Growth is the mantra of most businesses but first you have to agree what it means in practice. Perhaps for you, growth is about sales and profitability. Or maybe you’re more concerned about business footprint or diversification?
Whatever your challenge, we can help by assessing the most important factors for you to achieve your growth ambitions. We’ll work with you to plan the key areas you can grow and what investment you’ll need in terms of time, people and finance.
If you’re going for growth we can get you there.
Every business wants to grow, but it needs to do so profitably. Going for growth without looking at the profitability – both short and long-term – is the wrong thing to do. Building long-term profitable growth will ensure your business continues to thrive and develop. It’s not as easy as it sounds, and the wrong type of growth can prove disastrous.
Growth can be achieved by acquiring other businesses. But you need a clear strategy for identifying who would add value to your business. When selecting targets, think about how you will take this forward and how much you are willing to pay. And don’t lose sight of the key question – will this add value to your business and your customers?
Whatever your growth plans – internal organic growth, growth through acquisitions, or by entering new markets – you need a robust financial plan to make sure you succeed. The figures have to back up your strategic plan. You have to identify how you will pay for this. Will it be through your own resources, going externally to find other sources such as banks or external investment or a mix?
All businesses have opportunities to grow market share by ensuring their products and services have the edge. This can be difficult, but you should ask what makes your products or services stand out from the competition. Customers buy on a range of factors, but product and service quality is critical. You should know where your strengths are and build on these, as well as identifying possible weaknesses which have to be addressed.
BUILDING COMPETITIVE ADVANTAGE
We know that focusing on strong differentiation, achieving marketplace and industry recognition, and a deep understanding of your customer requirements make a real impact in business. These are crucial to the success of any organisation and it’s important that your strategy is clear and understood by your team. It must also be kept under review at a senior level. Doing all of this isn’t easy but it will drive your growth.
A SHARED VISION
You cannot achieve the growth you desire without the help of great people. We all like to work for businesses with a strong purpose and vision. Communicating this and ensuring everyone understands what it means for the business and their role within it, is proven to deliver better results. Are you and your senior team are clear on the purpose and vision of your business, and, if so, are the rest of your team? If the answer is yes then great, but if there is doubt, there is work to be done!