Whether you’re just starting out or have been in business for a while, you’re likely to want to grow, expand your customer numbers and increase your profits. But how do you do it?
First you need to step back, review your business and ask yourself some searching questions about it. What are its strengths? What are the opportunities, and the obstacles to growth? Do you have the team you need to grow? Do you need additional funding? How strong and aggressive is the competition?
Once you have an objective view of your current situation, you can develop a good vision of where you want to be in one, three or five years’ time. This vision needs to be ambitious, but realistic – a stretch, but achievable.
Prepare for the journey
When you can see your destination, you need to plan how to get there. Think of it like a hiking trip. How long it will take for each stage? What resources and skills will you need? What milestones should you be looking out for on the way? Do you need comfort breaks? Bear in mind that the trail might not always be straight or level, so your plan needs to be flexible enough to cope with unseen obstacles.
The route your business takes could involve a number of stages, including:
- researching new markets and products
- creating a new competitive advantage
- strengthening your brand and marketing
- improving your sales processes and selling skills
- developing the capabilities and experience of your leadership team
- investigating joint ventures, mergers and acquisitions
- securing funding.
If you’d like help to plan the next step in your business journey, let us know. We make an excellent travelling companion.