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Many business owners want to grow their businesses but achieving the growth they want can be very challenging. Every business is different but what can you do to give your business the best chance to grow?
A clear business strategy, vision and plan. A critical starting point for business growth is a clear business strategy, vision and plan. These also need to be reviewed regularly as you travel along your growth journey. Have you considered where you want your business to be in the short, medium and longer term and do you have a plan as to how you will get there?
Excellent customer service. One of the key prerequisites of sustainable business growth is excellent customer service. What changes do you need to make to customer service in your business?
Sales and marketing is key. The right sales and marketing activity is critical to enabling business growth, but what is right today may not be right tomorrow so flexibility and creativity in your sales and marketing activity are also essential. What changes do you need to make to your sales and marketing to enable growth?
Resource for growth. Business growth needs to be adequately resourced e.g. staff, suppliers, equipment, finance, investment etc. You may need to employ additional people, outsource work, invest in equipment or new premises or you may need additional finance or investment. What additional resources do you need to enable growth?
Efficient and effective systems, processes and procedures. To enable growth, you need efficient and effective systems, processes and procedures. What investments do you need to make in systems, processes and procedures to enable your business to grow?
Tight cash flow and financial management. Business growth can create pressure on cash flow and finances so tight cash flow and financial management is essential to enable growth. How are you managing your finances and cash flow to enable growth?
Knowledge, experience and skills. You and your team need the knowledge, experience and skills to enable your business to deliver growth, as well as maybe the support of specialists who can help you grow your business. What knowledge, experience and skills do you and your team need to enable the growth of your business?
Manage the business. To enable growth, you need to be proactive and actively manage your business, including keeping focused on your business strategy, planning what you need to do to achieve the strategy, ensuring action is being taken, reviewing how you are getting on against your plans, prioritising and re-prioritising as things change and reviewing and updating your business strategy regularly. You need to know what is happening in all areas of your business by monitoring key performance indicators, regular communication, feedback and meetings with staff and key stakeholders and listening to customer feedback. What changes do you need to make in the management of your business to enable growth?
Working 'on' your business. To enable your business to grow and prosper you need to spend time working 'on' your business, not just working 'in' your business. Working on your business includes delegating or outsourcing some of your work, so you can set aside regular time to step back and focus on managing your business as discussed above. What changes do you need to make in your role to enable your business to grow?
Do something different and take manageable risks. To grow your business you need to be flexible, open to change, innovative, creative, prepared to do something different and take manageable risks. Consider what needs to be different in your business to enable growth?
For ideas as to how to grow your business please read our article How Can You Grow Your Business?
Author: Liz Makin
Published: March 2018
Makin It Happen has a range of personal development online courses to purchase, created by Liz Makin, including anxiety management, communication, resilience, soft skills, stress management, time management and coaching. Liz Makin also provides personalised business coaching, business mentoring and stress management services to business owners, directors, managers and professionals.
Please email Liz@makinithappen.co.uk to arrange a FREE consultation session to discuss our business coaching, business mentoring and stress management services for business owners, directors, managers and professionals.