Business growth is different to each and everyone.
Certain opportunities made available to a business can help aid the business to grow at a different pace than others. In addition to this there isn’t a set pace a business should grow at.
It’s all about understanding what opportunities are available and what steps you need to to help grow your business.
What is business growth?
What do you think of when you think of business growth? More money? Or more staff?
Having more money or staff (or both) applies to business growth. But when you decide you want to grow your business, you have to be more specific.
Growth is looking at:
- Expanding your target audience
- Offering more service
- The area you offer too
- Providing more products
- Broadening your premises.
Planning and making key decisions is the backbone of starting the business growth process.
A growth plan is a living document that you will develop over time, but defining what you want to achieve and when by are the fundamental steps to business growth.
Before you start developing your growth plan, we have 6 key considerations for you to think about when developing your growth plan.
- Business growth formula
- Realistic growth
- Rapid business growth
- Gradual business growth
- Sustaining business growth
- Looking at your business
Business growth formula
To work with a business growth formula you need to understand how one is set out.
Simply a formula will follow a step to step structure to help guide you on how to make more careful decisions.
An example of this would be if you wanted to grow your employment.
To do so you would need to take into account:
- The advertisement; where will you advertise the job role? What skills are desired for the job?
- The selection; what questions will you ask? Ideally you need a good understanding of what type of person you are keen for.
- The resources; what purchase will be made, new desks? Will further training be required?
After taking a moment to map out what steps need to be taken you can return back to the investments, simply is it worth it?
Just by making more calculated decisions, you’re reducing any risks that might withhold growth.
However take into account that each business has its own pace to complete these formulas at, it’s dependent on what resources the business already has to begin with.
A growth plan is idealistic to any business development idea you want to embark on.
The growth plan is there to help guide you to check the viability of any external and internal business development ideas you are wanting to achieve.
Again this business growth plan isn’t a set in stone document but more a living document, it is an ongoing process that you will update as you go on.
Don’t forget to allow yourself a moment to go back through the plan to help construct what actions you want to achieve next.
This entire process has to be realistic and simplistic for your benefit equally you need to use a language that you will understand, make it easy for yourself.
However ,try to not make the plan too vague, you will need enough detail to be reminded of the realistic outcome you set out to achieve.
Rapid business growth
Each and every business is presented with different opportunities that can allow quicker business growth.
An opportunity such as an increase in surplus profits is just one of the ways a business can enable a rapid growth spurt.
If a business does find themselves with this ultimate advantage, more careful and concise decisions will have to be made with a thought through process.
In line with this , it can be easy to set up the next goals with no right actions in place due to the increased demand happening around you.
An easy way to stop mistakes from happening is to implement the right actions with good time to avoid mistakes that will affect your business growth.
Due to growing at a fast rate a business owner will start to see an increase in their schedule. A good time management plan is an effective way to help ease this.
Alongside managing your time more effectively you will need to take time to make time.
In the long run learning how to manage growth will enable you to be able to streamline a business efficiently.
Gradual business growth
There is never a right or wrong pace you can take.
Gradually growing still requires you to be realistic and simplistic when it comes to setting out goals.
Consequently, this pace of growth could possibly be more beneficial to a business as it allows more precise and consideration in decision making as more time is available.
One beneficial way a business can work to improve their growth is to surround the business with resources and advice. Therefore enabling your goals to be more thorough..
Gradually growing as well grants a business to have more experience enabling a business to closely learn what worked and what didn’t over the period of growth.
Sustaining business growth
Finding your own pace to grow your business is just the beginning.
The next step is about sustaining this pace of growth, to do so you must be proactive.
As the business grows there will be many changing factors surrounding the business; that might be offices coming up or down. Big or small changes need to be kept aware of. Observing is just one way you are preventing any impact that can interrupt growth.
In effect with this , a business plan should be frequently updated to suit any changes.
Just by keeping on top, you are able to react in the correct way towards any political or nearby upcoming advances that could provide further opportunities to grow.
Observe and plan to prepare yourself for any risks, you won’t keep growing if you’re unprepared.
Looking at your business.
Evidently, this is your business and you have the power to decide what pace you want to take.
To begin with, it’s a good idea to take a moment to evaluate where your business is currently going.
A good way of recognising this is by sitting down and analysing the ongoing plan, take a moment to evaluate what has been achieved and how long this took.
By understanding how long certain aspects took you can then filter what will take you longer than others.
Learning to do this is just an easy way to help figure out what pace you should go with.
It’s simply about understanding the way you work and how you can create a structure that will preserve sustainability and reliability alongside being realistic to you.
EMS Going For Growth course is led by experts to help you figure out your growth plan and pace to take!