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Slippery Rock Gazette January 2024 | 7
Training & Education
Six Key Principles for Growing Your Business in 2024
ASwe enter a new year, many of you might be eyeing growth and scaling your business. I feel it’s important to challenge conventional thinking and dispel the myths that can surround growth.
Economic downturns, for example, are often seen as barriers to growth. However, these periods can present opportunities for strategic investments and gaining a com- petitive edge. It’s important to understand that growth can be intentionally driven, rather than solely dependent on market forces.
In this article I share the six principles we follow for strategic growth. We’ve used these principles both in our own business and when working with our pri- vate clients. They include setting bold and grounded goals, achieving growth through incremental steps, sustaining continuous growth, executing rigorously, leveraging measurement as an advantage, and priori- tizing capability building.
1. Setting Bold and Grounded Goals
The impact of Covid-19 has signifi- cantly influenced business data, making traditional methods of setting growth tar- gets unreliable. It’s important to recognize that the numbers from the past several years may not accurately reflect the future landscape.
Our alternative approach to strategic growth is to base our goals on the fun- damental elements of our business that are within our control. Instead of rely- ing solely on external market forces or inaccurate historic numbers, we can set ambitious targets by focusing on factors such as operational efficiency, diversify- ing revenue channels, product innovation, and talent development. By maximizing these internal strengths and continuously improving upon them, we can drive sig- nificant growth.
2. Achieving Growth Through Incremental Steps
While a single, game-changing break- through is appealing, sustainable growth in the countertop industry is often achieved through a series of small, strategic steps.
Justin Shaw
Stone Fabricator Elite
We typically start by identifying our key revenue drivers and applying best prac- tices to each. This could involve optimiz- ing marketing strategies, enhancing sales team performance, or developing a part- nership to add a new division or revenue channel. The focus should be on stacking up these small wins for a significant cumu- lative impact.
We also find that we’re able to acceler- ate our growth when members throughout the organization have ownership over spe- cific outcomes. One of the keys to gain- ing that ownership, is to have your team co-create the vision and growth goals for the business.
3. Build Your Growth Plan for The Long Term
Long-term sustainable success and the ability to scale consistently, requires ongo- ing evergreen growth initiatives. We prefer to create three categories to include a mix of quick wins (short term), medium-term improvements, and long-term strategic planning. The goal is to establish a cycle of continuous growth, with each initiative feeding into the next. Quick wins are par- ticularly valuable as they provide imme- diate financial benefits and boost team morale and confidence—creating momen- tum from which you can build on.
4. Execute With Efficiency
Well-planned growth strategies will fall short without effective implementa- tion. Here is the process we use to ensure we execute at a high-level and stay on track day in and day out: We break down our long-term growth game plan into an annual plan, then chunk it down into quar- terly and monthly plans. We identify the Most Important Tasks (MITs) required on a weekly basis to execute the tasks, initia- tives, and projects. We also appoint a team member to be dedicated to act as the quar- terback; this person provides playbooks for all key team members on a weekly basis.
5.What Gets Measured Gets Managed
In the context of successfully executing a growth strategy, it is crucial to under- stand the importance of measurement and management.
By tracking and evaluating relevant met- rics, such as customer preferences, market conditions, and the impact of marketing campaigns, businesses can make informed decisions and adjust their growth initiatives accordingly. This data-driven approach enables them to identify areas of improve- ment, capitalize on opportunities, and mit- igate risks.
Furthermore, by embracing digital met- rics and industry benchmarks, businesses can gain valuable insights into their per- formance and compare it to industry stan- dards. This allows them to benchmark their growth efforts and identify areas where they need to improve or excel.
Incorporating measurement into the exe- cution of a growth strategy also helps in setting realistic goals and targets. By hav- ing a clear understanding of where the busi- ness stands and what needs to be achieved, teams can align their efforts and focus on the most impactful initiatives.
Ultimately, effective measurement and management provide businesses with the ability to monitor progress, make data- backed decisions, and pivot when neces- sary. It ensures that growth initiatives stay on track and that resources are allocated efficiently to drive significant and sustain- able growth.
6. Prioritizing & Amplifying Talent
Talent is often an underutilized resource for countertop businesses. By investing in amplifying capabilities and skills, such
as technical and analytical skills, digital marketing, sales strategies, and customer experience, businesses can create more leverage. Practical, hands-on training is particularly effective in building the necessary capabilities. There are indus- try resources and workshops on soft- ware, sales training tailored to the unique aspects of countertop products, or cus- tomer service enhancement programs that can help businesses tap into the full potential of their talent.
If you are aiming for substantial growth in 2024 and beyond, you might be a good fit for our signature Growth Engine in 90-Days Program. We will assist you in developing a winning strategy, imple- menting the necessary systems for sus- tainable growth, and enhancing your team, culture, and performance. You can reach out to me directly at justin@stone- fabricatorelite.com.
Stone Fabricator Elite assists highly motivated and ambitious countertop companies in expanding and growing their business, while also empowering owners to have greater control, profit- ability, and freedom.
“In times of change learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that
no longer exists.”
– Eric Hoffer