Whether you are at the helm of a start-up looking to grow, or a much bigger organisation seeking ways to optimise current operations, you should never underestimate the power of the right business growth strategies. After all, if there’s one thing that can be said about business, it’s that business is always evolving.
There’s always new development to be done, particularly since shocking statistics show that almost 60% of businesses fail within the first three years of their establishment; businesses must be constantly growing, evolving and thriving to stay ahead of the curve.
Fortunately, we have some advice on developing sound business growth strategies that will support your efforts to achieve longevity andsuccess for your business. Read on for more insight.
Focus on what’s stopping your growth
Focusing on the negatives of your business might seem counterintuitive when it comes to putting in place the foundations for growth – but of course, it shouldn’t feel that way. Every business will have certain obstacles in its way as it seeks to achieve continued growth, and those obstacles need to be acknowledged and tackled.
Does your organisation, for instance, presently have a poorly suited pricing structure in light of the needs and expectations of your target customers and your own profit objectives? Is your team badly organised or inadequately equipped for what it is expected to accomplish? What about your tax planning? These are all essential issues to consider when deliberating over how you can redirect or refine your business growth strategy.
By addressing these challenges as your first step, you can pave the way for overcoming them when building on your own organisation’s business growth strategy. Businesses must always start somewhere, and we advise starting with the difficult stuff first!
Understand your customer demographic
Whether you run a restaurant or operate as an independent plumber, every business has a key customer demographic. In order to know how to grow your business, you must know and understand this demographic intimately.
Consistently satisfying the demands of your client base will be one of the best possible steps to ensuring your continued growth in the future. Failure to do so can lead to detrimental consequences for your business, as your customers or clients will be at the heart of all that you do – for good or ill.
Bear in mind that as your business grows, your customers will also age, so it’s important for your business to factor this into its growth strategy. Make sure you’re always ready to adapt to the changing times, and the evolving requirements of your target clients or customers.
Make sure you have a well-rounded, unique USP
You might be wondering, what is my business USP? Your USP stands for the unique selling proposition for your business; how is your product or service superior to your competitors, and why should consumers purchase from you instead of a rival?
A well-rounded and distinctive USP will help your business to survive in its market for the long term. When your business is strong in this regard, customers are much less likely to tire of your products or services over time, as there will always be something about your business that differentiates it from competitors.
Once you understand your customer demographic well, devising the right USP will be much more straightforward. Whether it’s an accessible price point or a revolutionary feature, or even your company’s extraordinary ethos, you need to focus on a USP that attracts the right customers in good numbers.
A long-term strategy centres on funding
Without funding – the money that pays for the development of your services, and the wages of your employees – your business is sure to fail. Therefore, reliable funding should remain at the centre of your business growth strategy.
It is worthwhile to seek out viable investment opportunities, with shareholders who offer significant and profitable avenues of investment in the long term. A constant flow of money into your business won’t necessarily only come from customers, as shareholders and investors can make vital contributions.
All in all, make sure you place dependable funding close to the core of your business growth strategy, as it really is the foundation that makes all future evolution possible.
Don’t hesitate to seek out an experienced advisor
Professional business strategic advisors, such as those on our team at Practical CFO, are well-versed in the funding and growth aspects of companies. Growing a business isn’t the easiest job in the world, but it will be made a whole lot easier when you have the assistance and advice of talented professionals who have designed successful business growth strategies in the past.
Some business owners are shy about seeking out the advice and guidance of other experienced people, concerned that it reflects a lack of knowledge or expertise, but this isn’t the case at all!
If anything, seeking out a seasoned advisor regarding business growth shows your intelligence and practical prowess in business; you’ve recognised a flaw in your business knowledge that needs to be rectified, and you have taken decisive action to address the issue. Being decisive, and implementing a clear course of action, are skills all business owners and decision-makers should hone to perfection.
When you take on professional advisors, they should be as dedicated to helping your business reach its full potential as you are. When they go above and beyond for you, as our advisors can here at Practical CFO, that’s when you will know you have made the right decision – so please don’t hesitate to contact us today for further information.