Business Growth / 15 posts found
Successfully scale up your business
There are three fundamentals to successfully scale up your business: having a clear organisation structure, having comprehensive systems, and developing great leadership. Heard the quote, “What got you here won’t get you there”? These are wise words (and the title of a book you should read!) are from Marshall Goldsmith. Choosing to scale your business does not come without risk! Many leaders focus on their systems and teams when looking to scale, which is important, but they must also focus on scaling themselves. Looking for some more in-depth help? Check out our 7 Ways to Grow webinar on 30th March [...]
Managing change in your business
Successfully implement change in your business Research by Kotter International found that more than 70% of change projects within a business fail. Why is this? The research findings show that employee engagement is the biggest factor. Whether it is a small change to one or two processes, or a company-wide change, it's common for staff to feel intimidated by it. So what can you do for successful implementation of change? Here are the principals from Kotter’s 8-Step Program: 1. Get the team onboard Build support and create momentum behind the changes you are making by communicating the benefits with the [...]
A strong strategy is the heart of your successful business
Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions. Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with a clear purpose. Few businesses have a strategic plan or a robust planning process. Changing this situation should be a top priority! Here are two top tips for business owners. Process Creates the Plan Getting strategy at the heart of your success will require you to carve out some time, get a process [...]
Understanding your working capital to maintain business success
If cashflow is the lifeblood of your business, then working capital is the health check you should regularly undertake to keep your business alive. Regularly checking working capital will play an essential part in maintaining business success during these times of greater economic insecurity.
Create a one-page business plan
To make a success of your business, you’re going to need a robust business plan - particularly as we face challenging times. With a one-page business plan behind you, the company has a real sense of strategic direction and a set of core goals to refer to and track against. But what are the key elements to include in your one-pager business plan? We’ve listed some of the foundational areas to cover, so there’s real purpose behind your return to trading. What to include in your business plan Lots of online resources will suggest that a business plan is an [...]
Understanding your revenue drivers
For your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your revenue levels will be. But what actually drives these revenue levels? And how do you get in control of these drivers? Knowing where your cash is coming from is more crucial than ever As a trading company, you face the multiple challenges of a global recession, an increase in online [...]
Reinventing your product and service offering post-Covid
During times of crisis, we’re forced to reinvent the way we work and what we work on to remain sustainable. From technology adoption to product innovation and blowing up stale processes, a crisis forces us to start with a fresh page and plan for a better, more resilient business. Four ways to reinvent your business post-Covid: 1. Innovate. Defined as ‘the introduction of new things, ideas or ways of doing something’. What new behaviours or needs exist in your target market and how can you create a new product or service to meet these needs?2. Re-engineer. How can you change and improve [...]
8K – Hub and Spoke
Today is the final day on the 8 Key Drivers of Business Value! If you’re a business owner working too many hours a day, too many days a week, then this driver will apply to you – Hub and Spoke. If you imagine a spoked wheel, every piece of the wheel is tied to the centre. As a business owner, you make up the hub of the business, with every individual piece being tied directly to you. Hub and Spoke is down to how dependant your business is on you personally. If your customers are coming to you for everything [...]
8K – Customer Satisfaction
We’ve hit week 7 on the 8 Key Drivers of Business Value! An easy but often overlooked concept for this week – Customer Satisfaction A lot of businesses tend to shy away from asking their customers how satisfied they are – probably because they’re scared of what the results might be. But is that really a good way to run your business? “You can only manage what you measure” is a popular phrase around our office, but it’s applicable in this case too. A very popular indicator of customer satisfaction is the Net Promoter Score, which asks two questions: How [...]
8K – Monopoly Control
Onto week six of the 8 Key Drivers of Business Value – Monopoly Control And no, we’re not talking about the board game, and neither are we suggesting the sort of monopoly the likes of big energy companies or Microsoft have. The important things here are how well you hold onto your niche, and what makes your business unique. This fundamentally comes down to two main questions: What makes your business unique? Do your customers care? If you can satisfactorily answer both of these, you’re well on your way to something special. The plus side? You’ll have more control over [...]