What you need to do to perpetually grow your business
Self-sustaining, endless growth is the holy grail of startups, scaling and business in general. The hope usually is that once the growth engines are started in a business, they don’t stop. How do businesses achieve this perpetual growth and what do you need to achieve it yourself.
The primary business concept to achieve this growth is the flywheel concept. This concept is designed to transform business strategy from a quarter with an objective into a cycle that builds momentum over time.
If you want to create a flywheel in your business or startup here are 7 steps you need to follow:
1) List what you have already achieved that could be repeated.
2) List out things you have tried that didn’t work.
3) Review these 2 lists to determine what elements you could include in your flywheel to create growth.
4) Outline what the flywheel could be based on the elements you have identified.
5) Distil the flywheel cycle down until it consists of 4-6 elements.
6) Compare the flywheel with the lists created in steps 1 and 2 to confirm it aligns with these lists.
7) Does the completed flywheel align with the following:
a) What do you do better than anyone?
b) What is your key focus?
c) What makes you money?
TAKEAWAY: Using a flywheel is a great strategic framework that provides clear direction and focuses the team toward a common goal. Once the flywheel is started it is designed to build momentum and sustain itself for the long term.