The start of the new financial year is a great time to reflect and to realign your thinking around how you will achieve business growth.
Successful business growth relies on a combination of factors – including being clear on your goals, having a deep understanding of your customers, delivering relevant and high-quality products and/or services, proactively leading, and having strong business management practices. These five key steps can help to set your business up for growth for the coming year – and into the future.
1.Clarify your goals
Setting clear and meaningful business goals is vital for business growth. Goals provide direction, focus, and motivation – and act as a roadmap, guiding decision-making and resource allocation. With well-defined goals, you can measure progress and track performance for your business, and identify areas for improvement. Goals also encourage accountability and drive innovation – and they can push your business to adapt and stay ahead of competitors. Setting clear goals involves identifying specific outcomes that you want to achieve. You should regularly review your business goals to ensure that they are measurable, realistic, and most importantly, achievable.
2. Actively listen
To achieve business growth, actively listening to your customers is critical. Customer needs can change quickly – so you need to stay connected to your market and able to swiftly identify shifts in preferences before the impacts of change flow through to your revenue and bottom line. Engage with your customers using a range of channels – including telephone, email, website, and social media – and use tools such as customer surveys, online polls, and chat forums to keep your finger on the pulse. Also encourage your employees to ask for and share customer feedback.
3. Stay relevant
In today’s fast-paced business environment, staying ahead of the competition requires keeping your products and services relevant. Leverage the insights gained from actively listening to your customers to continuously evaluate if your offerings are keeping pace with changing needs. You may need to invest in research and development to innovate and develop new products. Also, keep a close eye on competitors and start-ups in your space.
4. Lead your way to growth
Achieving business growth often requires change, and change requires proactive leadership. By adopting a proactive approach, you can drive innovation and tackle challenges that may come with advances in technology and disruptive market conditions. It’s a good idea to review your operating model at least annually and have a risk management program in place to navigate the hazards that accompany a growth blueprint. By predicting change and proactively leading, you can avoid playing catch-up and stay ahead of the game.
5. Strengthen your business management practices
Strong business management practices are crucial for business growth. Examples of strong business management practices include strategic planning, effective communication, efficient project management, data-driven decision-making, engaging HR, solid financial processes and systems, and collaborative sales and marketing strategies. Strong business management enables you to better drive decision-making and enhances productivity and innovation across your team.
Set your course for business growth
Positioning your business for growth relies on a combination of factors. By planning and being proactive, you can put the steps in place to achieve your growth goals – both now and into the future.
Want to know more about how Bentleys can help your business? Make a time for a chat with a Bentleys business advisor. We can help you to get where you want to be.
Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.