How to grow your business and stay ahead
Most people want to grow their business, however they are often faced with not being sure where to start, some are so close to their business they’ve lost sight of which move to make next or they may be faced with rapid growth. Whilst rapid growth sounds fabulous, if not managed properly it can also be the death of many businesses.
Being a Business Coach, I guide & mentor many clients ways to grow their businesses. Whilst the strategies for growth and managing growth differ for each business, the elements you need to address remain the same.
Remember :: what worked a year ago, may not work now. What works for a similar business may not work for you.
It is important to look at the foundation of your business, identify your goals and then create strategies which are specific to your business, your location and your demographic. Take into account what has and hasn’t worked in the past.
Below are 6 elements to consider and address when focusing on how to grow your business and stay ahead :
How do you become / remain competitive in the market?
Do you need to repackage your offering?
Do you need to adjust the pricing options or structure?
Do you need to rebrand or adjust your approach to marketing?
Do you need to offer your existing customers something else or in addition? Perhaps that’s an extension on what they are already buying from you?
Forward planning (quantify your objectives at this point)
Always plan in quarters, planning 1 quarter ahead
When your business is established and thriving, you’ll naturally have proven strategies you roll out quarterly. Revisit these and see which would be good to evolve / change / let go
Managing cashflow and company structure
Absolutely necessary. Look at your P&L, expenditure, margins and structure. Small changes can make a big difference!!
Are your overheads too high? Is rent crippling you? …
Implementing processes and systems
This will save you time and allow you to spend time on planning and growth
Identify where you are wasting time, doubling up on handling. then work out what needs to be streamlined / automated.
Fine tuning skills
Always remain a student in your Industry. Attend seminars, meet with people, visit expos, google what you need to learn.
There is always something new you can learn, which will enhance your business and offering.
Encourage evolution and change
Never remain stagnant. Change and evolution can take shape in branding, marketing collateral, websites, imagery, offerings, the way you execute an idea…
Think new and fresh, however evolve rather than fully reinvent.
Need help building or refining your Business?
Sydney based Business Coach Alison has coached & mentored over 500 individual Small Businesses on a long-term basis. She knows how to create a successful business without incorporating expensive Marketing Strategies.
Alison’s approach is to tailor solutions to suit the individual and their business, rather than a one-size fits all approach.
It’s not scary, intimidating or overwhelming. In fact, you’ll feel reenergised, excited and enthused about moving ahead!
Alison Business Coaches online, so is available to help you no matter where you live!