The best business leaders are always restless. While at times reckless, they always stay true to their principles and they’re in constant search for new avenues to pursue and explore.
While staying still can be reassuring, reassurance can easily turn to stagnation. So whether you’re a startup founder or the CEO of a multinational conglomerate, you owe it to yourself and your company to seek out and conquer new challenges.
Expanding to fuel growth should always be a major consideration for any business, but the process of getting bigger and better rarely goes smoothly. However, if you feel it’s the right move, then it’s always worth pursuing. Most importantly, whether you’re just putting together your expansion plans, or putting them into action, you need to be daring and unceasingly forward-thinking.
The decision is yours.
Good leadership is about taking decisive action. Always keep in mind that you are the one in charge. Yes, you have a responsibility to your stakeholders, but even when it feels like your hands are tied, you are not answerable to them.
The final verdict is always yours, and if, after weighing all the data, all the options, and any conflicting views, you’ve decided to take the company in a certain direction, do it—and do it without remorse or hesitation.
Establish a dialogue.
When you decide to take a certain course of action, do your best get your employees, your investors, and your customers to buy-in. Alienating the people who matter most to your business doesn’t benefit anyone.
When you’re expanding your company, inevitably some people will disagree: uncharted territory will always provoke fear and uncertainty in some, and not without reason. Get stakeholders on your side through conversation rather than edict. Patiently and passionately explain your vision for the future of the company, make them understand why you’re taking this direction, and emphasize how important it is that they’re involved in the process.
Get bigger by getting better.
Expanding to fuel growth is difficult, and you’re probably not going to get it completely right the first time round, but the faults of a new product or service tend to only make themselves known once they’ve been exposed to customers.
Even if you do well initially, customer expectations will change as time and technology advances. The restless business owner will always be looking for ways to improve their offering anyway. It’s essential to be willing to change and evolve your offering in order to improve.
Take feedback and take action.
Get customer reaction to establish their behaviors, preferences, and desires. Listen to the market, then act on what you’ve heard: tweak your offerings, experiment with new features, and identify opportunities for future innovations.
Maintain your momentum.
More than anything, grow and keep growing. Stay still for too long and your competition will certainly move past you. To become a market leader is to maintain your momentum as your rivals become sluggish; to find and fill gaps in the market; to seek out and capitalize on opportunities for improvement.
Keep moving and never slow down so your business will be better equipped to improve your products, challenge the status quo, and tap into new and potentially more profitable markets.
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