It’s no secret that being in business is a journey. Once your business is well established, with strong foundations, and is operating seamlessly, you will likely be well-positioned for growth.
But where should you start? Our expert team of business advisors at Velocite has created this game-changing ‘Step-Change’ approach which will bring you clarity and direction take your business to new heights. We’ve worked with numerous successful individuals and companies looking to unlock their business potential, and we’ve noticed they generally require investment in the following four enablers.
Technology to Increase Capacity or Capability
As your business begins to grow, so will your workload. One of the first and often most important investments a business can make is in technology and equipment that allows for increased levels of production/productivity.
Regardless of your business type or industry, there are many technology solutions available that will enable your production capability and capacity to increase. This might look like something that speeds up the production or packaging process, or it might be administrative - regardless, technology is a necessary investment for any business with growth as a goal.
Premises – Space to Grow
Often investment in tools and technologies require more space to house them. Or, the increased amount of orders or production mean your need for storage space increases. Maybe you’ll relocate to a larger leased space, or perhaps you’ll be ready to push go on your own, purpose-built space!
Ensure your new premises can cater to further, future growth. Consider lease agreements carefully when the space is not your own, and if you’re building, make sure your future proof your space!
Empowering People - Management Capability
Human capability is often underestimated and is therefore regularly forgotten as a business investment opportunity.
When a business is growing rapidly or has the ambition to grow significantly, effective management and ’having the right people on the bus’ is critically important. You need to ensure you have the right people in the right roles, working to their individual strengths to maximise productivity levels and empowered happy team members.
We see the best examples of success where a business owner has empowered their leadership team to own their areas of the business, enabling the business owner to operate at a strategic level - off the tools - focusing on the growth goals.
Target Market & Customer Experience
Are you clear on who your target market is? Does your product or service align with what is important to them? Do you have a key relationship management plan in place? Are you clear on what you want your customers to experience when working with you?
It is critically important to understand who your target market is, who your ideal customers are, and what is important to them. When you are clear on who your ideal customer is and what is important to them you can focus on ensuring you are meeting their needs consistently and to the highest possible standard.
Growth via Acquisition or New Market Entry
What is the best approach to accelerate the growth in your business? Do you have the opportunity to acquire another business that will enable you to increase market share, acquire capability or capture more of the value chain in your industry? Perhaps a complementary business would be the right investment option for you - increasing your capability with a more comprehensive offering? Or is the best approach to open in a new location?
With professional guidance from the likes of our team, we can co-design your business growth strategy. The first step is to stop and consider what it is that would enable you to break through the glass ceiling? Implementing step-changes such as these can enable your business to take an exponential step forward.
Join us for a discovery workshop to find out the best way to take that leap toward business growth. In an hour-long session, we’ll help you pinpoint which areas of your business need attention, identify necessary investments and changes, and much more.
Book your FREE 1:1 workshop with one of our expert team today!