Four simple suggestions to spark growth in your business
It’s that time of year when we reflect on the past year’s business and look at preparing for the next year’s activity. It’s even more prevalent that if your business has hit a plateau and you're struggling to get to the next level, here are five steps that will help you grow your business over the coming year and more.
Firstly, figuring out why growth has stalled is imperative. Talk to your staff to get a frank and honest view of how the company is going and to identify the root cause of why things have slowed down. Ask ‘why’ about everything, even areas you wouldn’t normally discuss.
It’s also really important to ask your current customers about their experience with your business offering. This should give you an insight on where you need to focus. For instance; is it improvement on customer service? Or focus on innovation and product development?
Having a strong vision for your business helps guide you and your employees towards tasks that will help drive the company's overall success.
Reflect on what your vision was for the year and check whether it’s still relevant to the company and your employees. If so, is everyone on track to achieving it? If not, talk to your team and re-evaluate the vision so it provides a sufficient challenge to achieve more. Introducing incentives can help with this.
When companies first start, one of the tools to success is the ability to adapt. However, if you want to grow, you will need to re-evaluate your organisational structure.
If your structure currently places you, the owner, in more than one critical position in the company, then you could be inhibiting growth. As your business grows, you will need a clear organisational model in order to allow processes to flow effectively. This allows each employee to have clearly defined roles and accountabilities, so they can perform effectively and understand how they fit into the bigger picture.
Understandably being an SME, you may be time-poor however taking the time to test, measure, track and report is invaluable for business growth. Sometimes the reason a business is not growing is because there isn't a system in place to measure that growth. As leader of the business, it’s up to you to consider and define the Key Performance Indicators (KPIs) for your employees, or yourself. You can then get a clearer picture of who is in the right roles and where there’s room for growth.
It’s easy and lots of us fall prey to letting the flame burn low on our growth, getting through the day to day is at the forefront. But hopefully these simple steps will spark some ideas to help your business grow year on year.
Tell us what your plans are for growth in 2017 @ClearBusinessUK