05.07.2018 News

An Overview of Business Growth

Ask any business owner what their view of Business Growth is, and you will receive as many answers as there are days of the week. Anything from enhanced productivity to higher turnover, and from increased profit to taking on more staff.

Of course, they are all technically correct, but merely serve to illustrate that business growth strategies truly need to be bespoke to be relevant to your specific business.

But, first of all, in order to consider what the right strategy is for your business, your product or service, your sector and your client or customer base, you need to decide what you want from your business. Do you want it to be a “lifestyle” business, which simply funds your day-to-day needs and wants? Do you want to grow it to form a legacy that you can pass on to your children? Do you want to grow the business so that you can sell it for profit after a specific period of time?

Regardless of how you see your business growing, any development will bring certain challenges, and the wise solution to these is to combine strategic business guidance with specific service outsourcing solutions. In this regard, Charlesworth Business Growth Services can offer a wide range of complementary services, including credit control and accounting & HR functions, as well as potential finance, investment, design and strategic business support.

Whatever your end goal, each of these differing scenarios requires you to put in place a viable Business Plan. And, while there are a myriad of differing styles of business planning templates available to download from the Internet, they all have a few things in common.

Firstly, they should contain an executive summary of your business, its product or service, its market and its aims. Counter-intuitively, you would normally write this section at the end of drafting the plan, even though it would ordinarily appear at the start of the document.

Next, there would be comprehensive sections covering your Operational (including staffing models, their associated costs and flexibility), Financial and Sales/Marketing details and functions.

The business growth plan that you come up with should be used as a steadying guide, enabling you to plot a course through the ups and (inevitably) downs of running and growing your business. And remember, because there will be external circumstances that will affect your business, and over which you have no direct control, your business plan should be revisited and revised where necessary, and on a regular basis.

And don’t forget, both “business growth” and “business success” mean different things to different people, so your business strategy should be something that remains definable, achievable and measurable.

So, in summary, every business, no matter its starting point, should have a comprehensive, workable, practical business plan. This will help you clarify your thinking, as well as providing an effective guide to help you navigate your business to the point that you have defined as “business growth”.