Businesses are constantly in some stage of stabilization, growth, or contraction. Change is the one constant in any business, no matter what is happening in the economy or what you see in the news.
You have likely heard the quote from Lou Holtz: “In this world, you’re either growing or you’re dying so get in motion and grow” in some variation or another. This quote – and the idea that you must grow to survive – seems even more applicable this year than any other.
With that in mind, the team at Business Success Consulting Group has been working with our clients to support growth – no matter the changes occurring in the world around us. You can use our methods within your own company to carry out growth strategies and expand throughout these last months of 2020 and – beyond.
Seven Growth Strategies
This year’s theme in the business world has been “balance.” Many businesses have had to balance their goals with economic changes, while others have had to find balance in what customers want and what they can deliver.
No matter the issues you have encountered, all seven of the foundational growth strategies below can be utilized to create both balance and growth in your company.
1. Create stability with firm policies and well-documented procedures
We have discussed the need to revisit and create new policies and procedures in companies in previous posts. This is a vital foundational step to ensuring stability and consistency throughout your business.
First, take a look at your company policies. Do they reflect the current condition, product/service, and company culture? How could they be changed to improve your company’s condition?
Next, it’s time to improve and document processes and procedures so that these policies can be executed.
Creating a firm foundation from which your business can grow is vital in expanding during a fluctuating economy.
2. Put your company processes and procedures to the test
Once you have created policies, processes, and procedures that fit with your current business model, be sure to test them out. It’s essential to ensure that your processes and procedures work through dummy runs and in real situations. Don’t just write them down and then forget about them.
3. Evaluate where your business stands now, versus where it was at the beginning of the year
This year has been entirely unique in just about any living memory. That means that it’s more vital than ever for business owners to review the year, evaluate what worked and what didn’t, and progress from there.
We wrote a much longer article about this here.
4. Set your goals for the next six months
These next six months may seem uncertain, but as a business leader, it is vital that you set your sights on the next peak for your business. It’s time to focus on growth and building your business. As the head of your company, you create the vision and set the mood. By creating goals and a vision for the future, you provide stability for employees and customers alike. So, go ahead and shoot for your future goals.
As Les Brown said, “Shoot for the moon. Even if you miss you will land among the stars.”
5. Provide products and services in a way that fits modern needs
Every business has had to pivot to some degree during 2020. Whether you have had to deliver products online, set up Zoom meetings with customers, or completely change your product to fit modern demand, your business has likely changed.
Now is the time to step back and evaluate any pivots you have made. Did they go far enough to fit customer needs? Is there a niche need that you should supply, but haven’t yet gotten around to filling? Did you set up a change in a last-minute rush, without fully working through the logistics and processes?
Not only should you consider the structural and institutional changes you have made – but you should also talk with customers about their needs. Create a customer survey to discover if there is a need that you have yet to fill.
6. Optimize efficiency
If there was ever a time to create efficient systems, that time is now. Take a look at your company as a whole. What could be made more efficient? What changes would improve the customer experience? How can you save employee time and resources?
Consider all angles of efficiency and find ways to optimize for now – and for the long term.
7. Encourage and support staff
Many of the above strategies should encourage your employees and help them feel that your company has a firm foothold in the future. Keep your staff informed about your future goals for the company – and enlist their help in creating excellent and workable processes and procedures. Employees want a workplace that they can see lasting into the future. Be sure to include them in your growth plans.
The above seven strategies should not only improve your bottom line; these tactics should help your business grow steadily for years to come.
Are you ready to tackle long-term growth? Contact Business Success Consulting Group.