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Business growth is essential for the long-term health and survival of a business. Without business growth, your operations could become stagnant, and standards lowered, having a detrimental effect on your staff morale.
A healthy business that can demonstrate continuous growth will be able to acquire assets, attract the best talent and secure funding for investments.
When working with small business owners, we often hear them say, “I’ll be happy if we do the same as last year.” But that isn’t a plan as such; it’s more an acceptance that there’s nothing they can do to change their business performance and that their business growth is out of their hands. They may as well just open their doors and see what happens!
Grow your business, and more opportunities will follow.
Ready to grow?
We can usually spot the signs that a business and its owners are ready to invest the energy needed to take it to the next level.
1 Your heart is in the right place
Owning and running a business takes its toll emotionally. Is your passion there for all to see, even after years of a 60-hour working week? If you answer yes, you are ready for growth.
2 You want to improve your work-life balance
60-hour working weeks! Yes, it may not sound good, but in many cases, accurate. Business owners often approach us wanting to rein in the time spent on their business, a good sign because they recognise a need to work more efficiently.
3 You know your strengths
Chasing big money contracts that involve non-core work can be distracting. Know where to focus your efforts and which new contract to take on. Accept that you can’t do everything yourself, so invest in new staff to help your business progress.
4 You can visualise your future
A business owner’s vision of the future is a great starting point to work from when developing a strategy and plan. Sadly, a lot of the time, the vision stays in the owner’s head. The ability to turn your vision into an achievable goal will give you a better chance of success.
5 You understand that you need a long-term commitment
The road to sustained success is often long and winding. Committing yourself, your family and your finances to this journey can be the most challenging element of business growth.
Planning for growth
You could consider several growth strategies:
Explore new avenues.
Expand your products or services.
Turn your services into products or move into different markets.
The best place to start is to hold a Strategy Day with key individuals, where you can get back to basics and think about your purpose, why you are in business, what products or services you provide, and what problems you are solving for your customers.
Strategy Days often reveal surprises along the way, and when completed, you will have a clear idea of your why and a clear plan of action.
This will enable you to go to market with firm foundations, so you’re less likely to stall in your tracks or set yourself up for failure.
Next, you should establish real sales targets, share them with your team, and give them ownership and the tools to deliver. Ultimately, it’s about them having accountability but ensuring you measure and follow up regularly, praise face-to-face, and manage any poor performance. If this sounds too tricky or something you’re uncomfortable with, seek help from a professional.
Continue to update and involve the whole team. Only by surrounding yourself with the best team possible and ensuring everyone buys into your vision will you create ‘goal congruence’, which will help you realise your personal and business dreams.
Roadblocks to Growth
If you have embarked on a business growth strategy that’s not working, it may be a sign that you are stuck in the owner’s trap.
What would it look like if you were to draw a picture that visually represents your role in your business? Are you at the top of a traditional Christmas tree-like organisational chart, or are you stuck in the middle of your business, like a hub in a bicycle wheel? Are you able to leave the company for a month without serious repercussions? Do you need to be consulted whenever decisions are required?
If this sounds familiar, you are not alone. Most business owners and CEOs face this challenge at one time or another in the evolution and growth of their businesses.
Another major roadblock can be a lack of cash. Approximately half, 82% of Small to Medium Enterprises (SMEs) fail due to cash flow issues, report Score.org cash flow problems are likely to be a significant reason to hold back business growth plans.
Next steps
We hope that has motivated you to think about some things you need to implement and consider achieving business growth. If you feel overwhelmed by these considerations, that’s normal; no one can fulfil their aspirations without help and guidance.
You can find more information in our Ultimate Guide to Business Growth. Download your copy here.
If you are serious about growing your business, getting more customers, and increasing your profits, you may want to consider working with a business growth advisor to ensure you hit the big time.
A business growth consultant can facilitate your Strategy Day, recommend the best growth strategy for you, help you develop a robust growth plan, and help you implement it.
You will also receive guidance, have someone to bounce ideas off, and someone to talk to in confidence. With this expertise and support, you will be more likely to reach your full potential and achieve your goals and aspirations.
