Three Focus Areas for Business Growth
by Hal Levenson on Dec 1, 2020 1:46 PM
We can all agree that this year has been like no other. As we look forward to a new year, I’m sure many of us will reflect on what we’ve learned as business owners and think about what we can do moving forward.
When I consider my own company, Trilogy Partners, I must take the same advice that we give to our clients. Our experience has shown that the three focus areas for business growth that business owners need to address to fulfill their vision and ensure success for their company are:
(1) Fundamental Business Disciplines
(2) Human Behavioral Dynamics
We have found that by not focusing on all three focus areas for business growth can lead to inefficiencies, culture issues, and stagnation within the business. Understanding and directing efforts in these areas make for a more robust, holistic organization that can better adapt. Let’s take a look at each.
Fundamental Business Disciplines reflect the objective side of business such as winning new customers, manufacturing products, creating processes, etc. and can be expressed in the following categories:
- Growth: Strategy, Sales/Marketing, and Organizational
- Sustainability: People, Financial, and Processes
Human Behavioral Dynamics are the emotional and subjective aspects of business such as interpersonal and group relationships which can be ranked as:
- Foundational: Trust, Conflict, and Communications
- Results: Accountability, Courage, and Passion
Change is inevitable (like it or not) and can be broken down into the following points:
- Willingness to embrace change
- Ability to handle change
- Rate of change
Now that you’re familiar with the three focus areas for business growth, ask yourself the following questions.
Give yourself 1 point for each question that you answer “No”:
(1) Do you have a clear, concise written strategic plan that is realistic and aligned by all members of your team?
(2) Do you have current and future organizational charts that reflect where you want to be and outlines expectations, gaps, and opportunities for advancement?
(3) Do you understand what is “behind” your numbers and utilize a financial dashboard to help guide decisions and increase your bottom line?
(4) Are your processes updated, effective, and making you more competitive?
(5) Are you encouraging and having healthy conflict to get the best ideas from different points of view?
(6) Are you holding each other and yourself accountable to specific, measureable results on a consistent basis?
(7) Do you and everyone in your organization have the courage to make tough decisions and mistakes, and own them?
(8) Is your company open and optimistic about change?
(9) Do you know how much change your company can handle with your current employees, processes, technology, and resources?
How’d you do? If you scored 4 or more “no’s”, do you think you will be able to scale your business or take it to the next level while not addressing these vital points of business?
We believe those who attend to these areas will indeed achieve their vision, become financially independent, and have profitable and sustainable companies. We’ve seen firsthand the positive results from our clients who do so. Although it can seem daunting at first, it’s worth taking the journey.
About Hal Levenson
Hal Levenson is the Founder and Chief Visionary Officer at Trilogy Partners. Trilogy Partners is an advisory & implementation firm whose mission is to help companies grow and transform. We accomplish this by focusing on 3 critical business areas: Financial, Strategy & People.