9 Steps to Business Growth
- Business Rescue Business Growth
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Perhaps you are lucky and your business grows organically without you having to do much. However, for most small businesses the key to growth is strategic planning. Whilst businesses can vary in terms of their capacity for growth, whatever the size of your business there are some steps you can take that will set you on the right path. At Be Rescued we specialise in helping businesses grow so we thought we’d share a few hints and tips to help you on your way.
- Focus on your USP
Your USP (unique selling point) is what sets your business apart from competitors. It also lets both potential and existing customers know what is special about your business. Your USP will resonate with people if you can explain the problem you solve for them. A USP will help customers quickly understand what your business offers and why they should choose you over the competition.
Focus on understanding your USP and presenting it well. If you get your USP right from the start-up phase of your business, you will establish a firm foundation for business growth. What’s more a strong USP means that you understand your target audience and your place in the market, all good indicators for growth.
2. Look at your competition and learn from them
Closely studying your competition and how they succeed can help inform your company growth strategy. You might not have a crystal ball but by looking at competitors who are at a different stage in their growth you can learn from them and see how things might play out for your business. You can learn from any mistakes made by competitors as well as successes.
Look at what customer needs your competitors are meeting. Does your business do the same or perhaps you do some things differently? Highlight any positive differences. Perhaps these can be part of your USP. Capitalise on any weaknesses you identify in a competitor by offering something they don’t, this will set you apart and may attract customers helping your business to grow.
3. Build on your strengths and acknowledge your weaknesses
Doing a SWOT analysis (Strength, Weaknesses, Opportunities, Threats) is essential if you want to grow your business. You will most likely have carried this out when starting up, you should return to your SWOT throughout the life of your business.
Build on your strengths and address your weaknesses to achieve growth. Consider both external and internal factors. Always look for opportunities such as new products or services you could offer and look at industry trends. To achieve business growth, it is essential that you understand your market and the business environment.
4. Know your ideal customer and target them in your marketing activity
Really knowing your customers is the key to business growth. You can only promote your business effectively if you know your customers. You can only craft effective marketing messages if you understand who you are talking to. Produce customer profiles that reflect the different audiences your business targets and craft your marketing messages accordingly.
Avoid a one-size-fits-all approach in your marketing activity, by speaking generally your message will not resonate with your target market. You will not stand out. Customers need to recognise that your product or service is for them and that it solves a problem. As your business develops and grows your customer groups might change. Never stop getting to know your customers and what they need.
5. Develop strong plans with a goal.
It is essential that you set objectives for growth. For your company to grow you need to know what you want to achieve. Develop strong goal led plans and tie in with your marketing strategy. Be realistic, don’t set goals that are unachievable, or you will run out of cash and energy very quickly. Make sure that there is synergy with your overall business plan and any plans for growth.
Ensure that your goals are measurable. It might help to set benchmarks so that you can review your progress as you go along. You can then tweak your plans to repeat any activities that work well or drop any that don’t. Plans are there to be revisited. At Be Rescued we specialise in helping small businesses plan for growth. Do get in touch for a chat about how we can help your business grow.
6. Build resilience into your growth plan
To ensure that your plans for business growth are not interrupted, it really helps if you can learn to anticipate change and adapt. According to First Voice, the Federation of Small Businesses: “The best defence is for a business to become agile enough to respond to unexpected change.” (Changing tack: How a small business can respond to change, https://www.fsb.org.uk/first-voice/changing-tack-how-a-small-business-can-respond-to-change). Change might seem scary at first but there may be some positives for your business.
You need to ensure that you can cope with any disruptions. By having crisis plans in place you can lessen the impact any negative situation might have on your business. If something goes wrong the main thing is not to panic. At Be Rescued we provide turnaround services to help you recover when things don’t go to plan.
7. Grow a strong team you can rely on
Even if you are a sole trader working on your own the chances are you rely on a team of experts – an accountant, a marketing expert, a website developer or a business adviser. Building a strong in-house or external team will give you more time to focus on growing your business.
At Be Rescued we count ourselves lucky to be an external team for a number of businesses. We provide help with business planning and can step in when support is needed. We are here to help you.
8. Know your figures
It is essential that you understand your figures, the profit and loss for your business. This will help you get a firm grip on your revenue and expenses and know your profitability.
Without this insight you cannot know the financial performance of your business and track any growth activity. If you want to grow your business and need help with the financial side of things, Be Rescued can point you in the right direction.
9. Ask for help
Never be afraid to ask for help. Seeking expert advice might make all the difference to your company growth plans.
You might need help to understand whether your company has the capacity to grow. Perhaps you need to raise capital to expand but are not sure if your business plan and accounts are in good enough shape to apply for funding. Maybe a new business partner might be the key to growth for your business. Be Rescued can help with all this and more, do get in touch to find out how we can support your business growth.