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Why Business Growth is Important

 

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by Mary-Rose Hoja in EPE, Sales

We are constantly inundated with the pressure to grow our businesses, and today I’d like to dig a little deeper and look at why business growth is so important.

The first thing is that it forces you to stay on your toes and not fall behind.

Second, it’s is extremely difficult to maintain a steady level of revenue if you don’t have growth. Without it, you’ll soon find yourself overtaken by your competitors!

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Third, if you want to get listed or get investors, it is imperative that you show growth.

You always need to be developing in some way, and the most common way to do this is by growing your revenue stream. While there are other ways to achieve growth, money is the main metric we use in our society to demonstrate this progress.

So that being said, if you are not growing, it will cause stress on you as a leader.  It should also cause stress for your commercial team, and if it doesn’t, you need to be looking at their commitment to seeing the company grow. If you see that people are not always stretching a bit on their sales targets, it means that they are essentially treading water. This puts your company in a very vulnerable position, as you know your competitors are focused on growth!

Maybe you haven’t had to market yourself before, or you’ve grown your business based on traditional sales methods and you’ve done an awesome job selling in the last quarter. In those situations, it’s so tempting to rest on your laurels and not be proactive. You simply cannot do that, because you better believe that your competitors aren’t taking a passive approach!

The minute you start becoming soft in your growth mindset, someone else is going to be picking up that slack. You need to always be trying to tweak to make things a little bit better, or do things a bit faster or more inexpensively, or adding more value in some way.

I hope this helps you to see why having a growth mindset is so key for the long-term health of your business.

For more tips on how to grow your business, head over to Expert Profit Engine and download our free guide!

 

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