IS YOUR BUSINESS READY FOR GROWTH?
AFTER GETTING A FEW YEARS’ WORTH OF EXPERIENCE UNDER YOUR BELT, YOU'RE READY TO START SERIOUSLY EXPANDING YOUR BUSINESS. BUT FIRST, YOUR BUSINESS NEEDS SCALABLE SYSTEMS IN PLACE AND A CLEAR VISION OF WHAT, EXACTLY, GROWTH MEANS FOR YOU. THAT STARTS WITH TAKING STOCK OF YOUR COMPANY'S STRENGTHS, WEAKNESSES, AND STRATEGIES TO MAXIMIZE ITS POTENTIAL. TO FURTHER DRIVE YOUR GROWTH MINDSET, LOOK INTO THE COACHING SERVICES OFFERED BY REAL WORLD CONSULTANCY.
HOW STRONG IS YOUR FOUNDATION?
HOW DO YOU KNOW IT'S TIME TO SCALE? A STRONG CUSTOMER BASE, STEADY PROFITS, AND A GROWING INDUSTRY ARE THREE SIGNS THE MARKET IS READY FOR MORE. COMPANIES MAY ALSO SCALE WHEN THEY SEE A NEED FOR A RELATED PRODUCT OR SERVICE OR A NEW USE FOR AN EXISTING PRODUCT.
DEMAND ISN'T ENOUGH TO SCALE A BUSINESS. A COMPANY ALSO NEEDS GOOD EMPLOYEES AND OPERATIONAL SYSTEMS TO SUPPORT ITS GROWTH. AS YOUR BUSINESS GROWS, FEWER PROCESSES WILL BE UNDER YOUR DIRECT OVERSIGHT. STRONG MANAGEMENT, CLEAR DELIVERABLES, AND ALIGNED OBJECTIVES KEEP IT RUNNING SMOOTHLY WITHOUT YOU.
TOOLS FOR GROWTH
EXPANSION ISN'T MERE ADDITION. RATHER THAN SIMPLY GROWING BIGGER, COMPANIES SHOULD AIM TO BECOME MORE EFFICIENT. THE RIGHT TOOLS STREAMLINE AND AUTOMATE PROCESSES SO THAT YOU CAN FOCUS ON GROWTH, NOT GETTING BOGGED DOWN IN THE DETAILS. THESE INCLUDE TOOLS SUCH AS:
● ENTERPRISE RESOURCE PLANNING
● BUSINESS INTELLIGENCE AND ANALYTICS
● CUSTOMER RELATIONSHIP MANAGEMENT
● INVENTORY MANAGEMENT
● CORPORATE COMMUNICATION
CYBERSECURITY NEEDS ALSO BECOME MORE COMPLEX AS YOUR BUSINESS GROWS. TAKE STOCK OF KEY DIGITAL ASSETS, INCLUDING EMPLOYEE DEVICES, AND PLUG VULNERABILITIES WITH MORE ROBUST INTERNET SERVICE AND STRONG WIFI NETWORK SECURITY, FIREWALLS, AND ENDPOINT PROTECTION. WHEN CHOOSING ENDPOINT SECURITY, LOOK FOR ANTIVIRUS SOFTWARE THAT PROVIDES REAL-TIME PROTECTION AGAINST MALWARE, RANSOMWARE, AND SUSPICIOUS APPS AND WEBSITES. SOME ANTIVIRUS OPTIONS ALSO COME WITH A BUILT-IN VPN, WHICH IS IDEAL FOR TELECOMMUTERS.
STRATEGIC DISCIPLINE FOR GROWTH
A TOOL IS ONLY AS GOOD AS ITS USER. TO WIELD TOOLS FOR GROWTH EFFECTIVELY, YOU MUST UTILIZE STRATEGIC DISCIPLINE. STRATEGIC DISCIPLINES INCLUDE PRIORITY, METRICS, AND MEETING RHYTHMS:
● PRIORITY: ACHIEVING RESULTS REQUIRES DISCIPLINED FOCUS AND CONSISTENCY. IDENTIFY OBJECTIVE PRIORITIES THAT WILL LEAD TO BUSINESS GROWTH.
● METRICS: HOW DO YOU MEASURE SUCCESS? KEY PERFORMANCE INDICATORS SHOULD BE TAILORED TO THE PRIORITY BEING MEASURED IN ORDER TO PRODUCE RESULTS.
● MEETING RHYTHMS: ONCE A STRATEGY IS SET, MEETINGS GIVE TEAM MEMBERS AN OPPORTUNITY TO REPORT ON METRICS AND LEADERSHIP A CHANCE TO IDENTIFY AND CORRECT OBSTACLES TO PROGRESS.
AS YOU CAN SEE, PRIORITIES, METRICS, AND MEETING RHYTHMS ARE KEY TO A BUSINESS'S OPERATIONAL SYSTEMS AND CAPACITY TO SCALE. WITHOUT THESE STRATEGIC DISCIPLINES IN PLACE, YOU RISK SPENDING MONEY ON EXPANSION WITHOUT A CLEAR PATH TO SUSTAINABLE GROWTH.
7 PATHS TO GROWTH
PER HARVARD BUSINESS REVIEW, THERE ARE SEVERAL STRATEGIES FOR GROWING A BUSINESS:
● NEW PROCESSES: GROW BY IMPROVING EFFICIENCY IN ORDER TO PRODUCE MORE WITH LESS.
● NEW EXPERIENCES: SELL MORE TO EXISTING CUSTOMERS AND DEEPEN MARKET SHARE BY INVESTING IN BRANDING AND THE CUSTOMER EXPERIENCE.
● NEW FEATURES: IMPROVE UPON EXISTING PRODUCTS AND SERVICES TO DRIVE NEW SALES.
● NEW CUSTOMERS: TAP INTO NEW MARKETS, WHETHER A NEW GEOGRAPHICAL AREA OR DEMOGRAPHIC, TO SELL MORE PRODUCTS OR SERVICES.
● NEW OFFERINGS: ADD PRODUCTS AND SERVICES BY SOLVING A NEW PROBLEM WITHIN AN EXISTING MARKET, EXPANDING INTO A RELATED NICHE, OR INVESTING IN A NEW CATEGORY.
● NEW MODELS: SELL PRODUCTS AND SERVICES IN NOVEL WAYS WITH NEW REVENUE STREAMS AND MARKET CHANNELS.
● NEW BUSINESS STRUCTURE: FORM AN LLC TO GAIN MORE FLEXIBILITY AND PROTECTION FOR YOUR BUSINESS.
PRIORITIZING ONE OF THESE STRATEGIES LETS YOU SPEND YOUR INNOVATION DOLLARS INTENTIONALLY, WHETHER YOU MOVE INTO E-COMMERCE, DEVELOP A NEW PRODUCT, OR OPTIMIZE YOUR EXISTING MARKET. HITTING SEVERAL OF THESE BIRDS WITH JUST ONE STONE IS POSSIBLE WHEN YOU HIRE WORDPRESS DEVELOPER TO IMPROVE YOUR ONLINE STOREFRONT AND, BY EXTENSION, THE CUSTOMER EXPERIENCE. AS AN ADDED TIP, FIND A WELL-REVIEWED AND EXPERIENCED FREELANCER FROM AN ONLINE JOB BOARD TO WORK WITH ON A PROJECT BASIS TO SAVE ON OVERHEAD.
HOW WILL YOU PAY FOR IT?
FINANCING IS A KEY PIECE OF THE PUZZLE WHEN SCALING A BUSINESS. TRADITIONAL BANK LOANS LIKE THOSE FROM THE SMALL BUSINESS ADMINISTRATION ARE ATTRACTIVE, BUT FORBES NOTES THEY CAN BE DIFFICULT TO QUALIFY FOR. BUSINESSES CAN ALSO USE NONTRADITIONAL FUNDING SOURCES LIKE ONLINE LENDERS, BUSINESS LINES OF CREDIT, OR CROWDFUNDING AND TAKE ADVANTAGE OF SPECIAL FUNDING PROGRAMS AVAILABLE DURING THE COVID-19 PANDEMIC.
EXPANSION IS A MAKE-OR-BREAK MOMENT FOR BUSINESS. WHILE MANY BUSINESSES START EVERY YEAR, FAR FEWER SURVIVE TO SEE THEIR STARTUP GROW INTO A MID-SIZED BUSINESS OR MORE. BY INVESTING IN GROWTH WISELY, GUIDED BY REAL WORLD CONSULTANCY ACCORDING TO OBJECTIVE PRIORITIES AND TRACKED WITH KEY METRICS, YOU ENSURE YOUR BUSINESS'S PATH TO SUCCESS IS CLEARLY DEFINED.
THIS POST WAS KINDLY WRITTEN BY OUR GUEST DEREK GOODMAN
DEREK WORKS TO HELP ENTREPRENEURS TAKE THE FIRST STEP AND GUIDE THEM THROUGH THE PROCESS. YOU CAN FIND OUT MORE ABOUT HIM ON HIS WEBSITE INBIZABILITY FULL OF GREAT TIPS AND TRICKS!
