The best part of what we do is that we get to go ‘behind the scenes’ for every client business. We get to delve into every aspect of their business strategy. We get to see which elements of their strategy ultimately lead to their success, or their failure. What’s even more interesting is that despite the size of the business, the mistakes made are often the same. That’s partly because the same principles of branding apply to every business, no matter what the size.
Biggest mistake for growth phase
The most common mistake that businesses make during growth phase is that they lose focus. They often start their business with pinpoint focus on who they are and what they stand for. However, over time (and usually it’s more evident in growth phase) as more and more people join the organisation, with different personalities, conflicting opinions and a multitude of personal agendas, the initial focus is diluted. And worst case, lost.
Growth phase is a challenging period for most businesses. The challenges can arise from the need to change to stay relevant in the marketplace, or the from need to keep up with increasing consumer demand. Growth phase can cause the business to start losing their strength against competitors, simply by losing their focus. The company is continually looking outside to see what the competitors are doing, rather than looking inside and focusing on what they do best.
HOW TO AVOID LOSING FOCUS
What’s needed in growth phase is for the entire company to continually revisit what has lead to your business’ success today, in order for it to grow. This helps to avoid losing sight of what’s made it successful in the first place. A good question to start with is “What can you be the best in the world at?”. The next step is to narrow the focus and pinpoint your strengths that make your business unique.
Golden rule for growth
As you grow, narrow your focus. Become more stringent on defining exactly what you’re trying to achieve and what you want to stand for in the minds of your customer. Communicate this relentlessly within the organisation. Make sure everyone is working on the same page, toward the same goal, for the same desired outcome.
Don’t make the same mistakes as many businesses do by trying to be many things to many people, instead stand for one thing. Because it’s what will continue to set you apart.
Has your business strayed from its initial focus and success factor? It’s worth revisiting and thinking about….