Business Growth – Top 10 Tips for Managing on Fast Track
1. Have A Goal and stick to it
Many business growth managers change their goals too often. Unquestionably, they feel the pressure and that means they never quite complete the plan, before starting the next. Two solutions can help. Firstly, set medium-term goals and deliver. Secondly, ensure you are flexible about how you achieve your goals. These will ensure you establish a track record with your stakeholders. More to the point, you will have time and manoeuvering space to ensure you successfully meet your goals.
2. Listen to Customers
Customers directly experience your products or services. Therefore, they can provide the most immediate feedback you can get. Furthermore, this group has become increasingly vocal, especially through social media. So, instigate a system to listen to Customers. Social media channels are a great way to take customer feedback. Then, take action on their input. Your positive changes will quickly pay you back for the time and effort you put. Furthermore, it will ensure you will improve your work processess and your business growth.
3. Optimise your Product or Service
What makes you different? Define, document and communicate that difference for your customers. It is most important to be clear on what your key product or service is. It is the one that drives the delivery of your vision. In particular it is the driver for your serious profits. Once you are clear, focus on making it Number 1 in the market. Then, work to constantly reinforce its differentiation. Also, experiment to find low-cost ways to innovate and improve. Ultimately, make it difficult for your competitors to copy your project. Work particularly hard to maintain your uniqueness. Above all, it will be that uniqueness that will keep your business in the customers mind.
4. No such thing as too much revenue – maintain your business growth
More revenue leads to more choices about the future. If you don’t have enough revenue, things can get tough very quickly. Put at least 80% of your effort on driving the sales growth. Sales growth will fuel your business growth. However, make sure you fulfil those orders consistently. Additionally, keep an eye on the bottom line. Ensure the profit meets your planned goals.
5. Punch above your weight in Marketing
Your business may not yet match the biggest in your field. However, you can still look like you are up there with the largest. Act as if you are at the top. Let your marketing reflect your aspirations. Be clear on your Brand message. Energetically, confidently, drive it through all channels. Your business growth depends on your belief that you can be at the top.
“Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you’re climbing it.”~ Andy Rooney, journalist
6. Build a strong resilient team to back your business growth
Build a capable team to take on the day-to-day management of the business. A team that works together well will be able to focus on the bigger picture. Resilience and business growth orientation will bring in bigger sales deals. Ultimately, if you train them to work as a team, they will realise the value you put on them.
7. Cash is King
Ultimately, any business, no matter how successful, will fail, if it runs out of cash. The working capital needs of a fast growth business can grow exponentially. Usually, this comes from having to pay bills before you receive payments. So, learn from the Private Equity Gurus. Collect cash early, keep costs variable. Again, keep your eye on the bottom line. Be ready to arrange finance before you need it. Then you can focus on your business growth and positively drive the revenue.
8. A Focus on High Value Actions will sustain business growth
Stay on top of the relentless barrage of problems and issues. Don’t get side-tracked. Develop your systems so they work to support your business. Actively work to identify the things that directly lead to revenue. Train your staff to envision the business growth goals with you. Consequently, you will be able to ensure that everyone focusses on the same goals.
9. Measure the Actions that Lead to results
Most Businesses measure their results. It is OK to review what has happened in the past. However, successful fast business growth comes from focus on the key activities. That focus will drive your future business success. Make sure your key personnel know whether they have done a good job in the last week or month. Be responsive, be focussed. Be quick to congratulate your team. Do not wait for the Accountant to give you the yearly profit. Measure the success, respond to it. Ultimately, you will drive the profits because you drive the excitement.
10. Get Advice
We all make mistakes. Mistakes can be costly, but they are inevitable. To take the sting out of the tail, understand the reason for the mistakes. However, repeating mistakes is just stupid. Make your organisation a learning business. Get advice from someone who has been through it before. Be prepared. Have the facts to hand and work with your advisor to make fact-based decisions. Then, find ways to move your business growth on. As has been said, “Let’s make some different mistakes this time”.
Our business is your business growth
CHARTER4 aims to see your business growth meet your expectations. Ultimately, our experience can help you meet the challenges of fast changing markets and the inevitable growth pangs. Toward that end we would like to introduce you to the appropriate international standards. That is not just about ticking off business certifications. In fact, we actively work to improve your business, not just to comply. Great management relies on great systems. Our expertise in this area can support and develop your own aspirational business growth.
If you would like to know more, please click one of the buttons below. We will contact you with a view creating a firm platform on which to enable stronger growth, exciting growth.
Certification with Charter 4 – the Business Benefits
- Improve, rather than just comply.
- Full service and ongoing support to compliment your resources.
- Build on your Processes & Systems (no standard templates).
- Help defining your Best Practice.
- Certification by independent UKAS accredited Assessors.
- 100% Success & guaranteed support until Certification.
- Help to get Government Grant (when available).
- Flexible support to complement your resources.
CHARTER4 – Partners you with the experience and insight to help you grow using management Standards. We will help you improve your business, rather than just comply with the Standards.
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