Written by Renzie Richardson, BHFL Group, www.bhflgroup.com
Do you want to go big with your business?
This article will give you five ways to do it.
Starting your own business is probably one of the most life-defining moments. The risks are significant, the potential rewards even more incredible. Each factor and decision will decide if you will be the next Elon Musk, Sara Blakely, or Melissa Butler or go back to languishing away at a menial nine-to-five desk job.
Yet, at each juncture, you may feel like all you’re doing is failing. You had a good idea, a solid plan, and robust contingencies, but you cannot seem to catch a break. It isn’t long till your venture is failing and life looks bleak. Luckily for you, all hope is not lost. Here are five ways to put your business onto a path of success and ensure that your idea reaches its potential.
Retrace Your Steps
Figure out what went wrong – fast! Get up and go again.
Go back right to the start. Look at your decisions, alternatives, and how you could’ve approached the situation better. These mistakes and missteps will serve as an essential learning tool, providing you with lessons learned and action to take if it happens again in the future.
It sounds clichéd, but history is the best teacher. Having a profound sense of what went wrong in the past will ensure that you do not make history repeat itself.
Gauge Your Current Reality
Now that you know what decisions led to this moment, it is time to assess your current situation. Armed with a greater understanding of past mistakes will allow you to judge the current reality better, making critical decisions that could make or break your business.
A considerable chunk of gauging the situation involves learning about the strengths and weaknesses of each of your team members. Your input, dedication, and commitment alone will not do any miracles. A team equally devoted to the cause can move mountains, however.
Strengthen Your Team
This brings us to the next step. Once you know what you need and what works well for your team, build on that. Help them become better at what they’re good at. This will ensure that they labor not only more complex but more intelligent.
Adding new members to your team may seem absurd when all your bottom line is red. Still, if they add immeasurable value to the team and raise the bar of performance, creating an environment that promotes excellence and success, then that is an option that should be considered.
Update Your Public Image
When a business starts its downward trajectory, word gets around—if you want to truly experience a revival and grow, rebranding yourself as a company is a wise decision. This will allow for a fresher, more flattering look and will provide a clear vision and mission of what the company is about, attracting new customers to the platform.
Organizational Changes and Shuffling
The last element of turning around your business is to streamline the hierarchal structure of your company, promoting those who have shown real potential and dedication toward the survival and growth of the company. Teams need to be simple, transparent, goal-oriented, and efficient. These principles will allow for greater productivity, better time and resources, and better overall performance. Properly following through with each of these steps will turn you into an industry leader in no time.
The BHFL Group can help your business with our Leadership Development Coaching program. This coaching program will help you step back and look at your company to determine what changes need to be made to help your business grow. Contact us today at www.bhflgroup.com to schedule your complimentary coaching session.