As an entrepreneur, CEO or business owner, your work is your lifeblood. Yet as your organisation responds to an ever changing landscape, substantial growth can seem harder to realise and a tendency to mitigate scenarios with knee jerk reactions can prevail.
Introducing logical and methodical frameworks around which you can focus your team will enable your business to design and implement an effective strategic plan for growth. Below we’ve highlighted four of the most impactful areas businesses can work on to achieve their goals.
1. Cultural gains
Most business leaders are aware of the importance of workplace Culture and how it can impact on employee attraction and retention. However, what’s less well known is that Culture is a strategic asset, and if consciously integrated into your business model it can accelerate sustainable growth and build value.
For a snapshot of where your business Culture is today download our interactive document.
2. Asset creation
Within most businesses is at least one asset that is being given away instead of used as an asset to grow their business. For example, an IT support company producing a 20 page report analysing where a company can make efficiencies, increase security and maximise utilisation as part of their pitch process. Instead of giving this away, simply marketing this as a valuable piece of information in its own right adds another saleable element to their product mix and more often than not, providing a well thought through introduction that leads on to further, ongoing business.
Auditing your systems, processes and existing product/service will provide you with opportunities to expand on your offering and/or increase profit without increasing workload.
3. Resource mix
The reality is that most people in most roles don’t use their time as effectively as they could. For example, sales people who spend too much time doing admin and not enough talking to prospects, companies who don’t have enough responsibility sitting in the chain of command which results in the CEO having to sign off all expenditure rather than spending time on strategy. And then there’s duplication of activities within one organisation, often within one office!
Acknowledging the current resource mix and getting it right across the business will create the right profit mix by delivering efficiencies and aiding forecasting.
4. Exit planning
Although this is the final section of the article, exit planning shouldn’t be left to one side until you actually want to exit your business, not if you want to maximise your hard work, effort and investment over the years.
Whether you’re handing over the reins of a family business to the next generation, considering a MBO or selling the entire kit and caboodle as part of a merger, your exit strategy needs to be in place at least 18 – 24 months before to ensure you receive what you need to deliver the funds required for your next investment or well earned retirement.
Download our eGuide which includes the 10 key steps you should be taking now.
If you’re interested in expanding your business toolkit and finding out more about our business growth strategies, email email@example.com, call 0800 878 9500 or complete this form and one of our team will be in touch soon.
In addition, it may help with implentation of any of these strategies to learn how to shift your communication style from instructional to coaching, so you may want to attend our Coaching Skills Masterclass, click here to find out more.