Growing a business is a topic that any business owner ought to be thinking every day. The difference comes down to a few aspects. How much preparation do you do? Growing a business requires a whole lot of planning, a great deal of planning. The entire businesses take a lot of planning in order for it to be successful.
From day one you ought to set time aside to have regular strategic meetings with the Small Business Growth Partners. You should plan your board to hold board meeting every quarter for planning and talking strategy. You also gain the advantage of looking critically at your business.
Which brings you to important questions, we have broken down into different categories that you should be asking yourself.
What type of measuring system have you got in place? Having the ability to gain access to your company’s metrics regularly will help you stay on track on what is going on in your business. Every business using different metrics because each of them has different goals they want to achieve. There are a few things like your P&L and a balance sheet that all companies should keep a watch out for. Others might be profit per customer and complaint resolution time referral rate, complaints per client. This is a really short list. Start figuring out exactly what metrics will be beneficial to your organization. Don’t panic if you can’t figure out all of them at once, all you need to do is start with some basics then come up with the rest of the way. Growing a business is going to have a good deal of measurements. Make sure that you are measuring what matters.
Systems in place
What kind of systems do you have? Is your business scalable? Company systems are crucial to growing a small business. If you’re holding regular planning sessions (board meetings), you want to have systems get consistent results from your activities. Systems will be the nervous system of your company. Systems relay the data to and from the board. The business board is where all the important decisions come from.
Business techniques should improve with time because they take a lot of time to be formulated. If you want to know if a system is good, it will produce the desired results regardless of the person working on it. Working on the systems is as important as the strategic planning of the systems.
There are business owners who attend networking events and seminars, read books but don’t apply the knowledge. The one thing they lack is action. You need to take action.