Growing a business whether small or big is a subject that any business owner ought to be considering. 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 most prosperous businesses did proper planning in the early stages.
From day one you ought to set time aside to have regular strategic meetings with the Small Business Growth Partners. You are forced to do planning if you hold board meetings quarterly. You will be able to make critical decisions from the findings at the meetings.
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? Being able to access the metrics at any time will help you stay on top of whatever is happening in your business. What metrics to track is something that’s different for each business. There are a few things like your P&L and a balance sheet that all companies should keep a watch out for. Others might decide to focus on the profit per customer, referral rates, how much profit they make per employee, how fast complaints are resolved when they come from a client and even the number of complaints they are getting from their clients. This is a really short list. Decide what metrics you want to focus on. 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.
Type of Systems
What kind of systems do you have? How scalable are you? Small business systems are crucial to growing a 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. Your small business board is where all the important decisions are made.
Business techniques should constantly improve and require a whole lot of time to come up with. If you want to know if a system is good, it will produce the desired results regardless of the person working on it. The companies that fetch higher profits have formalized systems set up.
Many aspiring business owners who attend seminars, read books, claim to be a company owner and attend networking events. All this is good but only if you apply the knowledge you receive. All the planning in the world isn’t going to mean anything if action isn’t taken preferably massive action by you.