“The common question that gets asked in business is, ‘why?’ That’s a good question, but an equally valid question is, ‘why not?’” – Jeff Bezos
Every organisation wants to grow their business every quarter. Every organisation realises that the more they grow, the more difficult it gets to grow. This is because growth creates complexity, and complexity is the silent killer of growth. This paradox explains the reason why many businesses are unable to sustain their growth after having gone through a period of exceedingly high growth.
Many business owners think that they have the money and therefore the right to choose their logo, brand name and brand slogan. However, if you look at some of the most successful businesses like Apple, Nike, Shell, Walmart and alike, they all have something in: Their brand distinguishes them. While these companies are industry heavyweights now, it’s important to remember they weren’t always the goliaths they’ve become. They worked hard with experts to create a brand, a logo, a slogan and thus a culture that was centered on their product and associated their now-iconic status with things that matter most to their target audience.
Find out what matters most to your target audience and figure out exactly why they would benefit most from your product. Doing this can dramatically increase the perceived value of your product and thus increase demand.
Lack of Collaboration
An ancient Chinese saying is “If you ignore the dragon, it will eat you. If you defy the dragon it will overpower you. But if you ride the dragon, you will take advantage of its strength and power.”
Business owners often face fear of someone who is much more powerful, influential and intelligent. In fact what seems hostile to them is a lack of wit to convert fear into collaboration and hesitance to release control. Human nature is understandable; your business is your baby, and you feel as if you’re the only one who can “do it right.” However, this mindset leads to burnout and hampers growth to a great extent.
Collaboration is the best way to increase your growth over the long run. By partnering with businesses that complement your own, you are freeing yourself to focus on specializing in one specific area and slowly learning the art of successful multitasking. The key to success in globalisation is not extreme capitalism but connected capitalism.
Inefficient or Impractical Business Processes
Once people said “business should be run like a well-oiled machine” and it’s true. As your business grows, so does the complexity of your business operations and the data you need to track.
Leaving inefficient processes unchecked and in place could lead to poor customer service, employee dissatisfaction, financial loss, and much more. Get your business on the right track by improving inefficient business processes with business reengineering.