Business Growth

Great read @Amanda Haynes 

To me it all starts with an effective strategic plan. Then you have a guideline to follow, if it's in place and working well, you know the things you expect from yourself and others will be in alignment with that. By the time you aim to go away... you know that the strategic plan has proven itself and your people are simply going through exceptional motions to do what they do, if there's a hiccup then it will show up fast and it will be solved. Here's an example.

You are away and an issue comes up witha key supplier, they are contracted to supply an item vital to production, they know you are away, and one of their team let things slide to give them some slack so rush out product for a new client. Your team doesn't know that but they know what to do. They call and chat about the issue, working on your key value of respect, everyone know the organsiations stance on that and follows it, it includes all stakeholders. Before long someone higher up in the organisation spots your team has an issue and knows that they need to take positive action. Hiccup attended to, and pursued until a resolution is achieved. Tey may be able to suply more often but in smaller amounts so you can keep going.

Anyything that happens along the way will be readily dealt with due to the team knowing they need to find effective and elegant answers asap. They have an intimate appreciation of the way things are done and how they can be solved.

Best overall example I saw was a guy and his wife who ran a business, he wanted more time, so he weaned himself off the business a half day at a time, to the staff it looked like he was out chatting with clients. Nope he was having some very well earned ME time. His wife took different times off. After a while they both took off a half week here and there and built up.

Along teh way he and his wife figured out the issues they could deal with from afar and plugged up the holes for any other issues that would come up operationally.

Each business will have differeing needs for what they need to develop for smooth systems, policies and procedures.

First, clarify your vision of what you're aiming to achieve. Is it 50% growth per year or 500%? Does your business need higher profit margins to solve cash flow challenges or higher revenue?

With a clear vision I then recommend engaging the employees to form a team with weekly meetings to update them on progress towards achieving your vision and goals.

Next, find out your current position and starting point by measuring the 3 areas of a business...

1. Sales (number of leads each week and income of new sales)
2. Productivity (measured by the dollar value of work in progress)
3. Cash banked

These 3 areas show progress and the need to hire more people, before you get too busy.

From measuring these areas you'll find opportunities for improvement and weaknesses that hold the business back. These relate to roles so that leads to the need for systems. Especially job descriptions so each employee is accountable for their role and they have a KPI or two assigned to their role to hit weekly or monthly.

With that in place you have a team that will perform and do their job, which frees up the owner to focus on growth strategies and working more on the business.

That introduces more sales and marketing strategies as the next step.

By now the business will be growing fast, in control and be cashed up so it can grow by multiple millions in revenue, year after year.

Now the expansion plan where you (the owner) works less hours or days each week and the business grows without you under management. 

That's a 7-step recipe (if you count them) to rapid growth.

I've applied it to over 400 businesses in the last 18 years and seen clients grow from $1.5M and stagnant to $50M and operating in 4 countries in 6 years. 

Follow the 7-step grow recipe and its an enjoyable, stress free ride to prosperity and freedom. 

great article, i really enjoy this. Thanks for sharing