3. Make Data-Driven Decisions
In the past, business leaders relied as much on intuition as they did on market research when making consequential business decisions. That was especially the case when evaluating new product ideas or market expansion opportunities. And those are the kinds of decisions that connect directly with a business’s growth prospects.
The trouble is, that making the wrong decisions in those areas can lead to significant financial losses, which in itself can sabotage growth. And when those missteps are exceedingly costly, it can even lead to the business needing to pull back its operations to survive.
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Famed American writer, William S. Burroughs, once observed that “When you stop growing, you start dying.” And for businesses, it’s hard to think of a more apt description of their lifecycle. After all, in industries that have any competition whatsoever, businesses must be constantly growing to avoid being overtaken by others.
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