Top 5 tips to unlock growth in your business
01 September 2023
Unlocking business growth is a shared aspiration among entrepreneurs and business owners alike. The desire to expand, increase revenue and boost profits serves as a driving force behind many ventures. However, it’s not uncommon for roadblocks to be encountered along the way, causing frustration to set in as you consider how to get your business to the next level. So, what can you do to kickstart growth?
According to Chartered Accountant and AR Advisors Principal Ryan Brown, ‘Navigating these roadblocks requires a strategic approach that aligns with your business goals and objectives.’ He further explains that ‘before implementing a growth strategy you need to assess your company’s financial stability and readiness for growth, conduct a comprehensive SWOT analysis and review your business’s operational capacity and ability to handle increased demand.’
Ryan’s top 5 tips to unlock growth in your business
Once you have diligently undertaken these essential steps, Ryan says you can start to prepare and implement your growth strategy using his top tips:
- Clarify your vision
A clearly expressed and effectively communicated business vision is crucial for guiding your business toward its objectives. It not only outlines a roadmap for both you and your staff, detailing the necessary steps to reach your goals, but it also prevents your business's growth journey from veering off course, becoming ineffective.
- Don’t go it alone
In isolation, developing a successful growth strategy can be a challenging and complex task. Instead, leverage your network and seek out strategic alliances to assist in mapping out your growth strategy. Collaborating with experienced professionals, mentors or industry peers can provide a fresh perspective and valuable insights and guidance. By tapping into the collective knowledge and expertise of your network, you are more likely to develop a well-rounded and effective growth strategy that will propel your business forward.
- Ensure stakeholder alignment
Achieving your growth goals requires all your stakeholders to be on the same page and fully aligned with your vision. This means not only communicating your growth strategy clearly but also actively involving and engaging your employees in the process. Regular communication, collaboration, and a shared sense of purpose among your stakeholders can ultimately drive the success of your growth initiatives.
- Set measurable KPIs
It is important to establish key performance indicators (KPIs) and regularly review your strategy. Continual monitoring ensures that your business is staying the course. Key metrics to measure the effectiveness of your business growth strategies encompass revenue growth, gross profit margin growth, employee productivity and sales conversion metrics. By establishing and tracking these KPIs, you gain the clarity and insight needed to make informed decisions and continuously improve your business’s performance, ultimately driving growth.
- Be agile
Having the ability to pivot swiftly in response to changes in the market is the cornerstone of successful growth. It enables you to adapt quickly when circumstances shift or when your initial strategy doesn’t yield the expected results. Embracing agility allows you to stay ahead of the curve, seize new opportunities and effectively navigate challenges, ensuring that your business remains resilient and positioned for long-term success.
Incorporating these tips into your business approach can set you on a path toward achieving remarkable growth but if your business needs more assistance to set you on the right path, Ryan recommends undertaking AR Advisors Business Fundamentals Assessment. ‘Our Business Fundamentals Assessment is a deep dive into your business, getting to know you and every part of your business, warts and all. We dive deep into your business’s capabilities and help you uncover hidden opportunities,’ says Ryan.
At AR Advisors, we can be your partner on the journey to business growth. To find out more about the Business Fundamentals Assessment and how we can help you navigate the challenges and harness the strengths of your business, speak with one of our Advisors today.