I have heard business owners say that they don’t want to grow their business anymore because more sales will just mean more problems. But growth isn’t just sales.
As we have communicated over the years, we believe that there are just 4 ways to grow your business. So let’s review what the 4 ways are:
- Increase the number of customers of the type you want
- Increase the number of times customers come back
- Increase the average value of each sale
- Increase the effectiveness of each process in the business
I will agree the first 3 focus on sales. However, the 4th way to grow your business is often overlooked. Let’s step back a moment and look at the definition of “grow”. Online you can find that there are definitions such as “to increase in size” or “become more advanced or developed” or “to develop to maturity”. Now let’s explore how to grow a business, not in size, but by maturing, adapting and evolving.
- Communicate your vision for the business so that your team understands why the business does what it does and where it is going.
- Document systems and processes so that your team can deliver the customer experience, product or services in a consistent manner.
- Develop procedures so that the business is not dependent on you as the business owner.
- Implement a financial monitoring system so that you have information to make timely decisions.
- Have regular meetings with key people so that you get feedback on where the business needs to adapt and evolve.
- Invest in training in technical skills so that your people perform well.
- Mentor your team to develop leadership skills so that the business can run without you.
- Develop managers and supervisors to reduce the dependency on you.
- Build the soft skills for people management and emotional intelligence so that you build a team.
- Examine the impact of technology on your business and look for ways to improve efficiency.
- Embrace technological changes so that you deliver a better customer and team experience.
- Look for effective ways to communicate and work remotely so that you are ready for the next wave of COVID 19.
Growth does not have to mean more problems, more time, more stress for you, as the business owner. Sales growth can be handled more easily by those businesses which choose to also work on the 4th way to grow your business.
As profitability and growth advisors, we believe that your business needs to evolve and adapt to changes in the business environment, and in the process, create a business that thrives based on your goals and dreams. Contact us at www.thrivewithdavies.com to schedule a time to talk to us about your business goals.