Here are 4 simple steps that will help you answer the famous question “How to grow your business? “.
Make an inventory of its activity
- What are the strengths and weaknesses of my company?
- How is my offer positioned in terms of quality, price, innovation, benefit for my clients …
- What are the associated and additional services that make the difference?
- How is my market? its extent (national versus international), my competitors, the prospects …
- What is my positioning in the face of competition? How am I unique? Am I reactive?
- What are the missions of my collaborators?
- What value does my company have? Efficiency, cohesion, creativity, performance, innovation …
- How is my corporate communication?
- What is my financial situation? Performance, investments, cash …
After having realized this inventory, rely on the positive elements of your company to set up your development strategy.
As for the weak points you have identified, think about how to improve them in order to develop your business on a sound basis.
Set goals to grow your business
In a second step, review the Business Model through the 9 blocks of the Business Model Canvas. This allows you to identify how to grow your business.
You clarify as follows:
- What improvement in your offer or value proposition
- Which new customer segments you want to reach
- What are your possible distribution channels
- How to create an effective customer relationship?
- Are there new key activities for your business?
- What are the key resources
- Who will become a key partner of your business?
- What are the sources of income?
- What is your cost structure
And keep in mind that no prospect of development or improvement is too small. Even the smallest can bring big gains.
You then set SMART goals:
- Simple to explain and understand
- Measurable to know when it is reached
- Acceptable for himself and his entourage
- Achievable by the chosen strategy according to your capacities and your environment
- Temporal to fix it in time.
It is important to define realistic and achievable objectives whether in purpose or in achievement.
Plan your goals to achieve them
To take action, make your goals as concrete as possible.
One trick is to find an image, a metaphor, that symbolizes each goal.
Then, think about what is needed between now and your goal achieved:
- Are there steps?
- What are the needs at each stage? These needs can be technical, financial, human or time.
- What know-how and skills will allow you to complete each step?
- What are the actions to plan?
- Which external partners to involve?
All that is put at the service of your development must be considered as an investment. By definition, investing is spending today by accepting some risk to increase future income. The expense is financial but also in time, in energy in competence, etc.
Achieve your goals to grow your business
You now have an action plan and you implement it.
Write it! Communicate it to your teams so that the whole organization gets involved in achieving the goals.
In summary, think and rethink your business model to take action and grow your business!