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Setting a clear vision for the future of your business – and a strategy to get you there – could help you to grow your sales and build a stronger and more resilient business. If you’re wondering whether you’re ready to grow your business, don’t miss these expert tips.
As a business owner, one of the first lessons you might have learned is how important it is to respond to changing customer behaviours, global events and economic conditions.
We asked Business Coach Justin Davies, from Emergination, for his top tips on business growth – and here’s what he shared.
Know when you’re ready for the next level
According to Justin, there are some clear signs your business could be ready to scale up.
“Your business needs to be well beyond the survival stage. It should be able to operate at least partially without you as the owner working in the business daily. Customer satisfaction should be consistently high, and you should have systems with some level of documentation in place,” he says.
“A business with regular customers, regular referrals, together with consistent customer satisfaction and growing cashflows are good signs. Our website offers a free five minute diagnostic check that business owners can use to receive a report on their readiness to scale.”
“Growth means different things to different businesses. It will include some or all of the following; more profit, more revenue, greater capability and capacity, consideration expansion into new markets, and reducing the dependence on the founders. Being clear on the goals is important.”
Have a clear vision for growth
“You need to be clear on your vision for the business in five to ten years’ time,” says Justin. “If you struggle with defining your vision, as many people do, just imagine your business at five times its current size and work back to determine what would need to be in place to make that happen. You can then work out how to document the systems and processes in the business effectively to onboard new staff and allow existing staff to consistently deliver.”
Justin notes that it is vital to know the details around your product costs, your cashflow and how you really measure up to competitors in order to plan effectively.
“Very few businesses can deliver consistent 20 per cent or greater growth per year, year on year. Having worked with some businesses that have doubled their revenue a number of years in a row, I have seen that they experience significant growing pains.
Consider your own needs as the business owner
Justin notes that scaling up also involves learning to be a better leader. “Getting good at delegating is typically a real challenge for business owners – but essential for you to grow. It is part of being a leader in your business, and training others to do the same.”
“Some business owners are really ambitious and very driven, while others prefer a more gradual growth rate. Looking over your shoulder at others isn’t the right play; just measure your progress against yourself.”
“If you are a business owner who is planning to scale, you really need clarity on why you are in business in the first place. What is your vision for yourself and your family, your business and your team? For many business owners, it is all about the impact they want to have on people, including customers and staff.”
When planning your growth, it is important to prepare for what is ahead and have a plan for your growth to navigate the challenges ahead. According to Justin, this can include workforce planning, handing over responsibilities effectively and building the right team to support your growth.
“You also need to know how to avoid burnout, be more resilient in your business and build that resilience within your team.”
Find out more
If you’re getting started with building a team, read our tips to hiring your first employee.
To learn more about growing your business, book your place in one of our small business workshops or contact our free business advisory service to discuss your goals.
