Growing your Business

Your business has been successful, and you are ready for the next step….. What now? Do I expand? You may decide to remain as you are, and not get bigger

If you have decided that you wish to grow your business, there are a number of considerations to bear in mind when you start the process Once you have decided to take the next step:

Considerations to bear in mind : As your company shifts into growth mode it can be fun and exciting….. But, it is not without its challenges and potential pitfalls…… The secret is to anticipate them as much as possible – and proactively handle them, plan for them

Challenges you may face as your business grows: Managing cash flow Finding and keeping the right team Extending your brand can be expensive Operational structures Management may be required to step up a level Quality control

Don’t be caught unprepared for a sudden growth spurt : Organisations that have not planned for growth often find themselves over-burdened and under- resourced when a sudden growth spurt occurs

Don’t be caught unprepared for a sudden growth spurt : This could end up with dire consequences, even the closing of your business

Don’t be caught unprepared for a sudden growth spurt: Even if you are not anticipating growth, it is preferable to plan for it so that you are not caught unprepared when it does happen

Myriad of ways to plan : There are plenty of ways to plan for the expansion your business Which route you take will depend on the nature of your business

Fundamental attributes for successful growth : There are some fundamental attributes for successful growth that apply across the board

Attributes for successful growth: Being forward thinking and well resourced Being innovative and having a customer focused culture Having advanced business processes An ability to learn and change

Be forward thinking and well resourced : Think strategically Visionary Leadership Have a strong asset base

Strategic thinking and planning: Do you have a growth strategy? Develop a “roadmap” for growth which sets out the future direction of your company with clear goals and targets

Strategic thinking and planning : Conduct a S.W.O.T analysis Identify risk Implement planning and procedures to mitigate identified risk factors

Visionary Leadership: Are leaders in your organisation seen as a source of inspiration motivation and challenge?

Visionary Leadership: Ten basic skills of outstanding leadership: Integrity Vision/strategy Communication Relationship Persuasion Adaptability Teamwork Coaching and Development Decision-making Planning

Core Values and principles : Identify the company’s value’s and beliefs Create a culture within the team, a unified mission for the business which the team is passionate about

A strong team : You may need to hire new employees – and good ones at that Staying safe and legal – managing payroll and human resources effectively

Strong Asset Base : Is there a resilient financial position which gives you freedom to act and compete? Will physical assets support growth ? Plan on how to allocate resources

Finance s : Control your budget Plan cash flow so that you are not over burdened or compromised Be prepared to incur additional costs and overheads

Financial Records and Management Accounts: Ensure that up to date financial records and management accounts are available on a regular basis

Physical assets: Will physical assets support growth ?

Have a Leading edge Business Culture : Is there an entrepreneurial culture? Are new ideas rewarded and encouraged? Market research – do you keep up with developments and best practice in the market? Are you customer focused?

Entrepreneurial culture: Develop new channels of opportunity Maximise the company’s niche, and possibly expand into a new one

Innovation : In business and economics, innovation is the catalyst to growth

Market knowledge and research: Find new ways to improve awareness and demand Market research and development ties in with innovation strategies

Expanding your brand: There is an expectation of professionalism and sophistication as you expand When expanding your brand – don’t underestimate the costs involved

Customer Focus: The simplest way to grow is to focus on your current customer base and adapt your business’s offerings to meet their changing needs

Customer Focused : Enhance customer or client experience Improve sales techniques

Have Leading Edge Business Processes: Technology and IT Corporate responsibility Active Networking Operational structure and administration Management Supply chain management

Technology and IT: Get efficient through technology IT systems and networks

Corporate Responsibility: A growing business needs to become aware of social and environmental issues Develop policies and implement them around greening your business

Networking: Develop a referral network It works, does not cost much Get on the social media bandwagon Be very clear about what you offer

Operational structure : Operational systems need to be in place Policies need to put into place – social media, expense policy, annual leave policy

Administration : Ensure your organisation is ready to handle increased demands on administration

Management steps up a level :. Delegate and outsource the additional administrative functions necessary when you grow Develop leadership and management skills

Supply Chain Management: Develop strategic partnerships with suppliers, distributors and customers creating communication channels for critical information and operational improvements

Have a well developed ability to Learn and Change: Ability to manage change A culture of continuous improvement

Summary : Measure and analyse your current status Get efficient through technology Enhance the customer experience Create a culture in your organisation Develop and ability to adapt and change

Presented by : Name of presenter: Position in firm: Firm name: Disclaimer- Whilst every care has been taken in the compilation of this seminar, presentation and handouts, no responsibility of any nature whatsoever shall be accepted for any inaccuracies, errors or omissions, nor for the accuracy of any information contained in the seminar handouts.