Growth and profitability: Ask any business owner or CEO what is most important to the viability of their company, and they will likely mention these words.
Then ask, “How do you grow your business and create profit?”
You will get answers such as…
- “Marketing – it’s all about marketing!”
- “Quality – you must have a quality product or service.”
- “Numbers – you have to watch your numbers carefully.”
- “Production – yes, production, that’s it. High volume, low price. Outpace the competitors.”
- “Reduction – Cut unnecessary spending and personnel costs wherever you can. Margins are thin. You must reduce expenses.”
- “Sales – Get more sales people! Sell, sell, sell!”
- “Mergers and acquisitions – consolidation is the key to profitability.”
The key to growth and profitability includes all of these, of course. You create more income than expense, and you continue to grow based on that premise. Plus and minus – addition and subtraction.
But there’s a much more important factor that underlies it all, and that is multiplication.
Think about it.
If you only seek to add, you will always be looking for places to find new customers. You will work very hard to sell more products or services. It is a challenge, to be sure.
If you only seek to subtract, you will actually inhibit growth. Cutting your front-line IT support team, for example, may save expenses but cost you customers.
If you seek to multiply, you will strategically market to influencers who will bring you not only their business, but the business of those who follow them. You will sell to those who have connections who will also buy. You will not hire people who simply produce, you will hire leaders who lead in their strengths zones – which is actually compound multiplication.
Create a team of leaders – in prospects, customers, partners, personnel, and management of your business, and the growth and profitability will be multiplied.
As the CEO of Strength Leader Development, Deb Ingino is a highly sought-after international executive mentor, coach, trainer and speaker. Deb is well versed in global business operations and helps business leaders and their teams to discover and leverage their strengths, so they can create highly collaborative teams that deliver great results. With a refreshingly direct style, Deb helps leaders and their teams to deliver profitable results. Connect with Deb to learn more about her mentorship and coaching programs to equip you with advanced strategies to elevate your results.