Business Growth

Business growth is the aim of all business owners. Over the years I’ve found that the methods that owners use to achieve growth range from wishing and hoping, to having a full blown business growth strategy.

Since the credit crunch of 2008 few owners of small businesses have had much time to think about strategy. For most the priority has been survival. Yet history teaches us that times of difficulty  in the world economy are exactly the times when a business growth strategy can deliver great results for companies.

The trick is to have a strategy that accurately reflects the reality of the market(s) in which the business operates, and the tactics to deliver the strategy on the ground. For some there’s a need to recognise that their products and services have been overtaken by competitors with better products.

In those cases only radical action will avoid declining performance. In the case of manufacturing companies achieving business growth may mean a need to invest in new equipment, and this in turn may mean attracting finance. In other cases the supply of complementary products, perhaps through a strategic alliance may be a better way forward.

In any event the company will need to have a business growth plan that clearly demonstrates that the owner(s) understand the marketplace and have the expertise within the business to achieve the planned results.

If a company’s products and/or services are well suited to the marketplace, business growth can often be achieved by using different routes to market. This in turn may mean the owner(s) coming to terms with the need to use expert help.

In almost all cases the changes in the way the company works will involve the recruitment of people with different skills. Sometimes this is best achieved by recruiting full time employees, alternatively it may be best to use interim managers or to simply outsource the requisite functions.

Genuine business growth is only ever achieved by owners who are prepared to step back and take a cold hard look at their business, recognise their own strengths and weaknesses, and plan accordingly.