Grow your Business
Sometimes as a business owner, you're aware of where your business could improve and grow but unsure how to start the process.
This guide provides an overview of some of the key steps to take.
Assess your situation
Before implementing changes to your business make sure you have a full understanding of the factors that can impact its success.
These include your current practices, market trends or changes to the wider environment in which you operate.
Some tools that can help you assess the situation:
- SWOT analysis - helps you identify your business's strengths, weaknesses, opportunities and threats.
- Benchmarking - measures your business's performance against similar-sized businesses in your industry.
- Market research - investigates your business's market and industry to identify trends, changes and customer or client demands.
- Trend analysis - uses business data collected over time to identify consistent results or trends.
Set clear goals
Make sure your goals are:
- specific - state clearly what you want to achieve
- measurable - make sure you can evaluate success
- achievable - check your objective is something you have the time and resources to meet
- relevant - make sure your objectives improve profit drivers and improve some part of your business
- timely - set a specific date for completion.
Once you have written down your goals, prioritise them to decide which ones to focus on first.
It's also important to recognise that some goals will need to be addressed with a long-term strategy because you won't be able to meet them immediately.
Identify strategies for achieving your goals
Review your goals and list the factors that you think are creating your current circumstances.
Depending on the goals you're trying to meet, you may want to think about using the services of a business professional, such as a professional trainer, contractor or business mentor.
Think realistically about what you can do yourself and where you may benefit from some support.
Develop a plan for implementing your longer-term goals or strategies
Write your plan in a format that suits you. It should include:
- time frame - how long a task will take to complete as well as start and finish dates
- actions - state the individual actions as precisely as you can
- responsibilities - assign accountability for each action so everyone knows precisely what you expect of them and who is responsible for ensuring the work is done
- resources - list budget, staff or supplies needed to complete each action
- desired outcome - state how you will know that the action has been completed.
When you've developed your plan you might want to also update your overall business plan.