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Growing your Business
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Your business has been successful, and you are ready for the next
step…..
•What now? Do I expand?
•You may decide to remain as you are, and not get bigger
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•If you have decided that you wish to grow
your business, there are a number of
considerations to bear in mind when you start
the process
Once you have decided to take the next step:
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Considerations to bear in mind:•As your company shifts into
growth mode it can be fun and exciting….. • But, it is not without its
challenges and potential pitfalls……• The secret is to anticipate
them as much as possible – and proactively handle them, plan for them
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Challenges you may face as your business grows:
•Managing cash flow•Finding and keeping the right team•Extending your brand can be expensive•Operational structures•Management may be required to step up a level•Quality control
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Don’t be caught unprepared for a sudden growth spurt:
•Organisations that have not planned for growth often find themselves
over-burdened and under-resourced when a sudden
growth spurt occurs
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Don’t be caught unprepared for a sudden growth spurt:
•This could end up with dire consequences, even
the closing of your business
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Don’t be caught unprepared for a sudden growth spurt:
•Even if you are not anticipating growth, it is
preferable to plan for it so that you are not caught
unprepared when it does happen
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Myriad of ways to plan:
•There are plenty of ways to plan for the expansion your business
•Which route you take will depend on the nature of your business
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Fundamental attributes for successful growth:
•There are some fundamental attributes for successful growth that apply across the board
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Attributes for successful growth:
• Being forward thinking and well
resourced• Being innovative and
having a customer focused culture•Having advanced business processes
•An ability to learn and change
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Be forward thinking and well resourced:
•Think strategically
•Visionary Leadership
•Have a strong asset base
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Strategic thinking and planning:
• Do you have a growth strategy?
• Develop a “roadmap” for growth which sets out the future direction of your company with clear goals and targets
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Strategic thinking and planning :
• Conduct a S.W.O.T analysis
• Identify risk
• Implement planning and procedures to mitigate identified risk factors
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Visionary Leadership:
•Are leaders in your organisation seen as a source of inspiration
motivation and challenge?
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Visionary Leadership:
Ten basic skills of outstanding leadership:
Integrity Vision/strategy Communication
RelationshipPersuasion
AdaptabilityTeamwork
Coaching and DevelopmentDecision-making
Planning
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Core Values and principles:
•Identify the company’s value’s and beliefs
•Create a culture within the team, a unified
mission for the business which the team is passionate about
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A strong team:
•You may need to hire new employees – and good
ones at that
• Staying safe and legal – managing payroll andhuman resources effectively
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Strong Asset Base:
•Is there a resilient financial position which gives you freedom to act and compete?
•Will physical assets support growth ?
•Plan on how to allocate resources
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Finances:
• Control your budget
• Plan cash flow so that you are not over burdened or compromised
• Be prepared to incur additional costs and overheads
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Financial Records and Management Accounts:
•Ensure that up to date financial records and
management accounts are available on a
regularbasis
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Physical assets:
•Will physical assets support growth ?
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Have a Leading edge Business Culture:
•Is there an entrepreneurial culture?
•Are new ideas rewarded and encouraged?
•Market research – do you keep up with developments
and best practice in the market?
•Are you customer focused?
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Entrepreneurial culture:
•Develop new channels of opportunity
• Maximise the company’s niche, and possibly expand into a new one
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Innovation:
•In business and economics,
innovation is the catalyst to growth
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Market knowledge and research:
• Find new ways to improve awareness and demand
•Market research and development ties in with innovation strategies
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Expanding your brand:
•There is an expectation of professionalism and sophistication as you expand
•When expanding your brand – don’t underestimate the costs involved
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Customer Focus:
•The simplest way to grow is to focus on
your current customer base and adapt your
business’s offerings to meet their changing
needs
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Customer Focused:
•Enhance customer or client experience
• Improve sales techniques
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Have Leading Edge Business Processes:
•Technology and IT•Corporate responsibility•Active Networking
•Operational structure and administration•Management
•Supply chain management
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Technology and IT:
•Get efficient through technology
•IT systems and networks
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Corporate Responsibility:•A growing business
needs to become aware of social and
environmental issues
•Develop policies and implement them around greening your business
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Networking:•Develop a referral
network•It works, does not cost
much•Get on the social media
bandwagon•Be very clear about
what you offer
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Operational structure:
•Operational systems need to be in place
•Policies need to put into place – social media, expense policy, annual leave policy
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Administration:
•Ensure your organisation is ready to
handle increased
demands on administratio
n
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Management steps up a level:
.•Delegate and outsource the additional administrative
functions necessary when you grow
•Develop leadership and management skills
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Supply Chain Management:
•Develop strategic partnerships with suppliers, distributors and
customers creating communication channels for
critical information and operational improvements
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Have a well developed ability to Learn and Change:
•Ability to manage change
•A culture of continuous improvement
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Summary:
• Measure and analyse your current status
• Get efficient through technology
• Enhance the customer experience
• Create a culture in your organisation
• Develop and ability to adapt and change
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Presented by:
Name of presenter:Position in firm:
Firm name:
Disclaimer- Whilst every care has been taken in the compilation of this seminar, presentation and handouts, no responsibility of any nature whatsoever shall be accepted for any inaccuracies, errors or omissions, nor for the accuracy of any information contained in the seminar handouts.