Growing your business can be a daunting and ever-present challenge for entrepreneurs. I know since I’ve been there! In my experience, there are three distinct paths one can follow when seeking to expand the business. I believe I’ve experienced at least two of them, and after reflecting on my experiences, I wanted to share them with you.
- Snail Speed
- Shooting Star
- Catch the Big Fish.
The path you choose can make all the difference in determining your success. I’ve probably been on one or more of these paths without realizing it. In this article, we’ll explore these paths through the lens of lean systems thinking and discuss how this approach can help you attract and retain large clients, ensuring sustainable growth for your business.
Snail Speed and The Shooting Star
Many business owners find themselves stuck in the Snail Speed path, working tirelessly without seeing significant rewards. This often happens when you deceive yourself into believing that success will come quickly or when you resist necessary changes. This has certainly been a path I’ve been on without meaning to or intending to. You open a business with an idea and a vision, and your passion leads you to try to do everything yourself without taking pause to see the big picture. This can lead to making decisions that lead to stagnating growth; not seeing the big picture and not connecting with your ideal clients are all borne out of the need to “be the business” rather than “own the business.” By this, I mean that as a business owner, you are limiting yourself to the time you spend with your clients, and since your time is a limiting factor, the business is constrained by you or your inability to take a systems view on how to run your business best.
On the other hand, the Shooting Star path occurs when your business experiences rapid growth, leaving you overwhelmed and unprepared to handle the sudden influx of clients and demands. In this example, the constraint on your business is also…you! You are the bottleneck since you cannot handle the influx of new clients, and you end up having to turn away business, which leads to unhappy prospects.
Both these paths can be detrimental to your business’s long-term success. Lean systems thinking encourages us to view our business as an interconnected system of people, processes, and resources. By understanding how these elements interact and influence each other, we can make more informed decisions and avoid the pitfalls of Snail Speed and Shooting Star.
Catching the Big Fish: A Sustainable Approach
The key to sustainable growth lies in the Catch the Big Fish path. This approach allows you to build your business steadily by attracting, keeping, and locking in large clients. To achieve this, you must integrate a “big business” culture into your company, acquire the necessary expertise, and have the courage to make changes as you grow.
Lean systems thinking can help you navigate this path by focusing on eliminating waste and optimizing processes throughout your organization. By applying lean principles such as value stream mapping, just-in-time production, and continuous improvement, you can streamline your operations, reduce costs, and deliver greater value to your clients. This, in turn, makes your company more attractive to large clients who seek efficient and reliable partners.
Cultivating the “Big Fish” Mindset
Catching the big fish requires more than just identifying and targeting large clients. You must also believe your company can provide genuine value to these organizations. It’s easy to fall into the trap of thinking that a small business like yours has nothing to offer a large corporation. However, this mindset is flawed and can hold you back from achieving your goals.
To cultivate the “big fish” mindset, consider the benefits of focusing on larger clients:
- Cost-effective: Securing a few large clients can be more cost-effective than managing numerous smaller ones.
- Highly profitable: Large clients often have bigger budgets and can afford premium prices for quality services.
- Longevity: Establishing long-term relationships with large clients provides stability and predictability for your business.
- Security: Large clients can offer a sense of security, as their contracts tend to be more substantial and longer-lasting.
Identifying the Right Fit
Once you understand the benefits of targeting large clients, it’s crucial to identify which companies are the best fit for your business. Research how these organizations operate and determine how your services can address their specific needs and pain points.
Lean systems thinking can help you identify the right fit by encouraging you to view your business as part of a larger ecosystem. Consider how your company’s offerings can integrate with and support the operations of potential large clients. By understanding the interconnectedness of your businesses, you can develop more targeted and effective strategies for attracting and retaining these clients.
Embracing Continuous Improvement
One of the core principles of lean systems thinking is continuous improvement, or the idea that there is always room for growth and development. By fostering a culture of continuous improvement within your business, you can tap into the creativity and expertise of your employees to drive innovation and positive change.
Encourage your team to identify areas for improvement and suggest ideas for streamlining processes or reducing waste. Provide training and resources to help them develop their skills and contribute to the company’s growth. By engaging your employees in the lean journey, you can create a more collaborative and empowered workforce invested in your business’s success.
Next Steps?
Choosing the right path for your business growth is crucial for long-term success. By viewing your business through the lens of lean systems thinking, you can avoid the pitfalls of Snail Speed and Shooting Star and instead focus on Catching the Big Fish.
Embracing lean principles, cultivating the “big fish” mindset, and identifying the right fit for your business are all essential to attracting and retaining large clients. By fostering a culture of continuous improvement and engaging your employees in the process, you can transform your business and set yourself on the path to sustainable growth.
Remember, the lean journey is an ongoing process that requires commitment, patience, and a willingness to learn and adapt. If you’re feeling overwhelmed or unsure about where to start, don’t hesitate to seek guidance from experienced professionals who can help you navigate this exciting journey.
With the right mindset, strategies, and systems thinking approach, you can confidently pursue the big fish and take your business to new heights. Embrace the power of lean systems thinking and watch your small business thrive in today’s competitive market. Want to learn more? Book a call and we can discuss how you can adopt a “Big Fish” mindset!