Now is the time to start reviewing your growth strategies to increase revenue and market share. Here, we explore some great ideas you can apply to your business to help drive revenue and profits.
Business strategy development
The first step in developing a high growth business mindset is to write a business plan and be disciplined enough to stick to the plan. Although it might seem that taking time to develop a plan helps give the business focus and allows the business owner to stand back from the business and take stock of the opportunities the business has and how to take advantage of these opportunities.
It’s a good idea to involve a third party in the business planning process. This person can act as devil’s advocate during the planning process, question ideas and the direction of the business, which can be an invaluable perspective. The idea is to work with a business strategist who can guide you through the business planning process and help keep you on track.
Start the planning process by referring back to your mission and vision statement for the business. This will help you focus on why you’re in business in the first place. It can also help you avoid going down a path that takes you away from your core skills. For example, let’s say you run a local restaurant with a reputation for serving delicious, fresh meals. You might find that recently the take away side of the business has expanded and you haven’t focused so much on providing patrons with the amazing dining experience for which you used to be famed. By recognising this and then putting in place steps to attract diners back to the restaurant – for example by offering a complimentary glass of wine with dinner or two-for-one deals on non-peak nights like Tuesday and Wednesday – you are returning to the business’s core purpose while also helping drive revenue.
Once you have focused on why you are in business in the first place you can then start the planning process. When you do this make sure you consider:
- Market research that needs to be done to ascertain the viability of new business initiatives, including competitor research.
- Revenue targets, taking into consideration any new markets and products you wish to respectively enter and launch.
- Actions that need to be taken to meet revenue targets – for example marketing initiatives as well as the cost of these initiatives and how they will impact margins.
- Who will be responsible for taking the actions the business plan comprises.
- The process that needs to be in place for monitoring activities and results the business plan delivers.
Always remember the business plan is a living document. It should be regularly consulted and changed. This procedure can form part of the sales process itself, with the idea being to refer to the business plan during sales meetings to see whether goals set out in the plan are being met and how the business plan needs to change to reflect current business conditions. For example, if one of your competitors goes out of business you will need to consider how you can exploit this opportunity and this change in the business environment should be reflected in the business plan.
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