3 Step Business Growth Formula
Written March 21, 2012
To reach your organization’s productivity, sales and revenue goals, it is vital that you continually grow your business.
Are you currently meeting your revenue objectives? If so, great! If not, you are not alone. The majority of organizations are failing to reach their true revenue potential and their leaders haven’t yet realized exactly what is holding them back; or they are in denial.
The underlining cause of poor productivity and sales is not what you’ve been led to believe in other magazine and journal articles. It’s probably also not the issues you and your executives have spent your time, efforts and expenses on in attempts to improve revenues in the recent past.
Poor customer service, ineffective marketing, an unreliable workforce, distribution errors, etc., are not the cause of falling short on your productivity, sales and revenue expectations. They are only the symptoms of a larger underlying cause.
Market leaders do not struggle with these costly issues. Five years of research on the most effective organizations has found that they have all followed the same formula in order to take their organizations to the next level of success.
Here is that “3-Step Business Growth Formula.” Follow it and you too will eliminate costly “revenue robbers” from your organization forever.
1. Hire Only TOP Performers
The clichés of, “Your employees are your greatest asset” and “You’re only as great as your weakest employee” are not simply clichés, they are facts. The truth is, the more productive your employees are, the more profitable your organization will be.
A TOP Performing employee really is the only asset in your company that is guaranteed to make you money. They do so month after month, and year after year.
Unfortunately, only 20 to 33 percent of the employees of market survivors are TOP Performers. The rest of their workforce is comprised of “Workplace Survivors” that do just enough work to get by month after month or year after year.
Your TOP Performers naturally succeed. They do so without external motivation, bonuses, contests, incentives or ultimatums. They fit your culture, their team and their job.
It is critical that you learn the recruiting and employee selection strategies of your market’s leaders. They have proved that by hiring a top performer the first time, productivity, sales and revenues will begin to improve.
2. Develop Your Workplace Survivors into TOP Performers
Whereas a top performer makes you money, underachievers always cost you money.
Along with their underperformance comes absenteeism, tardiness, conflict, mistakes, apathy and ultimately turnover. All of which are more detrimental to your bottom line than anything else in business and the underlining cause to larger problems.
It is imperative to create and follow a successful performance boosting process. Your market’s leaders insure that every employee, from their executives to entry level, are reviewed and developed at least twice a year. You need to realize that if any employee is not reaching their performance and productivity expectations, your organization will also fall short on reaching its productivity, sales and revenue goals.
Many market survivors act as if they believe not every employee can be a top performer. Do you think market leaders believe this? They don’t and that is why they are constantly developing their greatest asset to continually reach expectations.
3. Take Initiative Before Your Competitors Do
To leave competitors in your dust, you can no longer settle for underperformance. Standards and benchmarks must be set on your best employees, not what it takes to survive.
If you are not reaching your revenue objectives and actually believe your productivity and sales can improve, take the initiative to eliminate your costly revenue robbers. Many times, all it takes is a quick analysis of your systems and simple adjustments to bring about profound differences in the productivity of your organization.
Understand the barriers that are standing in the way of peak performance do not disappear on their own. They only get worse and end up costing you more of your time, energy and resources in the long run.
When noticeable issues go unsolved, what kind of message are you sending your managers, employees and clients? Depending on the problem, to your managers it may look like you don’t believe in the competency of your leaders. Your employees may begin to believe you don’t have faith in your product, service and the organization. Clients will eventually assume you really don’t care about them or their business.
This is why it is imperative to allow your belief in your organization to lead to action. If one of your goals is to grow your business this year, take the initiative to do so. Just make sure you do it before your competitors does.
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