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3 Ways You Can Get Back to Basics While Accelerating Your Business Growth

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Young kids are a living, breathing, walking and talking reminder of how important the basics are. They usually underestimate simple everyday tasks and create new chaos in the process. This creates a real time reminder for themselves, and everyone around them, of how important getting back to the basics are. If you have ever watched a baby try to walk or eat, something you do every day, this is very clear.

A growing business is much like a growing child. Rapid growth during the first few years, independence and confidence as the idea grows into a profitable business, and eventually adolescent rebellion once the taste of success comes in. As a business grows, change becomes inevitable, and can very often be unmanageable and overwhelming.

A business can also experience growing pains. From adding staff, to something as simple as time management, the growth of a business can sometimes be more stressful than the death of a business. Success hinges on adaptability, but it is equally important to take time to recognize what got you started when the business was just an idea.

Here are some of the stages your business may be going through, and the way to adapt and grow effectively and efficiently:

1. The terrible twos

As your company grows, the expectations of it and you will change. You are no longer the new kid on the block with limitless potential. Sticking to your core values and adapting to change becomes a full-time balancing act. Very often this early onset of success allows you to hire more people and expand your reach. Especially in companies experiencing hockey stick growth, you may have forgot to create a corporate culture when it was just a few of you in a garage.

Even if you are in an early stage of your company it is important to document the work you are doing and create Standard Operating Procedures (SOPs) and expectations of every task you are completing alone. Once you hire someone, it will be much easier to train them if you can hand them a document telling them this is how you do it.

“Without continual growth and progress, such words as improvement and success have no meaning.” – Benjamin Franklin

2. The tween years

People can get so busy working in their business that they forget to work on it. Be sure to notice the borders of your company and plan how to broaden them. As a company now with profits, employees and resources, you’re keeping busier than ever, but not sure what is next. Much like a child still needs their parents for some of the basics like food and shelter, during this stage of business, coaches and mentors are so important. Be sure to surround yourself with people who are where you want to be and learn from them. This is the make or break point for many businesses so make sure you are working and surrounding yourself with the right people.

3. Entrepreneur adolescents

Many teenagers feel like an adult, because physically and mentally they feel like they are there, but socially and economically they are not even close in most cases. Success can be blinding and create this same false positive for a growing company. Success can create a comfortable bubble that can distract from further growth. The comfort can create slip-ups and mistakes. Be mindful, and don’t let progress slow you down.

During this stage of business, coaches and mentors are still a key factor to success. They may not be the same ones you had in earlier stages, but the great thing about today’s market place is you can find someone out there to get the advice and guidance you may need. In this phase it very well can be a peer or someone on the same level. 

So, what can you do about this day to day? Read below:

1. Back to the Future

Go back to old emails, files, photos, and reminisce. Every venture has a beginning. The photos and emails you have recorded and collected can be just as much an inspiration as your current goals and challenges. Make sure you have the TimeHop app on your phone, this will help jog your memory.

2. Get feedback

Talk to clients and get feedback. We get many chances to talk to new clients, but make sure you go back and question old clients to understand their perspective on your work and business. Ask them about the changes they have noticed and whether the same kind of qualities are still there when they started with you.

“No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn’t.” – James Cash Penney

3. The Social Network

Networking is key as well, both on and offline. Listen to new people and new customers. You will see plenty of new faces along your journey up, make sure you are receptive and accepting of the new kinds of ideas these people bring along with them. Rigidity can kill a business. Make sure you are networking with the right people online via social media. During all stages of growth, it is so important to be networking in person locally, and make sure you get on a plane and go to an event!

Remember, a business is run by people, and as a CEO and Entrepreneur, you are a person. Make sure you keep growing your business, because if you’re not growing your dying.

Mike Ficara is a business development consultant and the host of The Start Down Podcast. He has had the opportunity to work in a variety of industries over his career including Classroom Teacher, Technology Specialist, Director of Curriculum, and in Business Development. This vast experience provided the insight into how people learn, leadership and most importantly what motivates people to succeed. Given this knowledge and experience, today Mike spends his time coaching and consulting where he has the privilege of working with many successful business leaders as well as entrepreneurs. To learn more about Mike and his mission visitwww.MikeFicara.com.

Entrepreneurs

4 Lessons You Can Learn From the Founder of Walmart, Sam Walton

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Image Credit: Sam Walton

One day in the early 1960s, 44-year old Sam Walton founded his first department store in Bentonville, Arkansas a few years after being forced to let go of his first successful store for contract problems. Since this day, July 2nd, 1962, Walmart has grown to be the most successful retailer in the world (now is second to Amazon) with over ten thousand stores and more than $200 billion in market value. All that because of one dedicated and hard-working man who lived by his principles and gave many ambitious people, including me, the inspiration to do and grow more. (more…)

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How I Built Nike: Phil Knight’s 4 Business Lessons for Young Entrepreneurs

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Phil Knight
Image Credit: Phil Knight

Everybody knows what Nike is, but not so many know how it was built or who built it. Phil Knight, the once-young entrepreneur who left his lucrative accounting job to pursue his dream of having his own shoe company is the man behind Nike. I was lucky enough to read Knight`s autobiography “Shoe Dog,” and today I’m going to share the top business lessons that I believe every entrepreneur should follow to succeed. (more…)

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Tai Lopez’s 6 Tips for Managing Stress and Anxiety as an Entrepreneur

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Image Credit: Tai Lopez

Life as an entrepreneur will put every aspect of your personality under the microscope. Your strengths will be magnified, however, so will your weaknesses. Knowing who you are and what to do about that will make a world of difference in the way you conduct yourself as an entrepreneur. (more…)

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Entrepreneurs

Why Entrepreneurs Should Eliminate the Word ‘Manager’ From Their Vocabulary

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There aren’t many words that I actively dislike, but “manager” is definitely one of them. In the business world, it’s a title meant to carry a weight of importance. The problem is that it neither accurately describes what people in that role do nor does it signal the empowering qualities crucial for overseeing a team. Let me break it down for you. (more…)

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