In today’s article we shall be talking about attitudes to reignite growth. Many businesses face a predictable crisis that can be called stall-out-a sudden large drop in revenue and profit growth.
Amongst several causes, few common reasons for the same could be: lost touch with customers, drowning in process and power points, lack of decisiveness. Most companies with sustainable growth have following 3 attitudes, which can help any company restart its growth engine.
Let’s have glance on those 3 attitudes:
- Rediscover Your Insurgent Mission: Shed noncore assets, develop a simpler strategy for the core one and focus on what really makes most transformations successful: reducing high-level complexity and cost. View your own business insurgents and constantly emphasize what is special about you. It may be difficult to maintain an insurgent mission, but not impossible. Stick to your core mission. Make the company grow “faster, more confident, and, above all, simpler.”Convene meetings, to discuss company’s situation and its future and reignite enthusiasm for its core values. Make employees refocus on the founding principles of the company.
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Obsess over Your Business’s Front Line: Companies that sustain growth live and breathe the front line of their business. Losing a frontline obsession can lead to stall-out and renewing it can reignite growth. The company’s initial success could be traced to its remarkable founders, who devote themselves to building a close relationship with customers.
Here are some ways to prepare your team to reignite growth.
- Create a “founder’s mentality” scorecard
- Benchmark against your most successful upstart competitors
- Launch a campaign against bureaucracy
- Get the leadership team out of the office
- Reexamine the precepts and practices of your founders or early leaders
- Look outside to help inside
- Instill an Owner’s Mindset: Owner’s mindset focuses on the long term, has a strong bias toward speed and action, and embraces personal responsibility for employees’ actions and for how resources are used. It’s amazing to speed things up and increase appetite for risk. Risk is about innovation and success. Some of the biggest stock upturns occur when a company has to return to its core and redefine it in the process.
An organization can reach new heights by pursuing these qualities.
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