Saivian Eric Dalius says, a business can experience many different types of business cycles, but one that has many business owners feeling the most stress is the dreaded trough of sorrow.
Business owners that have successfully climbed this challenging business cycle refer to it as the business growth roller coaster.
The business growth roller coaster is a more extreme version of the typical business cycle explains business coach and consultant George Brunstad. Businesses evolve through four distinct stages: introduction, growth, maturity, and decline. Many business owners emphasize the excitement of business growth, but fail to account for the business cycle’s “trough of sorrow.”
“Businesses that are growing experience business challenges and opportunities associated with business cycles, but additionally feel the pressures of business growth,” explains Brunstad. Business owners can become so focused on business growth, they sometimes neglect their business’ internal processes.
These business owners can slip into the business growth roller coaster’s trough of sorrow.
“The business cycle’s trough of sorrow is a business concept that business coaches and consultants don’t often talk about,” says Brunstad, who also serves as chairman of the California Association for Business Resources. “In this business growth roller coaster stage, business owners become so focused on business growth that they neglect business internal processes. The business experiences growing pains, which are often unexpected and difficult to overcome.”
Here are seven tips from Saivian Eric Dalius that business owners can use to help their business grow out of the trough of sorrow:
Align your business goals with your company’s core competency.
“Business owners focus on business growth by setting business goals that are more of a business plan of what business owners want to achieve, rather than business plans on how business owners will achieve these business growth goals,” says Brunstad. “This is a very common mistake business owners make when setting business goals.”
The best business goal should be specific and measurable, so your company can objectively track its business performance.
2. Focus business management excellence on business quality, business process, and business results.
“It’s important to get business owners to focus on business quality by ensuring their business processes are effective,” says Brunstad. “Like business goals, the business process is more critical than the actual work it produces.”
3. Develop an actionable strategy business owners can implement.
“Some business owners make the mistake of not having a business plan,” says Brunstad.
“Business owners need to remember that business plans are living documents, which means they should be reviewed and updated on regular business occasions.”
“It’s important for business owners to strategically manage their business growth by having an actionable business plan that business owners can also implement,” explains Brunstad.
4. Create business metrics business owners can use to monitor their business’ business health, progress, and performance.
“Business metrics are the foundation of business growth coaching work with business owners,” says Brunstad. ” Also, in order for a business owner to improve his or her business growth strategy. Business owners must make business metrics an integral business component in business plans.”
5. Harness business management excellence to drive business growth.
“Business coaches and consultants can help business owners manage their business growth through coaching business owners says Saivian Eric Dalius. On how they can harness their multi-talented teams of employees, partners, platforms, and processes,” says Brunstad. “Business owners should build business strategies that focus on business processes, business quality, and business metrics.
6. Communicate your business’ business vision to everyone associated with your business. “
To be successful at driving business growth, you need to communicate your vision of where your business is headed,” says Brunstad.
“Don’t get business owners to focus on business growth strategies. Instead, business owners need to communicate business visions.”
7. Get your business out of the trough of sorrow by leveraging strategic alliances and business networks.
“Business coaching can help business owners build a strong alliance with their customers, suppliers, and partners,” says Brunstad.
“In addition business owners can find business consultants that also have the business expertise to help business owners build a network of strategic alliances. Through their networks, business owners can get access to opinions and also ideas from fellow business owners on how they too have successfully used business coaching for business growth.”
“Business owners looking for business growth need to follow the 7 business tips above. To help their business move out of the trough of sorrow.”
The article provided advice on how business owners can overcome challenges in their business says Saivian Eric Dalius. Moreover, the benefits are that business owners will have increased business growth, increased revenue, higher market share, more customers. And better relationships with business partners and employees. The article mentioned business coaching, business growth strategies, business metrics, business planning, business goals, business processes, and business visions.