3 Ways to Stimulate Business Growth

by

“Mark Whitmore, Head Coach, Lodestone Truth North.

I want to talk to you about 3 ways to stimulate growth in your business.

1. Pruning

The first is pruning or by trimming things off. Less is more. There’s lots of ways to prune your business and often we get stuck in the delusion that more is more and actually less is more, like when trimming your team. You need to trim the low performing folks. There’s a number of folks on your team that are dead weight. They’re not helping you or your business get to where you need to go, and if you trim 5% or 10% of your team, the lowest performers, your high performers are going to thank you and perform better.

Cutting overhead is another. A significant amount of your overhead has nothing to do with producing your best stuff. As a business you need to trim The first is pruning or by trimming things off. Less is more. There’s lots of ways to prune your business and often we get stuck in the delusion that more is more and actually less is more, like when trimming your team. You need to trim the low performing folks. There’s a number of folks on your team that are dead weight. They’re not helping you or your business get to where you need to go, and if you trim 5% or 10% of your team, the lowest performers, your high performers are going to thank you and perform better.

Cutting overhead is another. A significant amount of your overhead has nothing to do with producing your best stuff. As a business you need to trim it.

Also, cutting out the bottom rung of your clients. 20% of your clients are creating 80% of your problems or sucking up 80% energy, and they’re not bringing much revenue or profit. Look at the bottom of your client base and start trimming.

Products and Services can also be trimmed. Some of your products and services need to go. You need to do less of the wide stuff and more of the best stuff.

2. Strategic Focus

The second way to stimulate growth in your business is focusing on your strategic fingerprint. There’s a niche that you occupy, should occupy, or could occupy if you focus more on that narrow spot where you do your best work. That’s going to stimulate growth in your business.
If you focus your marketing spend on that spot…if you narrow it down and focus it on that spot…you have the best impact in the marketplace.
You’re saying too much with your marketing money. You need to say more with a smaller, narrower slice. Focus your time as an operator. The time that you’re spending operating your business is all over the map, and if you could focus your time on that spot where it impacts your business the most, you’re going to multiply growth or stimulate growth.

3. Amplify

Thirdly, amplify the things that you’re doing that have a big impact. You would want to do more of it and amplify that marketing message that you’re aiming at that very narrow spot. Find the narrow spot and amplify your volume and message. Find that place where you’re doing your best work as an operator and amplify. Do more of your best work and less of your worse work. I know it’s not rocket science, but you really got to figure out how to aim and narrow your focus and then amplify what you do inside of there.

Hopefully those ideas help on how to stimulate growth inside your business.

Mark Whitmore, Head Coach, Lodestone True North.”

Mark Whitmore is the leader and founder of Lodestone, a dynamic firm of experienced, accredited EOS® implementers who help entrepreneurs and managers get what they want from their business.

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