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5 Key Traits of Growth

Have you been struggling to grow your business? Trying to find profitability in a stagnating market? We believe there is potential for every company to grow, but to do so requires continual personal development and strong leadership.

Here are 5 key traits to develop within your business to facilitate growth.

 1. Growth Mindset and "Can Do" Attitude

One of the biggest differences between growing companies and stagnating or contracting companies is the mindset of the people in the organisation. When people believe they can achieve success they will launch new products and services, pursue aggressive marketing tactics and maximise their productivity.

Even if your industry is struggling, approaching business with a growth mindset will allow you to rise above your competitors and continue to thrive.

2. Sense of Purpose

Establishing a strong sense of purpose will drive your business by giving your team something to fully commit to. A vision and mission statement encourages people to show up every day and give their all to their work.

Your mission may be anything from giving back to your community to serving your customers with the best products and services possible. Having a clear mission encourages your people to work hard and empowers them to achieve success.

3. Focus on Storytelling

Storytelling is a great way to relate to and motivate your team. Sharing stories of positive customer experiences can provide encouragement and inspiration, while tales of negative experiences can motivate people when they need to step up.

An interesting example of this trait in action is the CEO of appliance maker Haier, who smashed 76 refrigerators with a sledgehammer to demonstrate to his team that the amount of imperfections in their products was not acceptable. [1]

You might think this strategy could have a discouraging effect, but in a company with a clear mission statement and growth mindset established it instead caused employees to recommit themselves to a higher standard of work.

4. Bias for Action and “Just Do It” Attitude

A crucial element of growing your business is developing a bias for action. Rather than over-analyzing every decision you make, adopt a “just do it” attitude. This will allow you to get your products and services to the market first, which is particularly important in a stagnating industry.

Instead of waiting for perfection, why not launch your product when you’re 80% satisfied with it? You’ll receive valuable feedback just after launch that will help you complete that final 20% of development and improvement.

Companies with layers of committees and indecisive executives are at risk of falling too far behind their competitors.

5. Staying Entrepreneurial

When compared with long established companies, start-ups often see remarkable growth. Rather than compare your success to these companies, why not choose to continually treat your business like it is a start-up?

Adopting this kind of entrepreneurial attitude can help you achieve ongoing growth. Most notably, businesses with this attitude take more risks and are willing to cannibalise existing sales to invest in future growth.

When you focus on developing these key traits in yourself and your business, you’ll find that remarkable growth is possible.

Ready to take steps towards growing your business?

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[1] "This CEO Wants to Hold Chinese Products to a Haier Standard", 2001, Wharton School of the Univerity of Pennsylvania.

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