10th August 2016
Watching a tiny seedling grow into a flourishing success is a dream shared by both entrepreneurs and gardening enthusiasts alike. But for business owners, growth is not as easy as a little sunshine, a watering can, and some TLC. In order to realise business growth, business owners and directors must be prepared to dedicate time and resources into turning the dream of growth into a reality.
While small businesses can benefit from flexibility and speed, these advantages come with the drawback of limited resource. If too many orders come in at once, capacity is quickly overwhelmed and you risk losing customers to delays. On the other hand, if the phone can’t be answered because time is being spent on a flurry of extra tasks, then new orders might dry up. It’s classic catch-22. So how can small businesses manage their growth more easily?
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Inside you’ll learn how to create a comprehensive business growth strategy and avoid the common pitfalls for small businesses.
Business Strategy
Growth is in every sense of the word, a journey. And any good journey needs a map and a plan. As your business begins to develop, you’ve likely had an inkling for where your potential growth opportunities lie. Capitalise on these opportunities by making them the basis for a growth strategy.
Time Management
Most growing companies are so focused on their ability to produce now that they spend little effort on building the operational infrastructure to sustain their growth over time. If no one is spending time thinking about growth then this should be a signal that you need to look at ways of reducing your staff’s focus on day-to-day activities. The best way to help grow your business is to ensure that your time is being managed effectively.
Accountability
A positive accountability policy is a boon for many businesses. It is an essential part of employee engagement, but even more so when you’re planning your growth strategy. Having individuals or teams focused on business growth allows you to achieve the goals for growth set out in your strategy, while maintaining usual business operations. When you are looking to grow your business, don’t forget about your core offering!
Teamwork
Everything in business is made easier with teamwork. The proverb of many hands making light work is true, so when you’re looking to grow your business, make sure everyone is on the journey with you. Before implementing a growth strategy, make sure everyone involved is kept in the loop. Regular updates with your team will give them a sense of engagement and enthusiasm for an exciting growth venture. As you grow your business, you’ll need to learn to delegate and relinquish some control. This is often a big step for sole traders and start-ups.
