It is always the desire of every business owner to ensure their business grow and thrive. All they need are the simple hacks that determine business growth
This explains why most entrepreneurs often do one or two things to grow their business. In recent times, observations and researches have revealed that most businesses go down immediately, and a few of them are still around five years after they opened.
Entrepreneurs, researchers, business gurus and business analysts have advanced various factors that are capable of killing a business but the most powerful business killer is often unuttered.
Do you have already or wish to set yourself up in business and you wish to know why most businesses refuse to grow? This article provides you with an answer.
The answer is not going to be new to you. In fact, you may initially not agree with me that such a factor could deter a business from growing but I’m rest assured that you would see this factor valuable after perusing.
The Hacks That Determine Business Growth!
Working ON business VS working IN Business
Many business owners don’t work ON their business rather they work IN it.
Truly, we agree with the fact that many businesses start with the business owner and an idea. However, some business owners see themselves as job owners who should and must work in the business rather than working on it.
It is a proven fact that your business can never get any bigger when you do everything yourself. Joan Baker and Joanne Hession advised that even if you start alone you need to do so with a view to developing and expanding the business by working on it.
When you work on your business, you will learn how to delegate some functions to other people who can help you expand your business. You wouldn’t be the one doing it all.
Those who work in their businesses work for long hours at high risk, and for relatively poor pay.
However, working on your business will enable you to develop strategy and direction, perhaps meeting with key clients or suppliers, dealing with the bank or venture capitalists, handling public relations, recruitment, etc.
While you can’t do it all, it is good for you to focus on what you are good at and do it effectively to boost your business. It could be marketing, networking, selling, financing, organizing, innovation or leadership.
Let’s Dig Deeper.
When you work in your business, you are self-employed, which means you own a job and not a business. In this sense, your income is what you need to live and not what you need to grow your business.
Working on your business will make you see your income as something worthy of reinvesting in the business and growing the concern.
Second, working in your business will make you multitask yourself, whereas multitasking is a myth. If you want your business to grow, stop multitasking.
Don’t kid yourself that you can do everything at a time. It is pellucid that your brain can only attend to one thing properly at a time. However, when you work on your business, you have the chance to get others with the necessary skills, abilities and qualifications, etc., to do lots of things instead of you doing all alone.
Also, when you work in your business, you won’t develop goodwill. You will always be busy doing work rather than focusing on where your business should or is heading to. Additionally, you will deny yourself and your business the great wealth that comes from goodwill.
On the other hand, those who work on their business often develop goodwill. The kinds of things that come from goodwill include brand awareness and reputation, good management practices, great customer lists, competent and loyal staff etc.
More so, working on your business makes you wear a strategic hat. You will be able to strategize and think about what the business needs to do to thrive.
However, working in your business makes you think like an employee and often regards administration, management and finding new customers as interruptions to the work you have to do.
Your business is the through mirror that displays your reflection. Give it whatever it takes to nurture it and make it grow to your desire. You’ve gotten the simple hacks that determine business growth.
Ahmed Yusuf Babatunde
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