Here's a common scenario that any number of entrepreneurs face today: you're the CEO of a small business, and though you're making a nice profit, you need to find a way to take it to the next level.

What you need to do is to prioritize growth by establishing a growth team.

A growth team is made up of members from different departments within your company, and it harnesses the power of collaboration to focus exclusively on finding ways to grow.

Let's look at a real-world example.

Prior to forming a growth team, the software company BitTorrent had 50 employees working in the traditional departments of engineering, marketing and product development.

This brought them good results until 2012, when their growth plateaued.

The problem was that too many customers were using the basic, free version of their product.

And despite making improvements to the premium, paid version, few people were making the upgrade.

Things changed, however, when an innovative project-marketing manager (PMM) came aboard, created a growth team and sparked the kind of fresh perspective they needed.

By looking at engineering issues from a marketing point of view, it became clear that the lack of upgrades wasn't due to a quality issue.