In the past we have talked about execution being an important ingredient to business success and that certainly applies to businesses with strong growth ambitions. But execution isn’t everything, it needs to be matched with a strong and realistic growth strategy and plan. One without the other prejudices the probability of success.
Statistics around achieving growth objectives and profitability can be a hard read with success rates as low as 20%. Why is it so elusive? Sometimes it’s because people underestimate the opportunities within the business or are unable to resource up to execute on opportunities that exist.
So what can be done about this?
- Business owners and managers should review the operations of their core business, whether that be products, services, locations or customers that generate the greatest level of revenue and profit. They need to assess trends associated with these to determine what is going well, what is not, and understand what is impacting that change.
- For a business to sustain long-term growth, you need to understand what sets you apart from your competition. Why are customers come to you? What makes you different and credible?
How to Grow your Business
- You got into business to solve a problem for a certain audience. Who are we talking about? Identify your ideal customer, and don’t lose sight of this audience as you adjust business to stimulate growth.
- You need to be able to measure the changes you make otherwise you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas.