Businesses that reflect on questions like these as a team can use them to launch useful brainstorming sessions
Growth mindsets are crucial in various aspects of life but, for today’s businesses in particular, those that continuously have their eyes set on how they can flourish are the ones that truly go far. Even for those companies that are seemingly doing better than ever, there should never be a moment where employees and management stop asking themselves: how can we make this a cut above? In this article we take a look at four useful questions every growth-centered business should ponder on their journey towards expansion.
Have Our Missions and Goals Adapted to Changing Times?
What works in one season of business may not always work in another. Companies that want to grow need to focus on adapting their goals to their surrounding circumstances and the current business climate before them. Questions like, ‘Which hot trends are influencing our business sector and how can we use them to leverage more activity?’ are the most important. For example, those companies that do not shift their mission towards embracing digital technologies or optimizing for social media networks may be left by the wayside in the long run. One thing’s for certain – growth has always been linked to adaptability.
How Do We Stack Up Against Our Competition?
Conducting thorough research on the competition in your market is a huge catalyst for potential growth and higher sales. After all, if a business has no idea how they stack up against those that are trying to do it better than them, how can they ever outrun them? When a company has knowledge concerning their market opponents, they can leverage that knowledge to create strategies and services that steer their customers away from the competition. One example that illustrates this concept well is the offering of certain promotions within the online casino and sports betting industry. Because this is a sector that is extremely saturated in the digital environment, with more platforms coming onto the scene all the time, different providers have begun to reward new users with various deals when they sign up. As such, first-time customers are more likely to join a casino site which caters to their needs over those who do not. Although this is just one example from many, the ultimate goal of this question is to consider the overall landscape of your product’s competition so that you don’t give customers a reason to go elsewhere.
What Problems Do We Encounter Most Frequently?
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
Another important question to consider is which problems, if any, repeatedly pop up in meetings, during projects, with budgeting, clients, etc? If there is something that immediately comes to mind, it’s quite possible that it could be a huge hindrance to the business’ growth ability. After assessing these frequent issues, employers and management can come together, making a game plan on how they will tackle them. In this way, when the problem arises again, there are already solutions in place to combat it.
Analyzing customer behavior through data is a great way to prep for the future
What New Products and Ideas Do We Have on the Horizon?
A business can only grow when they have a plan for the future. The ability to constantly think ahead while remaining rooted in the present is crucial to lead or be a valuable team member of a successful company. It’s no wonder one of the most common interview questions is, ‘Where do you see yourself in five years?’ The truth is that people want to see that you can dream big. Businesses with growth mindsets should ask themselves what current products or projects they have in the works, and then which ones have been identified for the future. If there are none on the horizon, it’s definitely time to start brainstorming a list. After all, the best time to get ahead is when you have the time to put adequate thought into new ideas.
So, whether you are a big or small business manager, employee or even an intern, these questions are applicable for all employees that are interested in getting ahead.
If you liked this piece and are thinking of actually starting your own business, check out this article about ten interesting thoughts on the world of entrepreneurship.
