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Identify the Growth Factors
In "The Incredible Hulk", mild-mannered scientist Bruce Banner discovered that when he was exposed to "gamma rays" he was transformed into a massive beast that could ferociously muscle his way to victory in any situation. Other than being disfigured, green, and in nothing but his boxer shorts, the Hulk discovered that a single growth factor could drastically change his ability to handle his problems. Unfortunately, gamma radiation is in short supply at most startups, so entrepreneurs need to find their own "growth factors" to make their businesses huge. The growth factors of your business are the key drivers that, if tweaked properly, can give your company the boost it needs to grow faster and stronger. Get your gamma ray on Chances are you already have an idea what the growth factors in your business are, but aren't yet isolating them like you should be. For example, if minimizing the cost of acquiring a customer is critical to your growth strategy, it's a growth factor. If converting a certain number of visitors at your Web site to convert to actual sales makes huge differences in your financial model, it's a growth factor. And if buying supplies cheaper and reducing your cost of goods sold enhances your ability to go to market, it's a growth factor. Your business is filled with growth factors just waiting to be discovered. It's important to note, however, that a growth factor is the cause of an outcome, not the outcome itself. For example, "making more money" isn't a growth factor, it's the outcome of growth factors like converting more sales leads or reducing operational expenses. If you don't know right now what the top three key drivers of your business are, it's probably a good time to start defining them and burning them into your brain. Most companies succeed or fail based on just a few growth factors, so identifying them early is extremely important. Focus, grasshopper Knowing your growth factors is just the beginning. Once you realize what elements of your business drive the growth and overall success of your business, the next step is putting as much of your time and energy as possible into focusing on those opportunities. "Most entrepreneurs have very limited resources and their time is critical" says Kelly Perdew, winner of " The Apprentice". "I've found that there are vital areas of every business that need the Founder's direct attention the most and that you will get the most value from spending your time there." It's easy to get distracted from driving your growth factors when you're busy finding office space, hiring staff, and addressing all the problems of a growing corporate culture. Keep in mind that while these duties are necessary, they aren't necessarily doing an effective job driving the company forward. It's a matter of priorities and your growth factors should be at the top of your "to do" list every day. If it's not core to the business, outsource it Outsourcing isn't just for large companies. It's also for startups who need to focus on their growth factors. Kelly adds "It is important to know what you do well and what you don't do well. Surround yourself with people who are experts at what they do and can augment your capabilities. If it isn't one of the critical aspects of your business have an expert take care of it. Software development, accounting, HR, legal and many other aspects of your business take up a significant amount of time and don't add significantly to your growth. Outsourcing firms are experts at what they do, can scale to meet your needs, and free you up to do the things you should be doing. Use them!" Promote the growth factors If you find it personally difficult to stay focused on the growth factors of the business, it will be nearly impossible for the rest of your team to stay focused, especially if they don't know what the growth factors are. Take advantage of every opportunity to promote the growth factors of your business and how important they are to your success. Make them as ubiquitous in the company as possible, from the CFO to the receptionist. Post them atop every meeting agenda, on everyone's mouse pad, at the bottom of every company memorandum and even on people's paychecks if you don't think you're getting through to them. "Look! I'm changing?" Once you've begun to put focus on the growth factors, you may sense a change in the way things look. All of a sudden you're getting strong and faster, and things feel like they are coming together for once. Don't fret, you're not about to turn into a savage building-bashing beast! The only green you should be seeing is in your bank account! Wil Schroter is a serial entrepreneur, author, and public speaker. Wil has been recognized as U.S. Small Business Person of the Year, twice as the Ernst and Young Entrepreneur of the Year (1999 & 2004), and is a member of the Business First Top 40 under forty. Connect directly with Wil at wschroter@yahoo.com. Visit http://www.goBIGnetwork.com.
Latest News:Site: Yahoo! News Search Results for news Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. News Corp. says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) Mark Williams, a News Corp. executive named late on Wednesday as chief executive of German pay-TV broadcaster Premiere, has taken over in an interim capacity, a News Corp. spokeswoman said on Thursday. Site: news - Google News Phil Schiller bringing the news at Macworld - San Francisco Chronicle
MORE RESOURCES: Site: Yahoo! News Search Results for entrepreneurialism Lone Star Library: Green Mountain founder shares entrepreneurial insights (Fort Worth Business Press) Rural Southerner Sam Wyly came by his self-made captain-of-industry status the hard way, developing a passion for business strategy by playing schoolboy football and observing his parents? natural gift for small-business operations and hard-bargain bartering. S.C.'s brightest complete Business Week (Columbia Star) Approximately 200 high school students from across S.C. have successfully graduated from South Carolina Business Week, presented by the South Carolina Cable Television Association, July 13- 18, at Presbyterian College in Clinton. Wellington West opens Montreal branch (CNW Group via Yahoo! Finance) Wellington West Holdings Inc., a privately held, employee-owned financial services firm, today announced the expansion of its national network with the opening of a Wellington West Capital Inc. full-service retail investment branch in Montreal, Quebec. Ctek Selects Kyocera 300 Module for Z4100 Wireless Router (Centre Daily Times) Kyocera Wireless Corp. (KWC), a leading global manufacturer of wireless handsets, devices and embedded machine-to-machine (M2M) modules, and Ctek, a leading manufacturer of specialized communications solutions for industrial and commercial applications, today announced the selection of the Kyocera 300 Module for Ctek's cost-effective Z4100 Router. The Kyocera 300 Module enables reliable, ... Memphis confident of growth campaign (Memphis Commercial Appeal) One year after the launch of a $64 million economic development campaign, city officials are increasingly optimistic about the impact of MemphisED on the Bluff City. Summer break project: JTCC student lives, learns nonprofit leadership with Pheonix Project (The Petersburg Progress-Index) CHESTER ? Jamie Poniatowski, a Class of 2008 human services major, spent her summer break in Petersburg, participating in the Phoenix Project?s 2008 Nonprofit Leadership and Social Entrepreneurship Program, which transforms committed undergraduate and graduate students into effective social entrepreneurs with the knowledge, skills and connections to succeed in Virginia?s nonprofit sector. Ctek Selects Kyocera 300 Module for Z4100 Wireless Router (Business Wire via Yahoo! Finance) SAN DIEGO & RANCHO PALOS VERDES, Calif.----Kyocera Wireless Corp. , a leading global manufacturer of wireless handsets, devices and embedded machine-to-machine modules, and Ctek, a leading manufacturer of specialized communications solutions for industrial and commercial applications, today announced the selection of the Kyocera 300 Module for Ctek?s cost-effective Z4100 Router. $1 Million Opus Prize Finalists Announced (PR Newswire via Yahoo! Finance) Seattle University and the Opus Prize Foundation today announced three finalists for the $1 million 2008 Opus Prize, one of the world's largest humanitarian service awards. Guided by faith and an entrepreneurial spirit, Marguerite "Maggy" Barankitse, Krishnammal Jagannathan and Michael Woodard are working throughout the world to give people the tools to transform their lives. Scotiabank Online Small Business Contest Last Call (CNW Group via Yahoo! Finance) The chance for Canadian small business owners to win $50,000 in cash prizes is coming to a close. As part of Scotiabank's 'Get Growing to a Million' Campaign, the online challenge has offered small business owners across Canada a chance to win one grand prize of $20,000 and six regional prizes of $5,000. In cinemas this weekend (Guardian Unlimited) RocknRolla | The Duchess | Bangkok Dangerous | Disaster Movie | Sweete Land | El Cantante | Never Apologise | Mera Pind My Home Site: entrepreneurialism - Google News Ohio House Speaker Budish touts regionalism in his first address - WKYC-TV
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