Lessons from Inc’s GROWCO conference – really!

I attended the Inc GROWCO conference and learned a lot. This blog contains the highlights of the conference.

If you read my previous blog (The Value of Conferences – is there any?) you know I’m not a big fan of conferences as a rule.  I followed my advice about how to make a conference valuable, and got a lot of useful information at the GROWCO conference.  The conference is for the owners of small to medium businesses and is focused on ideas for growth.

Here’s what I learned:

  • Data is still king! No matter how much you know in your heart that you have a great idea, without some sort of data to back it up your idea will never get funded.  Forrester has research on just about any idea you have that needs data to back it up.
  • Who cares about you? Figure out the 50 most important people to the growth of your company (external folks, not employees) and measure the strength of your relationships with them.  Figure out how to improve the relationships for any that are not where they need to be.  Keith Ferrazi has some great information on this idea.
  • It’s all about the people. Every company should have a relationship plan.  Most companies have a financial plan, product or services plan, customer management plan, etcetera, but very few have relationship plans.  A relationship plan is a specific, measureable, prioritized list of ways to improve your important relationships.  I’ve always had relationship maps in my strategic planning, but I’ve now expanded that to be a true relationship plan.
  • I am stunting my company’s growth. We were asked to think a moment about our “career crippling habits” (or “company growth crippling habits”).  This was a terrific question.  It made me think about what I’m not doing that could help grow the company.  I figured out that I spend so much time working on things and checking off my “to do list” that I hadn’t really leveraged people who have offered to help me.  That’s crazy!  If you are one of the folks who have offered to help, watch your email ‘cause requests are coming your way!
  • Analyze your revenue streams. OK, so we all knew to do this already.  What I learned at the conference was that I was being pretty narrow in my analysis and interpretation of the revenue streams.  I came up with a different way to look at the revenue streams and it shed a lot of light on my profitability.  It really reinforced where my growth will come from and what I need to be focused on building.  OK…so the presentation I went to didn’t have this in it, but since I thought of it while in the meeting, I’m giving the conference credit for the idea!

I’ll wrap this up with my favorite quote of the meeting (paraphrased of course).  Move boldly with “reckless abandon wrapped in common sense”.  I have no idea who said this and whether it was original or not, but I thought it really summarized my approach to building businesses.  We have to get off the dime and move to grow a business and as long as we do so with common sense, we’ll be fine!