Growing your business is always important – even if you’re not looking to expand at the current moment in time, recognising the opportunities you have for growth and ensuring you are well placed to exploit them when the correct time comes is important for your long term success.
Today we’re taking a look at some strategies that your business might consider when it’s making its plans for future growth, to ensure it’s ready when the time comes.
The first thing you might want to look into is expert help. Growing a business is a specialism in itself – and one you might not have time to develop as you’re busy managing the business day to day.
Recognising good opportunities and bad ones, selecting the right growth model for your aims, and saving or finding funding for expansion are all unfamiliar challenges to someone specialising in their industry, rather than serial entrepreneurship.
Business growth consulting can help you make the specific plans that are right for you, and educate you about the principles that’ll underline your decision-making on growth going forward. If you look in London strategy consulting firms are plentiful – it’s a great place to start.
Define Your Objectives
It’s always helpful to know what you want, in any walk of life, and no less in the world of business. There are lots of different ways for businesses to grow and succeed, and they can vary a lot. People talk a lot about business growth (‘scaling’) as the ultimate goal in and of itself, but if your ambitions don’t tend towards world domination (or at least, domination in your field), then it’s not the route you want to focus on.
If you’re running a local hairdressers, then business growth looks like adding new techniques and services to stay relevant, adding customers at a modest rate and retaining, and potentially moving to larger premises when it’s necessary. It doesn’t necessarily mean attempting to expand into a countrywide franchise.
When you’re thinking about growth, think about what you want for your business in the long term – and the sort of growth that your business model demands. A tech startup cannot grow like a local hairdresser. A shoe manufacturer doesn’t work like a tech start up. And all of these industries have different options for growth depending on what you want out of the experience of running a business. Some growth opportunities make a business more corporate – if you don’t want to risk reducing your chances of actually working in the field, then some options are not for you. Seeking funding in certain ways corporatises your business, and would see you spending more time balancing the interests of board members, partners and investors, more than specialising in selling shoes or cutting hair.
If you know what you want, and have the expert help to steer you, you’ll be able to set strategies for growth that will be successful for you and your business well into the future.