In any business, the people we hire make a huge difference. The right people in the right spots at the right time can push you to new heights, while a bad hire can set you back. A great asset as you organize your business for growth is building around entrepreneurial employees.
As any business ages and grows, it will change. You don’t always do things the same way you did as a startup. The quest for innovation and new approaches to problems often gradually give way to a focus on incremental improvements and doing what you’ve always done, just a little bit better. This problem is part of what is widely known as The Innovator’s Dilemma, after the title of the book by Harvard professor Clayton Christensen.
What will happen to your business after you retire? Most small business owners want their companies to survive after they leave, but only a small fraction of businesses actually manage to last into a second generation. To make it, you need an effective succession plan.
For a business to be able to grow, it needs to be flexible enough to adapt to changes as they happen. You have to be willing to examine everything you do with a critical eye, and reinvent yourself every day. Never take a strategy for granted!
Organizations of all kinds have a bad habit of growing more and more complex. But an important feature for an organization focused on growth is keeping things simple. A clear, simple organizational structure will help everyone understand what is happening in the business and where to go next.
A business can only be built on the strength of its customers. You can maximize the support you get from customers through effective market segmentation. Two of the segmentation strategies you can use are attitudinal segmentation and demographic segmentation.