Two Questions To Unlock Business Growth In Minutes
Everyone wants their business to grow ... don’t they?
Well - you might want it, desire it, and be working hard towards it - but is your business ready to grow?
In this article, we will unlock your potential for growth using two key questions.
Ready to grow …?
Super - let’s do this!
Asking the right questions BEFORE you grow.
This tends to be the reply I get from clients when I ask them the first question in my scoping sessions.
There’s usually a long pause and a look of confusion from them first.
The first question is always ‘Why do you want to grow?’.
Every business can talk about future growth plans and where they want to end up.
They talk about how they're creating a growth strategy.
They discuss how they'll have to cope for high growth numbers.
They focus on future growth targets.
Many businesses don’t have an answer to the first key question that will grow them in the right direction.
That question starts with - WHY?
Asking ‘why’ you want to do something will help get to the heart of your motivation.
Motivation is the driving force behind everything you do in life. Whether you know it or not.
If I asked you right now why you wanted to grow your business - what would you answer?
It’s OK, take a minute to have a think, or write it down if it helps.
Not everyone will want to grow in the same way. Or for the same reasons.
Motivation is a personal trait. If your reasons are different from others - that’s OK. You don’t have to grow because someone else does. It depends on what's right for your business.
Without understanding your WHY, you make it hard to know what growth looks like for your business.
Even when you know WHY you want to grow - this doesn’t mean your business is actually ready to grow!
Key questions to ‘unlock’ your business growth.
I spent a lot of time shaping up the first part of my client scoping sessions. I spend around an hour asking questions about what growth looks like. I like to challenge clients about their growth plans.
I do this to understand their mindset, and get them to define what business growth means to them.
The reason I focus hard on their mindset is THE BIGGEST PART in creating growth for your business. Without it - you’ll try tactic after tactic without understanding what you need to do and why you need to do it.
Mindset is what separates the focus of one business from another. Even when they are both engaged in the same tactics and marketing activity.
The business which has defined what growth looks like, will be able to use the right actions to achieve it.
If you haven’t defined what growth it, you won’t be able to measure if you’re growing.
What does growth look like for your business?
The answer you give to this second question will have a huge impact on your growth plans.
You need to define this for you and your business. Don't try and grow because others expect you to. They might have a different WHY for growth.
Focus on you!
To answer this second question you need to visualise and define growth in detail.
This is the area many businesses still haven’t given enough time to work out. At least, not in the detail required to understand what to do in order for their business to grow.
Right now let’s ’role-play’ this out for your business.
Here are some of the prompts I use to help my clients in their scoping sessions …
Is growth for you an increase of turnover, or an increase in profit, or both?
What kind of increase are you wanting this to grow by?
When do you want this growth to happen?
What does the timeline for this growth look like from now to your intended goal?
If profit or turnover increase, will you need to increase or decrease your team?
If your team changes, will you need to change office space or location?
If your team grows, how will this impact your role in the business and other team members? (e.g. more management of people, less time on your specialisms)
How will growing your team affect your planned timeline for growth? (allow for recruitment and interview time)
Will growth mean moving into new areas of business services?
How long will new service areas take to develop?
Will you need to train more people or get more technology?
How long will training on new technology take?
How does this affect your growth timeline?
How will marketing help you reach this growth goal?
What marketing do you do now, versus what you need to do to grow?
Who will do this marketing within the team?
Will you need more support for marketing to grow?
What budget increases will you need for marketing? (e.g. 5-10% of yearly turnover)
Where will this budget come from if you don’t have it now?
What return on investment (ROI) will your marketing need to achieve?
How will delivering on marketing campaigns affect your timeline for growth?
Creating a plan for growth.
You can see the level of detail I go to in these prompts. They will start to challenge, affect and shape your answer to ‘what will growth look like’.
For my own business, I spent time on these and further questions. I realised I’d been targeting the wrong sized businesses. So I developed on from my earlier marketing engagement.
This degree of difference meant I was in fact working harder to close clients who were not quite ready for me.
This shift in client approach helped generate more engagement and win new clients. It helped focus my marketing on the right level of conversation to have with new businesses.
Remember, it’s important to go as deep and as detailed as we can when planning for growth. The information you gather at this level will then inform what your growth strategy needs to be.
Knowing what your strategy needs to accomplish will show you what tactics will suit your needs. This stops you wasting time using the wrong tactics.
When it comes to growth - we don’t want to lose time or resources where we don’t need to. Minimise the impact of wasted resource by knowing what you need to be doing. This all becomes clearer when you ask the right questions.
If you haven’t already, go back and use the prompts above. If you need to schedule time with your team to do this - then make sure you schedule it soon. That way you’ll be in the best position to get the growth you desire for your business.
When I work with my clients - their timeline for growth is the first thing they realise needs to evolve. Their expectations for how quick they want to achieve growth begin to change. Often, they haven’t considered the impact of other growth factors, like changes to team size, or office space.
Their focus has been on overall growth as a target.
If you don’t ask - you don’t get!
If you’re looking to grow your business, my advice is to start with these two key questions outlined in this article.
Make time to properly run through the prompts to see what answers and insight these give you.
Answering these two key questions will put you at the right point to start of your growth journey. You can also go deeper - ask questions about your personal thoughts on growth, or those of your team members.
If you're still struggling to know where to start with business growth you can book a free 30 minute strategy call and we'll help you get started.
Take the results and begin building them into your timeline for growth.