple and elementary as this seems, I’ve benefited greatly from the following:
• Try as many sensible tactics as possible.
• Make sure there’s always the capability of how to measure success. Don’t do anything that defies analysis.
• When something is successful, move as quickly and as aggressively to expand upon it. Devote all possible resources to it.
• Conversely, stop doing what isn’t yielding desired results.
I’ve seen some businesses think way too hard and long about exactly what move to make next. While all that contemplating is going on, the competition advances and progresses beyond reach. And then it’s too late.
Or sometimes businesses devote excessive energy and resources to laggard products or services – their underperforming babies — and miss the fleeting opportunity of expanding upon the success of the offering that actually meets the needs of the marketplace. As difficult as it is, let those babies go, and focus on what gains traction and moves you towards your overall business growth goals.
Other companies apparently devise their strategic plans and proceed based on nothing but sheer instinct. To me, this is a definitive recipe for disaster. Not even the Amazing Kreskin can foretell to what markets respond best, and keep track of those markets as needs shift over time.
In truth, it’s really not that complicated. So simply, quickly identify and expand upon successes, abandon disappointments, no matter how gut-wrenching. And keep repeating.