What is exponential business growth?
In unpacking the idea – and especially the word “exponential” – there’s one synonym that will resound for the business owner. Rapid. Exponential growth, then, is rapid growth happening over and over, a number of times. So, when a business grows 100% over a few time intervals, with each increase of 100% added to the starting value, that is an example of a business environment experiencing exponential growth.
How can you achieve exponential growth for your business?
As with any significant event in business, exponential growth – and growth that’s maintained over time – isn’t achieved via set standard textbook procedures. In fact, it’s often an inexact science. It’s a monumental explosion of energy in a business that happens because the formula within that business was just right – its products or services, its people, its customer markets, its ethos, its output.
So, while there’s no formula, there are a few catalysts that can provide you with a better chance at exponential growth:
- Establish the right leadership and management
- Take care of, develop and educate your greatest asset – your people – at every growth phase
- Continually develop your marketing, operations, processes and client service capabilities, so that you can be ever scalable in those areas
- Make the customer your hero, and their happiness your purpose
- Have fun, enjoy your business, relish success, and celebrate growth
Why is growth so important?
You’ll notice that some of the adjectives we’ve used when describing exponential growth – rapid, explosive – may be touching on a theme of volatility surrounding the notion. Volatility that could bring with it a modicum of instability, as a business becomes bigger. And you’d be on the money. Exponential business growth, for all the exhilaration associated with it, could also be the cause of multiple challenges, as it happens.
So, earlier on in the article, we described your business as your brainchild. Let’s stick with the theme – a business experiencing exponential growth, will inevitably experience the growing pains that will come with it. Just like we all shed many of the themes, ideas and opinions we had in our formative years, in favor of the next steps to becoming functioning adults, a business growing fast will experience growing pains of its own.
For a business, though, it’s not about shedding a childhood. It’s about shifting from models and organization procedures that aren’t as scalable as the business itself. Left unaddressed as a business rapidly grows, these become concerning challenges, especially for sustainability. These are just a few challenges that may arise from the growing pains of rapid expansion in all sectors of a business:
- A misalignment of the initial vision and focus that set the business on its rapid growth trajectory
- A fracturing of hierarchy, labor division and general culture
- A loosening of the collaboration webwork that made the smaller business state more efficient
- A blurring of the vision of customer-centricity that was laser-focused to start – a key component to growth in any stage
Are you ready to take your business to the next level?
While there is no one-size-fits-all formula that’ll guarantee ‘exponential’ growth, we can help you make some of the decisions that will provide a sustainable foundation for your business. We can advise on making the changes in your business that promote scalability to make you more attractive to potential acquirers.
Your journey is our journey, and so yes, to answer this article’s title, you are Destined. All you need is the right road map to your goals – and that’s where we come in.
So, if you are looking for growth strategy consulting that will prepare your business for what’s next…let’s connect.
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