GROWTH STRATEGY for Long Term Success
Follow these tips to build a successful, sustainable business.
Having a good business growth strategy in place will help your company to succeed and avoid three main reasons for business failure:
- Lack of operational and financial planning
- No sustainable USP
- Ignoring customers’ needs
There is no one-size-fits-all solution but there are some common areas for consideration.
- Define the special ingredient that gives your company the ‘edge’ over your competitors. Is this a lasting USP?
- Identify your ideal client. Is there a sufficiently large customer base to meet your planned growth?
- Build your Key Indicators into your Growth Plan – more on this below.
- Milestones must be constantly reviewed, in line with budget, revenues, resources and taking the product or service forward.
Some statistics: There were 5.5million private sector businesses in the UK at the beginning of 2016; 99% of these were small to medium sized businesses (SMEs) across all main industry sectors. Around 650,000 new businesses started up in the UK during 2016 and around half these are expected to continue beyond 2020.
Over time, things change – your clients, competitive products or services, politics, the weather – many of which you have no control over. Identify the key indicators that will alert you to re-assessing your business strategy.
If there is a sudden, unpredictable slump or rise in revenues, what might this indicate? For example, if certain products are no longer in demand, is this a consumer trend, market saturation, perhaps the result of new competition?
Use these indicators to review your ongoing strategy.
Always set aside time for re-evaluation. In addition to financial analyses, use the key indicators to perform regular reviews of your business plan, taking into account your customer satisfaction ratings, product positioning within the industry plus resources and staffing – especially if your business is to provide a service.
When reviewing, it often helps to remember why you started the business in the first place.
And remember, what doesn’t get reviewed monthly does not happen!
A Business Needs People
- Customers come first.
- The right staff will be worth whatever you can pay them – or more. We’ve said it before – invest in talent and create your own team of entrepreneurs.
- Business Partners and co-Directors work well together when there are common business goals. If you are a sole trader, you will benefit enormously from a ‘sounding board’, perhaps a mentor who will help to ensure that your plan is on track and working.
Following a flexible business plan is the key to long term success. Contact MIERA Consulting if you would like to help with preparing your company’s growth strategy.