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As we come to the last quarter of the year we tend to look at our next milestones, for us it’s closing out 2022 with a bang and planning our growth for 2023!
With the summer holidays drawing to a close It is important to look forward to the last quarter of the year and how you can make the most of it within your business. The news is full of doom and gloom and your employees may be feeling the pinch or anxious about the changes in Government and ongoing economic factors. As a small business leader you must energise yourself - your energy and enthusiasm will transfer to your staff and ultimately your customers. Is it time to grow? We think yes! Your growth will renew and reenergise your business from top to bottom.
In order to grow you must analyse effective growth management strategies. It is key to sustain your operations whilst you continue to grow, develop and innovate. In relation to company goals you can analyse your production, finances and staff.
Growth is improving a company's success and can be measured by revenue, generating sales, or cost saving measures. Factors used to measure and attain growth will vary between companies. We will look at the basic important things to remember.
- Employees can play a vital part in attaining growth so hiring the right staff is essential. An effective growth strategy starts with employees who want to achieve your company goals.
- It is important redefine the managerial structure as a company grows which can involve redelegating tasks and reviewing processes and partnerships that you may have outgrown.
- Focus on your strengths: Consider capitalising on your USPs or things which benefit your target customers as you choose areas of your business to grow. These factors can be determined by use of data and analytics.
- Focus on your aim: It is important to define why and how you want to grow. You can set short, mid, and long-term goals to focus your efforts and asking yourself these questions:
- Growth Strategy Planning: You should consider running a SWOT analysis of your business and competitor / market analysis to determine what factors to include in your plan. Consider things such the market, the economy, demographics and competitors to determine where you can make changes.
- Intellectual Property: To ensure your company can continue to grow without outside threats from competitors it is important to ensure you have taken reasonable measures to own all of your IP – consider trademarking your name and logo and obtaining relevant patents for any unique products.
Do I have the capital and cashflow to expand?
Is my production effective?
Am I growing to become more profitable?
How quickly should I be growing my team?
Answering these questions and others may help you set SMART goals.
Finally, re-evaluate your plan consistently. You can do this monthly, quarterly or yearly depending on your growth plans. Assess which goals you have met and which ones you are still working on. Has anything in the market place changed? You will need to consider external factors and make any necessary adjustments to your plan based on new data.
You must lead from the front and create a positive mindset within your company, with growth comes a real feel good factor which will spread through every facet of your business – Let’s Go For Growth!
We are excited to invite you to our Business Masterclass on Managing Unexpected Growth on Wednesday 14th September.
The session will be delivered by Ricke Williams, Regional Ecosystem Manager, NatWest Business. Ricke has worked at NatWest for 15 years and has interviewed more than 13k customers including supporting H.M. Forces from our Holts Farnborough branch.
Join our Business Masterclass on Managing Unexpected Growth!
As we come to the last quarter of the year we tend to look at our next milestones, for us it’s closing out 2022 with a bang and planning our growth for 2023!
With the summer holidays drawing to a close It is important to look forward to the last quarter of the year and how you can make the most of it within your business. The news is full of doom and gloom and your employees may be feeling the pinch or anxious about the changes in Government and ongoing economic factors. As a small business leader you must energise yourself – your energy and enthusiasm will transfer to your staff and ultimately your customers. Is it time to grow? We think yes! Your growth will renew and reenergise your business from top to bottom.
