4 Rules for Going from Small to Big

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BY STEVE STRAUSS

Thinking big isn’t enough. You need to plan and act big as well

Back when I was an anonymous young grunt associate lawyer at a big law firm, I had big dreams. I wanted to be an author. That I had never even had a letter to the editor published should have stopped me, but it didn’t. It took a lot of perseverance, and striking out, and planning big, but eventually I was able to make the leap.

Many small businesses face similar dilemmas. Stuck in a rut, they want to grow, get bigger, make more money, make a difference. The question is, how do you go from small to big?

As a small business owner, you are likely very comfortable with the way you do things. But, if you feel like you’re ready to grow and take your business to the next level, the first thing to understand is that it’s time to get uncomfortable; bigger business do things differently. Indeed, to play in the big(ger) leagues, you will need to let go of your old ways, and learn some new tricks and rules.

What are they? Here are four of the most important small-to-big strategies to prepare you for that next step:

1. Have a growth strategy.

The first thing you should do is compile a list of various ideas for growth that make sense for your business:

  • spend more money on marketing,
  • open another location,
  • or create an additional profit center.

There is no shortage of ideas and strategies out there that can help you grow your business. Indeed, here at Inc. you can find scores of articles on the subject. The important thing is to come up with, and commit, to a few strategies that make sense for your business.

2. Create a team that is bigger than you.

Trying to do everything yourself is one of the most common mistakes among small business owners. And, while it is easier than ever to do more because of tech, apps, the internet, and other tools, it is also true that doing it yourself is unwise.

Indeed, if growth is your game, then teamwork must be your name. To grow your business, it is essential that you pull together a team—employees, contractors, consultants, a board of advisers, partners, or investors. People invested in your dream and strategy. 

This is how bigger businesses are run—with a division of labor. More people provide a system for instant feedback that many small businesses don’t typically enjoy. Having a diverse array of opinions is crucial for growth—two heads are better than one and all. In addition, it follows that having more assistance, more contacts, and more expertise, will only help you to accomplish more than you could by yourself.

3. Be unique.

To grow your business, you should be thinking practically and strategically, yes, but you should also be brainstorming to find that one thing that makes your business stand out from the crowd. Think about businesses you like and patronize. Isn’t it true they do something unique, different, special, and better?

So that is the question you must answer: What is it that you offer that is different and better? You need to figure out your unique take if you want to go from small to big.

4. Plan big.

Planning big is different from thinking big although thinking big is for sure a part of it. All entrepreneurs think big, but growth companies plan big. McDonald’s was a single Southern California restaurant until Ray Kroc showed up with and developed a plan to franchise it.

Each of these four steps is part of the growth process. After you’ve created a great team, decided on some growth strategies, determined how you are or will be different, and planned your world dominance, you will then be ready to go from small to big.

 

Source: Inc.com

Mastering Leadership: Essential Tips for Success at Work

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by Diego Pérez Morales

 

Leadership is a skill that transcends job titles and positions. A good leader is not just someone who manages tasks but inspires and motivates their team to achieve collective goals. The foundation of effective leadership lies in understanding the strengths and weaknesses of your team members and leveraging them to create a harmonious and productive work environment. By fostering open communication and trust, leaders can cultivate a culture of collaboration and innovation.

One of the most critical aspects of being a successful leader is the ability to adapt to changing circumstances. The business world is constantly evolving, and leaders must be flexible and open to new ideas and approaches. This adaptability not only helps in navigating challenges but also sets an example for the team, encouraging them to embrace change and think creatively. A leader who is willing to learn and grow alongside their team is more likely to earn respect and loyalty.

Empathy is another cornerstone of effective leadership. Understanding and addressing the needs and concerns of your team members can significantly impact their motivation and performance. By showing genuine care and consideration, leaders can build strong relationships and foster a supportive work environment. This emotional intelligence enables leaders to connect with their team on a deeper level, enhancing communication and collaboration.

Decision-making is a crucial skill for any leader. The ability to make informed and timely decisions can significantly influence the success of a project or initiative. Leaders must weigh the pros and cons, consider the potential impact on the team, and be prepared to take responsibility for the outcomes. By involving team members in the decision-making process, leaders can ensure diverse perspectives are considered, leading to more comprehensive and effective solutions.

Effective leaders also prioritize personal development and continuous learning. By staying informed about industry trends and best practices, leaders can provide valuable insights and guidance to their teams. Encouraging team members to pursue their own professional growth not only enhances their skills but also contributes to the overall success of the organization. A leader who invests in their own and their team’s development is more likely to drive long-term success.

Ultimately, the essence of good leadership lies in the ability to inspire and empower others. By setting a positive example and creating an environment where team members feel valued and motivated, leaders can unlock the full potential of their teams. Whether through effective communication, empathy, or adaptability, the qualities of a good leader are integral to achieving both personal and organizational success

Source: MSN

8 Brilliant Ways to Create Great Business Ideas

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Story by Young Entrepreneur Council

 

Here’s how to come up with a successful business concept that stands the test of time.

Brainstorming unique ideas for startups is becoming more difficult as the years go by. There used to be an app for everything. Now there is a startup for everything.

So, how do you embrace these challenges and succeed? We asked several founders and CEOs to share their advice for generating startup ideas, and we’ve compiled their unique approaches in this article.

1. Join groups and attend seminars.

You may find one of the best ways to help yourself is to get involved with your community. By joining groups, attending industry seminars, and investing in continuing education, you can discover vacancies in services or products.

“That, in a nutshell, is where you will find ideas: filling voids,” says Matthew Capala, CEO of Alphametic, a Miami-based marketing agency. “Mistakenly, people often think startup ideas must be groundbreaking. The reality is that the best startups fill voids of other businesses or simply do things better. However, you are also going to need supporters and adoption for your idea. This is where being a member of a community or industry is going to be critically important.”

2. Identify gaps through awareness.

Great ideas often stem from improving existing concepts rather than creating something entirely new. According to Amy Volas, the founder and CEO of Avenue Talent Partners, an executive recruiting firm in Michigan, you simply have to maintain an awareness of the space around you. You’ll identify common challenges and recurring themes by immersing yourself in your business, marketplace, network, and ecosystem.

“For me, it’s about identifying gaps or blind spots and creating a business to bridge the gap while making meaningful enhancements,” says Volas. “I journal daily, asking myself what challenges and problems I face in my business and those of my customers and peers. I review my data monthly to identify patterns and insights. This reflective practice is the root of each business I’ve launched.” Continue reading →

What I Got Wrong When I First Grew Our Leadership Team — and How I Turned Things Around After Receiving This Advice

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by Hope Horner

 

When we first started hiring for more leadership positions at Lemonlight, I didn’t understand the difference between a manager, a director and a VP. I thought leaders were leaders, and the right people would figure out how to make things work.

It’s safe to say I was wrong! Because I didn’t understand exactly what I needed, our team made some early hires that weren’t quite right for what we needed. It turns out that different types of leaders have different types of strengths, and it’s important to get clear on exactly what you need so you can hire accordingly.

Not quite sure how that applies to your hiring? Here’s my favorite advice I was given about the difference between a manager and an executive.

Hiring leaders using the “evolution vs. revolution” framework

When you’re hiring for leadership, the first thing you’ll need to determine is whether you’re hiring for “evolution” or “revolution.” One leader will help you grow and expand on your current path, and the other will help you chart new territory altogether.

If you’re looking for evolution, you likely have the foundation of a great team or process, but you need someone to make incremental changes and help take you to the next level. Continue reading →

17 Inspiring Quotes to Fuel Your Ambition and Ignite Your Success in Business and Life

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by Peter Economy

When doubt envelops us, inspiration can be that inner fire that sets us back on track.

There will always be times in life when the challenges seem beyond our grasp. If the challenges are too overwhelming and our abilities are at their limit, a dose of motivation can be just what the doctor ordered. It’s a light that can give us a direction forward when the sky is dark.

Inspiration is the catalyst that sparks a renewed sense of purpose, willpower, and hope in us. When doubt envelops us, inspiration can be that inner fire that sets us back on track and helps us continue moving forward with a greater intensity.

These 17 quotes will surely give you the spark you need to ignite your success.

1. “Life is a daring adventure or nothing at all.” —Helen Keller

2. “What we think determines what happens to us, so if we want to change our lives, we need to stretch our minds.” —Wayne Dyer

3. “There is no passion to be found playing small—in settling for a life that is less than the one you are capable of living.” —Nelson Mandela

4. “Life is 10 percent what happens to you and 90 percent how you respond to it.” —Lou Holtz

Continue reading →