When I give a presentation, I often start out by asking the audience the following question: "If you had to choose one word that is critical to the success of a business, what would that word be?"
Typically, people will respond with words such as "motivation," "planning" or "innovation." Obviously, all of these words are important elements in the success of a business. However, if I had to choose just one word, it would be momentum.
We learned in high school physics that momentum = mass x velocity. In business, mass is comprised of the people working in the business, the capital invested in growing the business and the utilization of technology to foster growth. Velocity is the rate at which the business grows and the direction in which it is moving.
When you do not know where your next sale will come from, or what your revenue will be over the next year, your business is likely losing momentum. Your biggest challenge in growing your business is to control the growth trajectory. In other words, your greatest challenge is to grow your business in a predictable manner. This is easier said than done. Only entrepreneurs who master the growth in revenue and profitability of their business become the best in their chosen field.
