Founders and CEOs, can you relate? You plan time in your day to focus on the long-term strategy for growth, but daily firefighting in your business always seems to take priority. As a result, the time to focus on the true needle movers evaporates, and you feel pressured to deliver this month’s results.
I’ve been through this in my career, and it’s a common theme with my clients.
Finding the right balance can be difficult when investors and the board press you for aggressive growth and quick results.
If we’re so focused on hyper-growth and new customer acquisition, how do we make the time to focus on strategies that will offset the rising customer acquisition costs?
My answer?
1. Start investing in building your community today.
2. Spend time deeply understanding your core customer and building customer equity as your growth strategy. If your North Star is to make an impact, don’t wait to enlist your customers in your mission.
Why?
Building lifetime value with your customers is where sustainable and consistent growth will come from, especially in a world of increased uncertainty and rapid changes in consumer behavior.
It’s a delicate balance between profitability, lifetime value, and omnichannel revenue growth vs. managing the daily operation. While you can’t change the number of hours in a day, you can change how you balance your time.
Do you feel torn like this in your day-to-day or have you found a way to balance?
