The One Thing You Need to Grow a Business: G.R.I.T.
What does it really take to own and grow a business? These days, owning a business is the norm. But keeping a business is something else entirely.
It’s common to hop from idea to idea, business to business, trying on ventures like coats. And digging giant holes that are difficult to get out of. Staying the course and building an idea or concept into something you can hold in your hands takes patience, curiosity, and knowing when to pivot.
When you have a business, you are investing your time, money, energy, and passion into an idea, product, or concept that has no guarantees.
While identifying your purpose and why you want to do what you do is helpful, it doesn’t really run corporations. Why does accomplishing a certain set of goals motivate you so much? What’s your why?
For me, it’s a drive I can’t really describe, but it keeps me going — even when days get tough. Find your level of motivation and determination and know that you will have to tap into both of those (and more) to stay in the entrepreneur game.
If you want to stick around, growth is key. Growth means more money, more staff, and yes, more problems. But you have to be willing to do what it takes to grow. Long-term success cannot be had without it. Taking the time to understand what growth looks like for YOU which, in turn, translates into your business is essential. What systems need to be put into place to support you? So many businesses fail because they either grow too fast and weren’t prepared or they grow too slow and weren’t proactive. Grow yourself personally and professionally and you’ll be able to handle whatever comes your way, good or bad.
You can’t work all the time, and you shouldn’t want (or have) to. Working around the clock, while normal these days, isn’t necessary. When you clear out all the time wasters and distractions, your actual work can usually be done in a very short, focused amount of time. You can’t refresh and recharge without taking some time away from your business — and often. The best ideas usually happen when you’re in the shower, taking a walk, or letting your mind wander. Give you and your team time to recharge so it feels exciting to come to work — not a daily grind you want to escape from.
Invest in yourself. Invest in your employees. Invest in your business. You have to feel invested in what you’re doing for the universe (and your customers) to really believe it. It always comes back to how you’re making your clients feel. What are you offering they can’t get anywhere else? Why should they invest in you? Know the answers to those questions. Always know your why.
Track your progress. Track your setbacks. Take regular stock of what’s working and what’s not. Don’t be afraid to reinvent new ways of doing things to bring about a healthier bottom line. Track your numbers. Track your profit margins. Even if you outsource your financials, know your numbers backward and forward. When you know, you stay informed. And being informed is paramount to running your ship.
At the end of the day, you’re going to find your groove. But don’t meet your business with resistance. Meet it with a pliable plan of action that makes you happy, makes your team happy, and inspires all of you to do what you love.