Thriving Through Business Growth

Running a business is a constant juggling act for owners, CEOs, and MDs, especially during significant growth periods. Navigating such growth presents unique challenges and areas of focus. This blog highlights key points to consider when growing a business. While not exhaustive, it provides an overview of crucial aspects to manage during these times, setting the stage for potential follow-up discussions.

The first of the blog looks at planning growth for your business and the second part looks at managing that growth within your business.

Planning Growth

The following outlines some the key points to planning business growth:

1. ?Goals & Objectives

Your growth needs to align with your company goals and objectives. If you have lost track of these, revisit your goals for the next year. What do you want to achieve in terms of turnover, profitability or team/resources? Once your goals are clear, you can plan how to achieve them.

2. Plan

Not everyone is a fan of planning, but it helps determine the tasks needed, the resources required, potential results and how to monitor progress. Planning allows you to focus on what needs to be achieved and who to target. Create a business, marketing or sales plan based on your goals and objectives.

3. Understand Your Audience A key part of planning is understanding your potential customers. Are they B2B (business-to-business) or B2C (business-to-consumer)? What problems do they have that your product or service can solve? Where are they likely to be found? Once you have defined your potential customers, you can identify your competitors.

4. Competitors Understanding your target audience helps you identify your key competitors. This allows you to determine your unique selling points and what sets you apart, helping you stand out from the competition.

5. Customers

Often, businesses overlook their existing customers when focusing on growth. It is much more cost-effective to grow from your current customer base than to acquire new ones. Ensure you have an account management plan in place. How will you continue to service your clients? What upselling opportunities exist, and how can you achieve them? How can you provide a better service?

6. Marketing/Sales

Ensure you have a clear strategy for your monthly marketing and sales activities to achieve your business goals. Identify the marketing tasks required each month. Determine how many leads your business needs monthly and how you will generate them. Outline the resources, tasks, and activities necessary to implement and achieve this strategy.

7. Resources

If you are looking to grow, don’t leave resource planning to the last minute! Too often, businesses either neglect the impact of growth on resources or over plan by increasing the team before the sales are in place. Have a tight resource plan early. Consider:

• How many more team members will you need if your growth plan is achieved?
• How many team members will be needed during the growth process?
• Will you hire permanent staff or use contractors in the interim?
• What if sales decline suddenly? How will you handle the change in resources?

Being aware of all possible scenarios and how to manage them is crucial. Not having a strong handle on resources early can lead to significant financial impacts, stress, and lost time.

Managing Growth

Once planning is in place, the next step is to consistently review, manage and assess business growth. The following outlines some key steps in the process:

1. Take Action

Having plans is essential, but you must take action! Every week and month, plan tasks based on your overall strategy. Review what has been done, what needs to be done, and who will complete these tasks and by when. A plan without action won’t achieve anything, and action without planning can waste time and energy. With a plan in place, you have the research, consideration, and goals necessary to guide your actions and achieve results.

2. Review and Refocus

Review your results each month. Identify what’s working, what’s not, and what needs changing. Adjust your plans and actions to increase the chances of achieving your desired results more quickly.

3. Time for Communication

Business growth impacts everyone in the organisation, increasing workload, pressure, planning needs, and presenting new challenges. Therefore, ensure there is time for:

• Team Communication: Regular updates and open discussions.
• Downtime: Opportunities for more relaxed, informal team communication.
• Management Communication: Clear and consistent communication from management.
• Owner Support: Identify someone to bounce off ideas, get support, and discuss any concerns.

4. Don’t forget clients!

It’s easy to get sidetracked with focusing on new business sales but do not forget existing clients! Keep checking that you are in line with your account management plan. Regularly check in with clients through regular calls, meetings or surveys to ensure expectations are being met.

5. Finances

Keep a close eye on cash flow predictions and overhead costs. During growth overhead costs can increase quite substantially, and cash flow may change. Larger clients, for example, may require longer payment terms. Be sure to monitor finances closely. Have monthly cash flow projections and monthly management accounts to review. Work with experts and maintain a solid financial plan.

6. Take care of yourself

As many business owners know, it’s too easy to lose track of self-care. Growing a business often means taking on more tasks and hours. However, it’s easy to reach burnout during these times. Always prioritise self-care. Don’t cancel your personal routines such as exercise or socialising for business. Being the best you, will help create the best business, spark ideas and creativity, and provide you with more energy.

These tips are not an exhaustive list of growing your business but some guidelines to help you through. ?Business growth is different for every business but having a strong network and support around you can greatly help. ?Growth isn’t about a relentless pursuit of victory at any cost. It’s about embodying resilience, being agile and continuous strategic planning.? True growth lies in the ability to weather storms, pivot with purpose and persistently chart a course toward success!

Claire Wozencroft

Out of the Cage – Helping Businesses Grow (consultant, marketer and coach).

www.outofthecage.co.uk

[email protected]

07904 556047