4 Essential Strategies for Growing Your Business

4 Essential Strategies for Growing Your Business

The following strategies can help grow the success of your business.

Be deeply connected and highly visible. Sophisticated product knowledge, meticulous financial measurements and high-level strategic planning are essential skills for every business leader. However, successful managers put just as much emphasis on getting to know people as they do learning markets and numbers. Building relationships with your customers, your community and your industry is essential to understanding how to serve their needs. Strong personal connections – between team members and management; the company and the community; and retailers and business partners – are the keys to the success of any business.

Be bold. Plans written down on paper are great – they are used all the time to evaluate new markets and consider future opportunities, for example, real leadership requires more than just a strategic plan; it takes boldness and the courage to act decisively on not only data-driven insights, but the knowledge that you’ve gained from your relationships in your industry and community.

Be passionate. It is essential for leaders to be passionate about their business for two reasons. First, customers respond best to someone who shows that they genuinely care about solving the problem that their product is intended to solve. Second, your passion will carry you through the inevitable setbacks along your way to success. Ask how your company helps your customers, then use that answer as inspiration when times get tough.

Invite others to share in your success. One of the most important things a leader can do is develop the next generation of leaders to ensure the ongoing success of the organization. This requires confidence on your part, as you cannot feel threatened by new ideas and new talent that are the natural result of cultivating a successful team. The emphasis on inclusivity and collaboration will trickle down through a company’s culture, creating an environment where all team members feel empowered to share both ideas and concerns in the spirit of constant improvement. Companies should foster a positive sense of pride for how far they’ve come, but always look for ways to improve the customer experience. If you trust your team members, they will trust you. If you build a culture of clarity, accountability and respect, you will become an employer of choice that attracts, retains and develops top talent.

I appreciate companies such as Mattress Firm. Now, celebrating its 30th anniversary this year, a three-decade journey has seen it grow from a single Houston store to 3,500 stores in 48 states. They had a vision to improve lives through a better night’s sleep.