Every entrepreneur starts with a dream: a fantastic product or service that fills a need. But what happens when you’ve achieved that initial success? Your business is steady, sales are good, but a nagging question lingers: is this “good” enough? You need a business growth strategy.
Building a Business Growth Strategy
Great businesses aren’t built on luck or happenstance. They’re fueled by a strategic vision that propels them beyond simply offering good products or services.
This strategy becomes your roadmap to achieving your personal and business goals, whether that’s doubling revenue, freeing up your time, or eventually selling your company for a profit. Here is how you can take your business from “good” to “great”.
Schedule Strategic Thinking Time
As a busy business owner, getting caught in the day-to-day grind is easy. But for true growth, you need to shift your focus from in the business to on the business. Jim Collins, author of “Good to Great,” emphasises this concept: “Great companies are not a function of circumstance…they’re largely a matter of conscious choice and discipline.”
Our advice: block out dedicated time each month for strategic planning.
Here, you’ll define your goals, set key performance indicators (KPIs) to track progress, and outline actionable steps to achieve them. Regularly review your progress and adapt your strategy as needed.
Critical Non-Essentials: The X-Factor of Growth
A solid foundation of good products and services is crucial, but it’s not the only ingredient for success. The secret weapon of great businesses lies in their critical non-essentials. These are unique differentiators that set you apart from the competition and keep customers coming back for more.
To demonstrate this, we share the story of a plumber who consistently delivered excellent service, but business remained steady. One day, he was running late, on his way to a ball and rushed to a job in his tuxedo.
His next customer was disappointed when he turned up in his normal work clothes, expecting the same tuxedo and excellent service, so the plumber changed his uniform to a tuxedo. News spread, customers loved the story, and his business boomed. This “critical non-essential” – the tuxedo – became his unique differentiator.
Identify your “critical non-essential.” It could be exceptional customer service, a unique brand experience, or a commitment to sustainability. Leverage this to stand out and fuel organic growth through word-of-mouth marketing.
Financial Mastery: Fueling Your Growth Engine
Understanding your finances is critical for any business growth strategy. In essence, financial mastery empowers you to make strategic decisions with confidence, maximising the impact of your growth initiatives and steering your business towards long-term success.
Financial mastery helps inform your business growth strategy and:
- Identify areas for improvement: Analyse your financials to pinpoint bottlenecks or opportunities for cost reduction.
- Make data-driven decisions: Invest in growth initiatives with confidence, knowing you have a clear picture of your financial health.
- Free up time for strategic thinking: By streamlining your finances, you gain valuable time to focus on growth strategies.
Taking the Next Step to Business Growth
A well-defined business growth strategy is the key to unlocking your company’s full potential. By focusing on strategic planning, critical non-essentials, and financial mastery, you can move beyond “good” and propel your business towards true greatness.
Ready to craft your winning growth strategy? Our Ascentis Business Club helps leaders carve time for the tasks that make the biggest impact. To learn more, book a discovery call today.