The Incredible Hulk? Buster Posey World Baseball Classic Jersey , mild-mannered scientist Bruce Banner discovered that when he was exposed to ?gamma rays? he was transformed into a massive beast that could ferociously muscle his way to victory in any situation. Other than being disfigured, green, and in nothing but his boxer shorts, the Hulk discovered that a single growth factor could drastically change his ability to handle his problems.
Unfortunately, gamma radiation is in short supply at most startups, so entrepreneurs need to find their own ?growth factors? to make their businesses huge. The growth factors of your business are the key drivers that Brandon Crawford World Baseball Classic Jersey , if tweaked properly, can give your company the boost it needs to grow faster and stronger.
Get your gamma ray on
Chances are you already have an idea what the growth factors in your business are, but aren't yet isolating them like you should be. For example, if minimizing the cost of acquiring a customer is critical to your growth strategy, it's a growth factor. If converting a certain number of visitors at your Web site to convert to actual sales makes huge differences in your financial model, it's a growth factor. And if buying supplies cheaper and reducing your cost of goods sold enhances your ability to go to market Andrew Miller World Baseball Classic Jersey , it's a growth factor. Your business is filled with growth factors just waiting to be discovered.
It's important to note, however, that a growth factor is the cause of an outcome, not the outcome itself. For example, 'making more money? isn't a growth factor, it's the outcome of growth factors like converting more sales leads or reducing operational expenses.
If you don't know right now what the top three key drivers of your business are Andrew McCutchen World Baseball Classic Jersey , it's probably a good time to start defining them and burning them into your brain. Most companies succeed or fail based on just a few growth factors, so identifying them early is extremely important.
Focus, grasshopper
Knowing your growth factors is just the beginning. Once you realize what elements of your business drive the growth and overall success of your business, the next step is putting as much of your time and energy as possible into focusing on those opportunities.
?Most entrepreneurs have very limited resources and their time is critical? says Kelly Perdew, winner of ? The Apprentice?. ?I've found that there are vital areas of every business that need the Founder's direct attention the most and that you will get the most value from spending your time there.?
It's easy to get distracted from driving your growth factors when you're busy finding office space, hiring staff Alex Bregman World Baseball Classic Jersey , and addressing all the problems of a growing corporate culture. Keep in mind that while these duties are necessary, they aren't necessarily doing an effective job driving the company forward. It's a matter of priorities and your growth factors should be at the top of your 'to do? list every day.