10 Point Checklist for Business Growth

  1. Identify a Problem – It is vitally important to identify a problem where there is verifiable demand you can solve.  Too many business leaders create a solution without properly validating it.  Leaders who succeed create unique and valuable solutions are the ones who succeed.
  2. Target the Right Customer – Once you identify a problem, you need to be very specific regarding whom you target.  It’s the Big Fish in a Small Pond cliche you’ve always heard.  If you target only those with the highest level problem you can solve well, your message will be more effective.
  3. Gain Attention & Traction  – Most businesses fail because they don’t secure enough customers and run out of cash.  So, securing early customers is paramount.  There are many methodologies, especially using social media, to attract proper attention.
  4. Manage the Sales Process – Too many sales processes are inconsistent and ineffective.  It is essential that each sales rep has the same tools and methodologies to take a client from Discovery to Close and managing and measuring with a CRM system.
  5. Lead the Right Team – If you have the right team, the business will grow.  If you don’t, it won’t.  It’s so simple, but you need to attract the right people, then you need to develop them, compensate them and treat them like your best customers.
  6. Develop the Right Partnerships – Leveraging others and their audiences that can become your customers is one of the fastest ways to grow. However, most businesses believe that if they find a partner and an agreement is reached, it will drive their business forward.  Partnerships only work with proper alignment, incentives, training and sense of purpose.
  7. Manage Finances – Managing cash flow is the lifeblood of your business.  When properly executed, knowing how/when to self-fund, when to seek strategic backing from others and how to manage your financials daily can propel you business.
  8. Operate Efficiently – Operating efficiently is to your time as compound interest is to money.  This is a key tenet to Midcourse Advisors’ Business Offense methodology.  Focus on the 20% that drives the greatest impact, automate where possible and delegate.  This is a proven and winning strategy to scale at any level.
  9. Measure & Adjust – You can’t manage what you can’t measure and you can’t adjust without securing ongoing and meaningful feedback.  Using Six Sigma methodologies, you can make sense how to best compete and adapt in a dynamic business environment.
  10. Develop an Exit Plan – If you don’t know where you are headed, you may never get there.  As a result, it is so important to know what the long term plan looks like.  Will the business be sold or passed onto other partners/owners?  What exit price is desired?  Once you know these two key points, you can determine what is required to enhance the value and sustainability of the business, including infrastructure, leadership, processes, pipeline and resources.

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