What practical steps can you take to lift your business game and fire up growth?
1) Set realistic and actionable goals
Businesses should set realistic and actionable small goals which they can work towards, rather broad goals which provide no direction. Setting broad and unrealistic goals is demotivating and makes any progress made seem insignificant. Every person in the business should be given a target to meet over a reasonable timeline which contributes towards achieving a larger goal.
2) Establishing standardised and automated processes
Small businesses can make the mistake of ‘doing things as they come’ but this means that as business grows, adjusting to high scale tasks is difficult. To avoid this, business should standardise all processes of work. Any individual placed into a role should be able to follow standardised procedure and yield a product which is of similar quality to the previous one. Investing money into automation tools is worthwhile for this procedure. This can include automating management of social media, email, and customer relationships. Both of these will contribute to creating structures which support growth.
3) Identify competitive strengths and weaknesses
Recognising the strengths and weaknesses of one’s business is essential. Strengths will allow businesses to hone in on unique qualities they possess which give them a competitive advantage. Weaknesses will reveal which areas require growth so that changes can be made before upscaling takes place
4) Network
Businesses should continue to develop relationships with service providers, sales channel partners, suppliers and customers. Keeping an open mind about partnerships or potential collaborations could open up different avenues of business growth.
Should you have any queries in regards to the above please do not hesitate to contact our office on (03) 9728 1448.
The team at TAS Tailored Accounting Solutions
