Business Strategy 101: Growth
Even though your business will inevitably start out small and with only a handful of clients, scaling up should be something that you think about from day one. It doesn’t matter if you’re not planning on growing the business significantly any time soon – perhaps you don’t have the resources right now to handle any more work for example - it’s still an important part of any savvy business strategy.
Whatever your business niche, your day-to-day operations should be underpinned by the knowledge that you’re working towards specific goals. That’s not to say that growth is easy. In fact, it’s one of the hardest parts of owning a business and many people fall at the first hurdle. Here are a few basic principles to keep in mind to ensure you stay on track with one eye focused on a strategic growth plan at all times:
Top Tips for Business Growth
Have a Plan in Place - It isn’t simply enough to say that you want your business to grow, you need to have a concrete, actionable plan in place which blueprints that progress. Think about how you want your business to grow and in what ways. For example, do you want sales to grow in a particular area, expand from regional to national or even an international presence or do you want the number of people on staff to grow? By determining your growth goals and having a plan in place, it’s a lot easier to know what you’re working towards.
Ensure You’re Able to Accommodate Growth - Just because you say that you want growth for your business, that doesn’t mean that you’re able to take on the extra work that comes with it. A small or medium sized business could struggle to manage more clients, more sales and a larger team with its existing infrastructure. Think laterally – would expanding to another region mean you need a more sophisticated website which is able to handle orders in different currencies for example? If so, that cost needs to be budgeted for. If you are successful in increasing orders, do you need to invest in a bigger warehouse or have a larger logistics partner in place? Do more sales and clients necessitate a new admin person?
Seek Out Expert Help - Without expert knowledge, it can be difficult to drive a business towards growth. This is why many entrepreneurs seek input from a business coach or mentor. With professionals on hand, you’ll have a wealth of knowledge from someone who has been there and done it, plus expert opinions and insight from a business leader who isn’t as close to your own business as you are.
Whether you are looking to grow your sales or your team, it’s possible to benefit from expert help at any stage of your growth strategy. HiThrive offers a wide range of business consultancy services, and many of these are tailored to helping businesses to grow in a sustainable manner. This includes boosting cash flow, improving productivity, increasing value and even extending the business into other areas of the industry. To find out more about business growth with HiThrive, get in touch.