Business Innovation & Growth Acceleration
Business Innovation & Growth Acceleration          

        4 Areas To Consider When Planning For Business Growth

The most successful companies possess strong teams, empowered leaders and functional expertise at both a Strategic and Tactical level. Misdirection of priorities and resources by business leaders often creates barriers which prevent growth. As a business leader there are specific steps which you can take, if you are serious about creating continued business success and growth.

If you want to grow your business, there’s a complex process that you must undertake to ensure success.

This involves:

 

  • Analysing the current situation.
     
  • Defining and quantifying realistic objectives.
     
  • Developing your strategy.
     
  • Implementing short-term tactics/tools.
     
  • Integrating offline media communications.
     
  • Implementing long-term tactics/actions.

 

However, to realise your success involves overcoming a variety of challenges. These fall into four distinct categories:

 

Business challenges: for example
 

  • How to create a strategy that achieves sustainable business growth.
     
  • Creating an agile business.
     
  • Problematic business planning and execution.

 

Marketing challenges: for example
 

  • Developing and executing a proper marketing strategy.
     
  • Reducing customer acquisition cost and improving marketing ROI.
     
  • Correctly positioning company to create growth opportunities.

 

Sales challenges: for example
 

  • Improving lead generation and sales conversion rates.
     
  • Creating upselling opportunities.
     
  • Creating a strong sales pipeline and sales development process.

 

Financial and Operational challenges: for example
 

  • Difficulty with forward business planning.
     
  • Strengthening internal controls, systems and processes.
     
  • Improving productivity and profitability

The problem is that SMEs, which have limited resources and personnel, lack skills sets in each of these four areas. According to a recent YouGov survey, 33% of SME decision makers believe that a skills shortage may restrict future business growth over the next 12 months.

 

In addition, 71% said they had no long-term strategy in place for their business. Considering that SMEs make-up 99% of all UK businesses, this is a big problem for our economy.​ However, even if the skilled people were available, it doesn’t necessarily mean that SMEs can afford to hire them.

 

Companies need to be a certain size before they can justify certain positions, such as a Management Accountant. Providing valuable insight into your business, and helping to forecast, this position is essential to help plan your growth. However, it’s a position that commands a high salary, and for SMEs, often there isn’t enough work to fill a full-time position, which is why they end up going without.

 

But without in-depth knowledge and skills in all areas of your business, your strategy will always be floored. In our experience, this results in an organisation that is driven by one area, usually sales, which can have knock-on effects for your company’s longevity 

 

So how can you plug the skills gaps to minimise your business risk and maximise your growth potential?

 

Plugging Skills Gap

 

Ultimate business success relies on getting the right people into the right places for the right results. To do this, there are three key strategies that you can employ: 

 

Recruitment

 

As well as being a costly process, in-house recruitment involves a lot of your time, searching and securing the right candidate. According to research by Oxford Economics, published in HR Review, it costs £30,614 to hire a new employee, and 24 weeks for them to reach optimum productivity; but even then there’s no guarantee that things will work out.

 

Training

 

Alternatively, you can look to train new or existing employees to fill the skill sets your business lacks. We offer a range of courses for marketing, sales and business management, that are highly affordable and designed to have an immediate and positive impact on your business. Delivered by fully qualified members of professional bodies, such as The Chartered Institute of Marketing and The Association of Chartered Certified Accountants, we bring the perfect blend of theory, real-life examples and applications.

 

Outsourcing

 

Finally, if you don’t have the capacity to do it yourself, or want to risk a costly mistake if you hire the wrong person, why not outsource to leverage the skills and knowledge of the industry experts ? Taking this strategy means you get the best qualified experts at an affordable price, which enables you to save money, focus on your core business, improve quality and increase your operational efficiency.

 

Start The Partnership Now & Ensure Your Success 

 

The most successful companies possess strong teams, empowered leaders and functional expertise at both a strategic and tactical level. With over 25 years’ experience in senior leadership roles, we possess strong, in-depth knowledge and skills across all areas of your business, which is why we want to work in partnership with you to plug your skills gaps and ensure your success.

 

As your business partner, we are as invested in your business as you are, which is why we guarantee results, while promising to be affordable and transparent at all times.

 

 

TAILORED BUSINESS GROWTH SOLUTIONS

AS CEO WHAT ARE YOU DOING TO ENSURE YOUR 2017 BUSINESS GROWTH & SUCCESS?

FREE Strategy Self-Assessment

For a limited period only, we are offering SME CEO's the opportunity of a FREE Business Strategy Deep Dive & Self Assessment which will help you to determine if your business is correctly structured and positioned to create sustained business growth in 2017. 

Business Growth Experts 

Get Your Password For The FREE
     Business Growth Strategy
   Deep Dive & Self-Assessment

Try our FREE 30 minutes telephone consultation  

 

Contact us to pre-book your free consultation appointment today!

Our Market Sector Expertise

Biz Strategy 365 Media

Get Social With Us

Print Print | Sitemap Recommend this page Recommend this page
© Biz Strategy 365 Ltd