I work with a lot of CEO’s and a common trait is the desire to grow their company. Instead of reviewing how to grow, I thought I’d highlight some approaches that DON’T WORK!
Hire more sales people!
I was leading a CEO peer group when I heard a CEO say the solution was easy, “Just hire more sales people”.
If it was ONLY that easy.
Increasing revenue must come from an expanding market, new product or service, new form of lead generation, etc. Simply adding to your sales force will not ensure increased revenue.
Build it and they will come
This is not a baseball field.
Careful thought and planning should go into the product features, market demand, market research, buyer profiles, competitor analysis, etc.
Don’t build something new and hope.
Just work harder
I’ve heard owners say “we’ve got to grow and you’ve got to work harder”….as the CEO departed for happy hour.
How you grow is the responsibility of the owner/CEO and leadership team. Be very careful when you ask team members to work harder. That’s rarely the right answer.
Focus on increasing demand, not working harder.
Buy more social media ads
There are LOTS of gimmicks out there. People will promise leads through Google, Facebook, LinkedIn, etc. by hiring them. Don’t fall for it. If it sounds too good to be true, it usually is.
Can you generate leads via social media? Absolutely. It should be part of your growth strategy, depending on the industry you’re in.
If you’re unsure how, hire a reputable advisor to help you better understand how it works and to make recommendations.
Don’t chase the pretty penny
Most small business owners are entrepreneurs that get excited by trying new things. Unfortunately, many put their best and brightest on the new “project” while impacting the ongoing, bill-paying operations.
Consider developing a market research team of 2-3 people. Let them do the research and come back to you with a plan.
This doesn’t mean you don’t pivot when the market changes. A smart CEO always looks forward. Just don’t chase an idea without applying a process and logic to the approach.
Summary
We could probably come up with another 100 items a small business CEO shouldn’t do to grow their company. If you have additional ideas, send me a note at rhall@silverfox.org.