If ours were an ideal world, most businesses would be sorted for life. They would have devised a formula for business growth and be achieving extraordinary levels of success in extraordinarily short periods of time. What’s more, someone would probably be making a whole lotta cash by selling the formula.
Alas, this is but a far-fetched dream. In reality, growing a business takes a lot more than just relying on a bunch of numbers. One needs the right strategy to reap the right opportunity at the right time. Luckily, researchers have identified 5 key factors entrepreneurs can work to take their businesses forward.
The first, and perhaps more important, growth driver is a business plan. It may involve the launch of a new product or offer an existing one in a new way. Irrespective, any business, big or small, must have set objectives in mind to achieve the accelerated growth it so desires.
Business that grow fast usually have at least one key individual paving the way.
That said, growth requires teamwork. Part of being an entrepreneur is finding the right talent and nurturing it to suit your needs. You must share the same dreams and apply the same values in trying to realise them.
A strategy is pointless without adequate equipment. A comfortable workplace, efficient IT systems, etc, all fall under this category. Will there be enough computers for new hires to use? Heck, will there even be enough room for them to sit in? A growing business needs solid infrastructure and to keep tweaking it to reflect internal and external changes.
Without capital, a business cannot exist. But one needs income from other sources too. Perhaps a good relationship with suppliers? Mergers and Acquisitions are also a common way firms grow in.
As a business grows, so do its risks. That’s where the reporting element comes in. Managers must communicate the risks clearly – both internally and externally – to measure performance and maintain stakeholder support.