Ongoing growth for your business
- Generating ongoing growth for your business starts with hiring the right leadership team, and defining the vision and strategic approach.
- The organizational life cycle typically occurs in four stages: startup, growth, maturity, and renewal.
- Scaling your business means strategic and methodical planning for growth.
Business success doesn’t happen by accident. And, it doesn’t happen overnight. Developing successful habits, recruiting a top-notch team, and cultivating effective procedures take time and dedication.
True long-lasting business success starts with developing a clear foundation, and a plan of action. After that, business success comes from a dedicated approach and willingness to constantly update the formula for continuous improvement. And of course, it would be hard to achieve just about anything in the business world without the right team, trained and experienced in their tasks.
This article outlines a few of the most important steps to organizing your business so that long-term and sustainable success are within reach. It talks about the different stages of business growth, and key factors for generating predictable, growth for your business.
If you require critical support when it comes to developing sustainable business success, our expert consultants at Hunter Stevens are here to guide you and your team to ongoing growth.
Simple steps for business success
Several strategies can benefit your business as you develop sustainable business generation.
- Assemble the right leadership and team members
Without the right crew of talented, well-trained individuals, achieving your business’s goals is going to be nearly impossible. Your leadership team and C-level executives are the ones who will be making most of the calls, and impactful decisions.
Make sure that you select the best, and brightest candidates for each leadership position within your company. It’s almost always worth waiting a little longer, or interviewing just a few more candidates, instead of just taking on whoever is around and available immediately.
In addition to your leadership team, ensure that there are standards in place for hiring managers and other staff positions. Your crew represents the business and more than likely they are the ones in client-facing positions or customer services roles. If your practices include hiring anyone who fills out an application, you may be dismantling your credibility.
Hire the right leaders, and ensure there are standards in place for hiring the rest of the staff.
- Have a clear vision
A clear vision for your business organization is a must. Whether you are running a multi-faceted, multi-level corporation or even a mid-size or small business, a well-defined, well-researched business plan with a vision will make all the difference.
Take time to do your due diligence, iron out any possible wrinkles in the strategy, and research comps, specs, and competitors. Define your unique business standpoint and run some models to ensure that everything points towards real-world success if it goes according to plan.
For some businesses, creating the vision is the hardest part. If your team is struggling to articulate and identify its niche, our expert consulting team can help.
- Strategic planning and approach
With a great team and a solid vision, you’re ready to do some strategic planning and create strategic objectives.
Ask questions like:
- What is our competitive edge?
- Who is our target audience?
- What are our estimated operating costs?
- What is the expected RoR?
- Where do you want to see the business profit margins at the end of the quarter/fiscal year?
By answering some of these tough business questions at the get-go, you’ll have a more
informed approach to running your business. And, these answers won’t just support your short-term decisions, they’ll support your long-term intentions for sustainability when it comes to business growth.
- Identify targets and stay on them
Now that you’ve answered some strategic planning questions it will be easier to set business goals. With business goals established, it will be your responsibility and your leadership team’s responsibility to track the target goals, assign relevant KPIs and metrics, and use technology or tools to measure success.
Is your business hitting anticipated targets? If yes, is it time to adjust and advance your business goals? If no, why not? How can you adapt your approach for greater long-term business success?
Stages of business growth
Most businesses typically experience 4 phases during the lifespan of the business, or organizational lifecycle.
The four stages of business growth include:
- Renewal or Decline
Depending on which stage of business development your organization is in, you’ll be able to make the most informed decisions about which business strategies and goals to establish. You may introduce a certain approach during startup that would not be relevant during the renewal phase, or add a metric or strategy during the growth stage that would not serve your business if it is in the decline phase.
Take time to determine which stage of growth your business is in before adding or changing any of your efforts to develop sustainability. If you are new to the business world, or just need some guidance to effectively promote business growth, contact our office to get started with a specialty consultant.
Strategies for scalable growth
Scaling your business is different from just growing your business. Many small business organizations that start out doing very well, and seem to be very profitable or successful, go awry when they attempt to grow without proper efforts to scale the business appropriately.
Scalable growth on the other hand is a way to slowly, securely, and sustainably grow the business.
The most common strategies for scaling a business efficiently include:
- Growing your market share and audience
This produces greater revenue since it opens your service or product up to many more potential customers.
- Acquiring assets
This strategy helps scale because you have more capabilities to produce products or services at a larger scale.
- Improving products or services
If your products and services are of higher quality, customers will continue to choose your organization, instead of opting for a different one. In many cases, the right management team can easily facilitate the process of improving products or services.
Planning for long term business growth
Whether you’re opening a new venture, you’re an entrepreneur versed in startups, or you’re a veteran business person ready to take your organization to the next level, following clearly defined steps towards sustainable business growth is a must.
Our team of specialist consultants has the business prowess and experience to help you recruit the right leadership team, establish the correct targets, or craft the perfect strategic plan for scalability so you can watch your business soar.
Contact our consulting firm today to learn more about our approach to helping businesses develop sustainable success.