In the words of Steve Jobs, “Think different.” It’s a mantra that resonates with me, and here’s why: “Grow or Die” is a core principle in my business philosophy.
I firmly believe that every individual, every company, and every organism is on a path of either growth or decline. Maintenance, I’ve come to realize, is a myth.
The harsh reality is this: If your company isn’t actively growing, it’s essentially stagnating or declining. This concept may seem sobering, but it’s a lesson I learned the hard way. My businesses struggled for a long time until I embraced the idea of continuous growth.
Let me break it down for you. The market is constantly evolving, with the stock market, for example, growing at an average rate of 9 percent per year. So, if your business isn’t growing at a rate of at least 9 percent per year, you’re falling behind. Maintenance, in the broadest sense, would mean achieving 9 percent growth year after year.
But here’s the catch: In certain dynamic industries, such as technology or startups, you might need to grow at a much faster rate, often 20-30 percent per year, just to stay competitive. The concept of “maintenance” becomes a myth in such scenarios.
Now, you might be wondering, what does it take to achieve growth? The answer is surprisingly simple. There are just three fundamental ways to grow your business:
- Get more customers
- Increase the average purchase value
- Encourage customers to buy more frequently
These are the core pillars of growth, and while there are various strategies to achieve them, these three principles remain constant. Let’s explore these concepts further in our next email, where I’ll dive into actionable insights to help you implement these strategies effectively.
