What does having a successful business mean to you? That is a really important question to ask yourself when starting out, as if you don’t know where you want to go, it is very difficult to figure out how to get there. Business growth doesn’t just happen organically – it takes time, effort, and commitment – and always starts with a plan.
Most people want to make a mark and have an impact with their business. And whatever your company’s remit, be it private gain or public benefit, to have a meaningful effect on your clients and yourself, it needs to make money. Only with money can it grow and scale and have the impact you want it to.
Business growth from the start
So from the start, you need to be planning for business growth. Your business growth and success strategy should include a number of elements. Right from the beginning you need to think about your mission. Who are you and what do you want to achieve? Why do you exist in the world? This will help give focus and clarity, and form the basis of your roadmap. Everybody’s goals are different, so have a brain dump and identify what success looks like to you. This is at the heart of your business plan and essential for growing your business.
Once you know the direction you are travelling in, you can start to set goals and KPIs – Key Performance Indicators. What do you want to achieve and what will be the signs that you are on the right path? This will enable you to know how well you are tracking against your target. They should be a mix of softer qualitative goals, and harder, numbers based quantitative measures. Remember it’s important that you tweak and adapt as you go if necessary – goals should not be restraining, but motivational and informative.
Customer focus to grow your business
Business growth requires a customer focus. Doing a 360 audit of your client base, their needs, and how you can respond is key. Once you understand your customer, you can make a plan to communicate and connect with them. It’s not about what you want, but what they want. You need to solve their problems and meet their needs – and position it in a way that will engage a customer. Most entrepreneurs really want to make a difference and help customers – don’t lose sight of that. Remember the seven Ps of marketing – product, price, promotion, place, packaging, positioning and people – and think about how you are working at all of these elements.
Numbers are essential for growth
Numbers can’t be avoided. Many new business owners have aspirations and plans, but struggle with the detail. Setting up good accounting systems and paperwork is crucial. Having good cashflow is critical to business growth, and you need to keep an eye on what is coming in and what is going out. No matter how worthy or important your enterprise is, if you haven’t got the money to keep it going, it won’t grow or be successful.
Leadership to grow a successful business
A successful business is only as good as its people. As a leader, you need to be ready to steer your business in the direction of growth. There will be times when things don’t go as well as you hoped, but perseverance and tenacity are the vital ingredients that will see you through. It’s not easy to achieve business growth. You have to make the time, commit to taking the action, and focus on achieving your entrepreneurial goals. As your business grows you may find that you need to take a different company structure, and so your official role will change.
So are you ready to level up and accelerate your business growth? Join our business growth club, to help you shape a ready to use, practical and pragmatic plan, featuring webinars, workbooks, and support groups. Group size is limited to 12 and is led by Mahmood Reza and Dr Jo North, business experts who have helped shape organisational success.
Get in touch with us to find out more about business growth and the course. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.
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