When you first started your business, you probably did a lot of research. You do everything possible to make your business strategy successful. You may have sought help from advisers from books, magazines, and other available sources. You did invested a lot in terms of money, time and sweat equity-to get your business off the ground. So now what?
So, what is the right amount of growth?
It may seem that companies can coast by simply maintaining the status quo of their business, but I would argue that a company is either growing or dying. How do you ensure you are growing since the alternative is not desirable?
First, you should consider whether you are ready for growth. “But I thought you said that a company has only two options, either to grow or die?”
But you don’t want to launch into a business growth plan too quick without the proper strategy and planning, you must see this article first.
Workforce supply(larger number of working peoples)
Do you have the right culture-fit employees, enough workers and right types of skills?
Discussing this with your team leaders and HR folks can be a real eye-opener. Many companies are challenged with finding quality employees who are the right skills and culture fit.
Communications (external & internal)
It’s time to check your communication skills. How do your communication with your employees? And what about your product suppliers and customers? Do your employees know your brand’s details? And how they communicate with customers?
It might be a good time to chat with your team leaders and formalize your communication plans to make sure that everyone is on the same page. Growth strategy without involving everyone on the same page can cause some miscommunication.
Orders or Service Capacity (Vendor Capacity)
If your orders, revenues, or sales sudden doubled or tripled, could you handle the growth without choking?
Do you have space, equipment, property to fulfill those significant higher orders or service requests?
Can your current vendors manage the jump in growth?
This is very basic that when you are going to grow, your vendor is capable to manage your growth consistently. Non-stop supply and without any delay will be the key point in your growth. else you should search for another vendor who is capable to do it.
Finance is the Greece to run your business smooth. you should take care of your finance to run the business properly and generate enough cash flow. This is no matter where you arrange this. either from the bank, equity through shareholders or use an alternative financing model.
You should have a extra finance for your company’s bad time or emergency time to prevent any loss.
Are your Clients Grow with You?
As you grow, your customer must grow else your growth will be temporary. your customers only grow when your products or services add values to their life as well as business.
Your customer always expects the same level of attention after your growth. The client should be the first priority of your business.
Growing Business Strategy
“Failing to plan is the planning to fail.”
Most of us have heard this adage, but it cannot be emphasized enough. Business growth strategies need planning, preparation and communication with your implementation team. It would be unwise to underestimate the importance of proper setup. Implement these strategies carefully to be successful in your business.
Related article: How to take advantage of leverage in small business?
This post has given you a lot to think about.
You have the best quality, or maybe you have the fastest turnaround or you have the most advanced product on the market. But Make sure you have something that is unique, that sets you apart and actually matters to your customer. Meaning they are willing to pay for it at a price you can make a profit.
You sense that you may need some help mapping all of this out. If that’s you, then subscribe to nitinbang.com. I would love the opportunity to see how we might be able to help you with planning, preparation, and communication for your business growth.