Barriers to Business Growth

(Part One)

Business ownership is often like a roller coaster ride. While we all want our companies to be on a nonstop journey upward, the reality is that there are usually a series of highs and lows along the way. Every entrepreneur or business owner understands what it’s like to reach a plateau or be in a slump, and then strive for the next great breakthrough.

At every part of the ride, keeping your company at optimal efficiency and profitability requires an entrepreneurial mindset. This means avoiding complacency and focusing on continuous improvement. Here are three elements business owners must embrace to overcome barriers to growth and enable their companies to reach new heights.

Embrace Change

“Change is the only constant in life.” ~ Heraclitus
Just as this quote made sense when it was first uttered 500 years ago by the Greek philosopher Heraclitus around 500 BC, it also holds true to today. Business owners who resist change and cling to old ways of doing business are often destined to be left behind as the rate of innovation and improvement touches every business.

Just because your business has been thriving over the past few years or decades, that is no reason to stop evolving. While you may enjoy a competitive advantage in your market currently, if you refuse to explore and adopt new ideas, the edge you had may slip away with little time for you to react. Keep in mind: it may be an out and out refusal - you may just be so busy running your company that you miss key signs that the marketplace is changing.

Innovations in technology are impacting companies and transforming entire industries at a faster pace than ever before - and that pace isn't slowing down soon. These technological advances are being applied to reduce costs, improve operational efficiency, and enhance the customer experience. In some cases, technologies, practices, and business models that were current just a few years ago (or even a few months ago) are no longer relevant. Staying on top means continually watching for trends, developments, and changes in the marketplace.

You should also consider what embracing change means to all aspects of your business, as well. Would a buyer or investor be more interested in a company with outdated systems and business models – or for a business using cutting-edge technologies and practices? What practices, systems or policies will help attract and retain the best employees? What opportunities exist to help your company serve your customers better?

Embrace Risk

“The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” ~ Mark Zuckerberg
Business owners understand the benefits of risk. While not every risk will lead to success, a lack of risk will usually keep your company stuck in place. Even if a particular risk does not yield positive results, you can still use it as a valuable learning experience, as you move steadily toward your goals.

Of course, smart and sensible risk-taking is a far cry from being impulsive and reckless. Savvy business owners take the time to weigh financial, operational, and reputational risks and benefits before springing into action. Once action is taken, feedback loops and reviews help you determine if those actions are achieving what you wanted. You can always make a different decision as long as you have the information to do so.

Embrace Innovation

You can’t solve the problem with the same thinking that created it. ~ Albert Einstein
The above phrase is one of the most crippling when it comes to growth, improvement, and originality. Forward-thinking organizations understand the importance of establishing cultures that foster innovation and creative problem-solving.

Facilitating brainstorming, “what-if,” and mind-mapping sessions often leads to breakthroughs that would never have happened using the same old stale methods and models. When you tap into the creativity of your workforce, you will be surprised at the solutions and ideas they conceive.

Embracing change, measured risk-taking, and innovation is a perfect recipe for overcoming barriers and enabling your company to optimize its potential, profitability, and valuation.

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