Key Steps for Growing Your Business

Key Steps for Growing Your Business

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From the neighborhood flower shop to the multi-national banking business, growth is the name of the game. If you are not putting plans into place to grow your business today chances are you won’t be around tomorrow. But making these plans, and knowing what kinds of steps to take, can be a tough one for many business owners.

One wrong step can lead that business down instead of up, and soon have them crashing to the ground. What are the best ways to make sure your business is on solid ground and growing steadily? Here are some tools and tips you may want to consider as you put your growth plan together for your own business.

Understand the Competition

You can’t outgrow your competition if you know nothing about them. One of the most important decisions you can make is to learn everything you can about anyone you consider in competition for the same customer base as you. This can be another company with the same product or it may be someone who is the top seller in a new niche you want to enter as part of your growth plan. Whatever they are and whatever the reason you consider them competition, understanding their sales strategy, and how they got there, will be key to your own ability to grow and compete.

Make a Lean Machine

If you want to outperform others in your same market niche, one of the things you will need to do is become more efficient. There are a variety of ways to do this, including investing in software programs such as Microsoft’s ERP platform Dynamics AX that simplifies daily operations for you.

With these types of programs, you can create a unified approach to growth by implementing structures and policies to grow your business dynamically. This will allow you to know how your sales teams and operations teams are managing, keep tabs on HR changes and still keep those goals in front of everyone for growth potential in each department.

 Unify Your Sales Approach

Chances are that if you have already decided it is time to grow your business you have also studied sales funnels as a tool for that growth. But are you utilizing this across the board with every aspect of your business?

If you only implement that sales funnel in one area, the sales department, then marketing and operations can’t support these changes for growth. Be sure that when you introduce a new sales funnel concept to your business that you have all the departments that will support this change on board as well.

Keep Communication Open

When a company is going through changes because of growth one of the things that often gets forgotten is the importance of keeping lines of communication open at all times. Managers must be able to communicate effectively to all of their teams what the new goals are, how everyone is expected to help them achieve them and what their role is in all of this.

Don’t leave players in the dark or they will move on to a business that they feel values their input. Communication is key when a company is in the midst of a growth cycle and that needs to include everyone.

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