“How do I grow my business?” It’s one of the most fundamental questions that a business owner or chief executive considers; it can also be one of the most confounding given all potential answers. At its core, there are questions of whether to:
All of which may require additional expenses before revenue comes in the door. As a result, we have found that many business owners and CEOs tend to be more reactive to the existing market rather than proactive in deciding where to allocate resources for the greatest growth.
In his seminal book, The E-Myth Revisited (Amazon here), Michael Gerber popularized the importance of “working on the business, not in the business.” The idea is that business leaders need to step out of the day-to-day managing of the operations, which are often reactive, and devote time to thinking through what needs to be accomplished to develop a growth engine.
For example, at ValorBridge, we work with our CEOs on developing “VSD Plans.” VSD plans define the Vision – Strategy – Drivers for a business so that a growth path for the medium to long term can be charted. Or, as we consider it, if you don’t know where you’re going, how will you get there?
We actively work with our business owners/CEOs on answering the question “How do I grow my business over the next 10 years?” using the VSD plan framework. Digging into the three VSD components
Vision – Vision is “The What,” as in, what do we want to be in 10 years?
- Do more of what a business is currently doing
- Find new customers
- Enter new geographies
- Develop new products/services
All of which may require additional expenses before revenue comes in the door. As a result, we have found that many business owners and CEOs tend to be more reactive to the existing market rather than proactive in deciding where to allocate resources for the greatest growth.
In his seminal book, The E-Myth Revisited (Amazon here), Michael Gerber popularized the importance of “working on the business, not in the business.” The idea is that business leaders need to step out of the day-to-day managing of the operations, which are often reactive, and devote time to thinking through what needs to be accomplished to develop a growth engine.
For example, at ValorBridge, we work with our CEOs on developing “VSD Plans.” VSD plans define the Vision – Strategy – Drivers for a business so that a growth path for the medium to long term can be charted. Or, as we consider it, if you don’t know where you’re going, how will you get there?
We actively work with our business owners/CEOs on answering the question “How do I grow my business over the next 10 years?” using the VSD plan framework. Digging into the three VSD components
Vision – Vision is “The What,” as in, what do we want to be in 10 years?