To grow your business you need to work on it rather than in it, but what should you be working on?
And while that can depend on what business you are running generally there are four main areas you should consider to uncover new growth opportunities;
- Understanding your business
- Improving processes
- Opportunities for business growth
Understanding your business
No one knows your business better than you and now is the time to take a step back and find out what is working and what is not. Your aim here is to identify areas in your business that need improvement. Look into;
Customer/client complaints – is there a common issue that keeps occurring, what can be done to deal with these problems/faults. New business ideas often come from overcoming negative feedback.
Business and market research – are you aware of what your competitors are doing? What can you learn from your peers? Reviewing data on your customers/clients as well as information from similar businesses, government bodies, trade publications, customers, industry associations and market reports can help you identify new areas to grow.
Business and marketing plans – reviewing your plans can uncover areas of growth that you have already identified but just haven’t had time to pursue. Updating your plans will define a strategy for the future.
Review all steps in your selling process and identity anything that needs addressing and can be improved. As mentioned above solving problems and addressing faults can lead to new business ideas.
Also look at what can be you can delegate and/or outsource. You need to make sure that the business will continue to operate and function efficiently, even when you’re away so you take the time to work on your business rather than in it.
It will be hard at first, but you need to enable people to take the right decisions based on the strategy and vision you have set. If you don’t, you’re going to find that you won’t ever be able to go on holiday, or even take time off without your business suffering.
Opportunities for Business Growth
Here are a list of growth opportunities for you to consider;
New and innovative ideas can help you create dynamic products or improve your existing services. Innovation can also help your business adapt and expand in the marketplace.
Once you establish a successful business, you could consider expanding your operations by franchising your business. Franchising is a way of selling to others the right to run a style of business and sell a product or service for a period of time.
Grants or Financial Assistance
Grants and other funding programs are available from Australian, state and territory governments and in some cases from local councils. There are grants and other forms of financial assistance available for a range of business activities such as expanding your business, research and development, innovation and exporting.
Online Exporting Goods or Services
Exporting online can be a cost-effective way of entering the overseas market. Online tools commonly used to market internationally include websites, e-mail, e-marketplaces and collaboration tools.
Get our and meet new people. Networking is key to building connections and relationships with like minded business savvy people who can provide support and grow your business contacts.
Those who know and trust you, and value the products or services you provide, will recommend you to other people, or bring in new business themselves.
Work on building solid, honest relationships and partnerships and you’ll uncover new opportunities.
In summary to grow your business you need to identify its weaknesses and come up with solutions to overcome then. It also takes a commitment to place trust in others to allow you the time to work on it, not in it.
Taking on a mentor or business coach can help you develop a greater understanding of business processes and practices, and equip you with the skills you need to grow and improve your business.
(Sources: optimizingforhappiness.com and www.business.gov.au)
I hope you have found this article useful. If you have any questions or comments, don’t forget to leave them in the discussion section at the bottom of this page.
If you’d like to work with Social Elucidation on growing your business email me at firstname.lastname@example.org or call me on 0403 323 833. I’d love to work with you!