What Is Business Growth And How Can My Small Business Achieve It?
October 1, 2020
Business growth is surely the aim of every business owner, small or large. After all, you don’t set up a business with the aim of keeping it stagnant for years! You want to expand, reach new customers, innovate in your sector, the list goes on! But, knowing exactly what business growth entails and how you can manage it can be tricky. This is especially true of small businesses and those who are just starting out. So, in today’s blog post we’ll be looking to answer the question of what is business growth, really? Furthermore, we’ll also be showing you some tips, tricks, and ideas for how you can help your company achieve it. There’s no one size fits all strategy when it comes to growth, but there are some universal ideas that can be applied to most small businesses that are looking to grow in some way. Does this sound intriguing? Then keep on reading to find out more about this topic!
What is business growth?
Now, there’s not really one set definition when it comes to answering this question. Growth looks different for everyone, and it can depend on a whole host of different factors. Having said this, it basically comes down to one definition. This is improving the success of your business in some aspect. This could be increasing the number of units you sell, making more profit, expanding your team, or something else. Business growth isn’t always just about the bottom line. There are so many facets to your business, it would be too simplistic to say this.
Sales and profits are, of course, important to any company and an increase in them is likely to feature in any period of growth. But, it can be said that other factors are just as important. For example, it doesn’t make a difference if you’re making a profit but can’t retain any of your staff. You can get to the point where business growth occurs through a variety of means. It may be a natural progression, or it may have been a clearly defined goal that you have worked towards in a structured way.
So, when it comes to the question of, what is business growth?, there’s no clear cut answer. What it means for each business will be different, because each small business owner measures success, and by extension growth, in a different way. Whatever it is, sustained growth takes hard work, planning, time, and resources to keep up. It’s not an easy ride, but the results can far outweigh this when you see your business thriving in places where it wasn’t before!
How can my small business achieve it?
How you and your business can achieve growth depends on your answer to what is business growth to you? If it’s simply increasing profits then your strategy will probably be a bit different to an organisation that wants to expand into a new market, or perhaps increase their number of employees. Don’t forget that there are lots of markers to growth, and some companies will have some without others. For example, your revenue can go up without your customer numbers increasing. Having said that, there are a few tips that can help guide you when it comes to small business growth. Here are a few of ours:
When it comes to basically anything in business, planning is your friend. You probably don’t want to go out into the unknown without thinking carefully about where you’re heading. You may already have a comprehensive business plan that you can use to guide yourself along your growth journey. But if not, or your plan needs some rearranging to work more effectively, get to it!
This is probably the most important step. Having a secure plan to follow will help you avoid wasting time, money and resources. It will be there to guide you when you feel yourself going off track. It will point you in the right direction of where to go next. A good business plan will be there to answer all of your questions, and will make the question of what is business growth to you far more clear if you need to pinpoint it down. No business is too big or small for a comprehensive plan. The more you think about now, the easier things will become in the future. And why wouldn’t you want that?
When running any sort of organisation, big or small, hopefully you know that there truly is no shame in reaching out for help. As a small company owner, you’ll be used to wearing several ‘hats’ at once, and trying to get everything done on your own. But, owning a company is a learning curve, and you’ve probably already learned that this just can’t be done. You need to stick to what you do best, and get help or outsource the rest. This will enable your business to run much more smoothly and effectively, and reduce your stress and workload too.
If your strengths are business growth, then that’s great! You probably don’t need any support, and your business will still keep on growing nicely. However, you probably didn’t start up your company as an expert in this particular field. So, enlisting the help of a professional business growth consultant can really work wonders for your approach. They will help you answer the question of what is business growth to you, and guide you with strategies and plans to help you achieve it.
Some small business owners are put off by hiring someone to support them in this. They worry about the cost and whether it will be worth it. However, if you research carefully, and choose a consultantthat you feel is right for you, the rewards really can be huge. There’s nothing wrong with admitting that you can’t do it all. In fact, admitting this is often the first step in a period of growth for small businesses, as it frees up their owner to focus on what’s important, rather than focusing on everything at once.
People and attitudes are important
When it comes to business growth, it’s highly important to make sure that you have the right people with the best attitude around you. That includes yourself as a small business owner! You need to be intent on business growth and driving your company forward. And, if you have employees, they need to feel the same too, especially if they’re going to be working closely in the areas that you’re looking to grow.
If your uncertain about growth, or your head or heart isn’t in it 100%, you may need to reconsider. Why are you or your employees feeling that way? Is there something that you need to change? Perhaps you could reconsider the areas you’re looking at for growth, or think about if now truly is the right time. Just as there are plenty of reasons why you may be considering business growth, there are a few reasons why it may not be ideal for you or your specific circumstances. As a business owner, it’s up to you what you decide to do, but making sure you have the right people and attitudes behind you is crucial.
Accept that growth comes in stages
When thinking about growth for their small business, some owners hope that they can implement a plan and results will come overnight. Unfortunately, this just isn’t the case for most businesses! Whether your growth plan is in response to natural growth, or you’re putting it in place because you want to achieve growth in the future, it’s important to remember that nothing is ever linear. One month you could have the best month of your business so far, and the next you’re back to where you were before. This could be down to so many factors, from the wider economy, season, marketing, and more, but it doesn’t mean the end for growth on the whole.
Business growth is a process that requires time, effort, and resources to sustain. But don’t be dishearted if you’re not getting the results you wanted. With hard work and patience, they will come, especially if you have everything in place to help that happen. Every business is different and what works for one won’t work for another. You need to tailor your strategies to your business specifically, and growth should follow.
Here at Chrysalis Partners, we are experts in helping small and medium-sized businesses grow. Our network of professionals and over 50 unique methods help to give you clarity and plan where your business is going next. If you’re feeling lost when it comes to answering the question of what is business growth to you, we are here to help. But how does it work?
We have a hybrid model of coachingand consulting which means we have programs to suit every budget and every type of small to medium-sized business. Our services range from advisory to more hands-on development of marketing and sales materials.
You can benefit from support on a regular and ongoing basis, or receive help on specific projects you’ve identified. Whichever approach you choose, we use the same 50+ fully-defined and proven methodologies that are written as easy to use, step-by-step guides.
These guides cover the full spectrum of marketing and sales strategies that can and should be put in place for your business to aid growth, all at no or low implementation cost. These are supported by workshops and sophisticated techniques for improving all of your business operations. Contact me today at firstname.lastname@example.org or complete the contact form here and I’ll get back to your shortly to discuss your individual requirements.
We’re passionate about great businesses and great causes. Developing a great corporate social responsibility plan is a fantastic way of generating business. Yep, giving for good causes will generate you more business. Every single month we give away free resources in exchange for a suggested donation to directly support our chosen charity Action for A-T.