1 / 40

Growing your Business

Growing your Business. Your business has been successful, and you are ready for the next step…. What now? Do I expand? You may decide to remain as you are, and not get bigger. Once you have decided to take the next step:.

fausta
Download Presentation

Growing your Business

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Growing your Business

  2. Your business has been successful, and you are ready for the next step….. • What now? Do I expand? • You may decide to remain as you are, and not get bigger

  3. Once you have decided to take the next step: • If you have decided that you wish to grow your business, there are a number of considerations to bear in mind when you start the process

  4. Considerations to bear in mind: • As your company shifts into growth mode it can be fun and exciting….. • But, it is not without its challenges and potential pitfalls…… • The secret is to anticipate them as much as possible – and proactively handle them, plan for them

  5. Challenges you may face as your business grows: • Managing cash flow • Finding and keeping the right team • Extending your brand can be expensive • Operational structures • Management may be required to step up a level • Quality control

  6. Don’t be caught unprepared for a sudden growth spurt: • Organisations that have not planned for growth often find themselves over-burdened and under-resourced when a sudden growth spurt occurs

  7. Don’t be caught unprepared for a sudden growth spurt: • This could end up with dire consequences, even the closing of your business

  8. Don’t be caught unprepared for a sudden growth spurt: • Even if you are not anticipating growth, it is preferable to plan for it so that you are not caught unprepared when it does happen

  9. Myriad of ways to plan: • There are plenty of ways to plan for the expansion your business • Which route you take will depend on the nature of your business

  10. Fundamental attributes for successful growth: • There are some • fundamental attributes for successful growth that apply across the board

  11. Attributes for successful growth: • Being forward thinking and well resourced • Being innovative and having a customer focused culture • Having advanced business processes • An ability to learn and change

  12. Be forward thinking and well resourced: • Think strategically • Visionary • Leadership • Have a strong asset • base

  13. Strategic thinking and planning: • Do you have a growth strategy? • Develop a “roadmap” for growth which sets out the future direction of your company with clear goals and targets

  14. Strategic thinking and planning : • Conduct a S.W.O.T analysis • Identify risk • Implement planning and procedures to mitigate identified risk factors

  15. Visionary Leadership: • Are leaders in your organisation seen as a source of inspiration motivation and challenge?

  16. Visionary Leadership: • Ten basic skills of outstanding leadership: Integrity Vision/strategy Communication Relationship Persuasion Adaptability Teamwork Coaching and Development Decision-making Planning

  17. Core Values and principles: • Identify the company’s value’s and beliefs • Create a culture within the team, a unified mission for the business which the team is passionate about

  18. A strong team: • You may need to hire new employees – and good • ones at that • • Staying safe and legal – managing payroll and • human resources effectively

  19. Strong Asset Base: • Is there a resilient financial position which gives you freedom to act and compete? • Will physical assets support growth ? • Plan on how to allocate resources

  20. Finances: • Control your budget • • Plan cash flow so that you are not over burdened or compromised • Be prepared to incur additional costs and overheads

  21. Financial Records and Management Accounts: • Ensure that up to date financial records and • management accounts are available on a regular • basis

  22. Physical assets: • Will physical assets support growth ?

  23. Have a Leading edge Business Culture: • Is there an entrepreneurial culture? • Are new ideas rewarded and encouraged? • Market research – do you keep up with developments and best practice in the market? • Are you customer focused?

  24. Entrepreneurial culture: • Develop new channels of opportunity • • Maximise the company’s niche, and possibly expand into a new one

  25. Innovation: • In business and economics, innovation is the catalyst to growth

  26. Market knowledge and research: • Find new ways to improve awareness and demand • Market research and development ties in with innovation strategies

  27. Expanding your brand: • There is an expectation of professionalism and sophistication as you expand • When expanding your brand – don’t underestimate the costs involved

  28. Customer Focus: • The simplest way to grow is to focus on your current customer base and adapt your business’s offerings to meet their changing needs

  29. Customer Focused: • Enhance customer or client experience • • Improve sales techniques

  30. Have Leading Edge Business Processes: • Technology and IT • Corporate responsibility • Active Networking • Operational structure and administration • Management • Supply chain management

  31. Technology and IT: • Get efficient through technology • IT systems and networks

  32. Corporate Responsibility: • A growing business needs to become aware of social and environmental issues • Develop policies and implement them around greening your business

  33. Networking: • Develop a referral network • It works, does not cost much • Get on the social media bandwagon • Be very clear about what you offer

  34. Operational structure: • Operational systems need to be in place • Policies need to put into place – social media, expense policy, annual leave policy

  35. Administration: • Ensure your organisation is ready to handle increased demands on administration

  36. Management steps up a level: • Delegate and outsource the additional administrative functions necessary when you grow • Develop leadership and management skills • .

  37. Supply Chain Management: • Develop strategic partnerships with suppliers, distributors and customers creating communication channels for critical information and operational improvements

  38. Have a well developed ability to Learn and Change: • Ability to manage change • A culture of continuous improvement

  39. Summary: • Measure and analyse your current status • Get efficient through technology • Enhance the customer experience • Create a culture in your organisation • Develop and ability to adapt and change

  40. Presented by: Name of presenter: Position in firm: Firm name: Disclaimer- Whilst every care has been taken in the compilation of this seminar, presentation and handouts, no responsibility of any nature whatsoever shall be accepted for any inaccuracies, errors or omissions, nor for the accuracy of any information contained in the seminar handouts.

More Related