Want to Grow a Healthy Business? Here’s the Secret Sauce to do it.
When starting out there’s a thin line between growing a healthy business and launching a dead business, this post will help you grow a healthy business.
Every business struggles, so even if your business is on the decline it’s not too late to read these tips to discover how to make your business a healthy business.
Did you dream of starting your own business?
Many people do and for most, it remains a dream.
Most people are afraid to risk everything they have when there are no guarantees of success. For those brave enough to try starting a small business, make no mistake — there are no guarantees.
If you watch SharkTank, then you hear all about the success stories. But there are many more businesses that start out successful only to see that success fade over time. The sad truth is even far more of these brave people that take the entrepreneurial route, fail right from the start.
There are a very few businesses that start out well and that see their business grow into what they dreamed of. In fact,
90% of startups fail ~ Neil Patel
There is a difference between the healthy business that finds success and the business that end up dead.
A healthy businesses take steps that help them grow and thrive.
It is possible for a small business that is on the path to failure to take the same steps to turn their business around. For startups, it is best to use these tools before the doors of the business open and to continue using them as the business grows.
The Secret Sauce to Grow a Healthy Business
A Business Needs a Vision
There is a big difference between having an idea for a business and having a vision for the business.
An idea is what helps get a business started.
The vision is the path that the business follows for success.
Creating a vision relies on a few things.
It starts with a vision statement. A vision statement includes the long-term goals for the business. It helps guide the way a business runs and helps define the place the business holds in the real world.
When a business is failing, their vision often ends up changing to a short-term perspective of simply making it through the day. Everything is about survival. The narrow vision of survival stops the business from growing and leads to more struggles. For a business that is just starting or to help turn a dying business around, create the vision that will guide you to where the business should go for the long-term.
Some small business owners become satisfied with taking a salary. They worry that if they get any bigger, it will become more than they can manage. They are fearful of growth.
The problem is that when a business stops growing, the only path left for it is decline.
The end of growth is the beginning of the end for any business. There is always a need for growth.
To keep growing, a business has to plan for the future. They need to think about how they can continue to grow the business and a plan to manage a bigger business. There are many people who start a business dreaming that it will reward them with a lot of money. The problem is that they fail to have a plan that will get them there. A business does not have to become successful overnight, but it does always need to grow.
Never Ignore the Business Side
There are many ways that people can define success in business. Having a passion for something is one way, but the most common ways are through the numbers. Successful businesses are about how much money they earn and how many customers they serve.
Running the business side requires work. It means creating reports that show where the money comes from and where it is going. It requires making decisions about how to spend the money a business has. It also requires making adjustments to help keep the business solvent. It is important to pay attention to the numbers on a daily, weekly, monthly and annual basis. It requires having a budget plan that is evaluated regularly.
Many startup business owners do not have the experience to properly monitor the business side. They need to either find someone to help with this or use the various services available to help in this area.
A Process Will Help
If the goal of a dying business is to make it to the next day, everything they do is for that one day. There is nothing in place to make it past that next day. This feeling of ‘just making it through’ is the illusion of survival — this is not a healthy business.
Motivational speakers always talk about the importance of having a passion for the work a person does. Without that passion, a person will not want to put in the work needed to help a business succeed.
If a person can surround themselves with a process that will lead to success, they can use that to fuel their passion. They can watch the process unfold in front of them as the business grows. As the passion grows with the process, so will the business.
Have Goals and a Strategy to Reach Them
It is easy to tell a small business owner that they should set goals for the business. The problem is that many people don’t know how to set goals. If they do set goals, they don’t know how to achieve those goals.
The goals for a healthy business come in many forms.
There are the short-term goals that involve taking care of whatever business they have. Longer term goals involve growing the business. The strategies for both of these things include some similar methods.
- Identifying the target audience for the business
- Finding ways to reach out to that target audience
- Looking for ways to expand the business to new audiences
- Creating a way to evaluate successes and failures
The goals for a healthy business change as the business grows. If a business wants to find success, they need to use their goals as a guide towards that success.
Change the Attitude of the Team
If a business is dying, the business team is often part of the problem.
The employees of a business are very aware of whether it is successful or if it is about to die. Their attitudes and the work they do will reflect the position the business is in.
It is possible that some of the team members will turn their attitude around and help rebuild the success of a business. It is also possible that those same employees will care more about their future than they do about the business. If a business wants to find success, they need to find ways to motivate employees towards that success.
When a business is failing, it is time to bring in some fresh ideas and attitudes. Clearing out some of the old team that was a part of the failing business can help bring in an attitude that breeds success. It can also provide a new way to look at the business that could help turn it around.
The difference between a successful healthy business and a failed business is very small. Just because a business is struggling to survive does not mean it cannot turn it around and find their success they want. Whether it is a new business or a business that is on death’s door, the secret to that success falls on the shoulders of the person that owns it. If they take the right steps, they can find the success they dreamed of when they first had an idea.