Growing a business is a topic that any business owner ought to be thinking every day. 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 entire businesses take a lot of planning in order for it to be successful.
If you want to succeed, you should plan to have strategic meetings. You are forced to do planning if you hold board meetings quarterly. You also gain the advantage of looking critically at your business.
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 monitor is something that is different for each small 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. Therefore, start figuring out exactly what metrics will be beneficial to your organization. Don’t be worried about finding all of them out at the beginning just start with a couple of them. Growing a business is going to have a good deal of measurements. Be sure that you’re currently measuring the aspects of your business.
Type of Systems
What type of systems do you have in your small business? How scalable is your business? Business systems are crucial to developing a small business. If you are holding regular preparation sessions (board meetings) you want to have systems so that you get consistent results from the activities. Systems will be your business’ nervous system. Systems relay all of the information to and from the board. The business board is where all the important decisions come from.
Business techniques take a lot of time to develop and should always improve. If you want to know if a system is good, it will produce the desired results regardless of the person working on it. Working on the systems is as important as the strategic planning of the systems.
There are business owners who attend networking events and seminars, read books but don’t apply the knowledge. All the preparation in the world is not going to mean anything should you take action rather action. All the planning in the world isn’t going to mean anything if action isn’t taken preferably massive action by you.