Every company wants to grow, but sometimes it’s difficult to find out how. Once you have exhausted all your options where do you turn? What do you do?Luckily we have the answers for you and have compiled a list of four important decisions your company needs to make for sustainable, scalable growth.
1.People
People are your business, no matter what you do. Who you work for, who your clients are, your stakeholders and your employees are all vital factors that you need to consider when you want to grow your business.
Here are some questions you need to ask yourself about the people you work with and for.
First: Are they all happy and engaged with your business?
This question is very important. If your clients aren’t satisfied with your services, they will start to look for a company that satisfies their needs. This will result in your business shrinking and ultimately failing.
The same thing goes for your employees. If your employees aren’t happy, then the quality of your services will decrease, and eventually, they will leave as well.
Taking care of your people is vital to any business that wants to experience any sort of meaningful growth.
Second: Would you rehire every one of your employees?
That question is perhaps the hardest to answer. Many businesses understand that their employees are their lifeblood, but sometimes it is necessary to reevaluate the value of their contributions to the business.
2. Strategy
This is all about that top-line revenue growth, so the questions you need to ask will require serious thought, and if you aren’t satisfied with the answers, then you need to change.
First: Can you state your strategy simply?
Your strategy needs to be understood by everyone in the business. You need to be united in achieving your goals in order for your business to be successful. The simpler you are able to state your final strategy, the easier it will be for your employees to understand, from the board of directors, to the newest hire.
This is so important for your business. The more unified your structure is, the more you will be able to do. If your employees understand the direction you are going in, then they will “row the boat” in the correct direction. There will be no confusion and everyone will work together to achieve that goal.
3. Execution
Ask yourself. Are you converting that revenue efficiently into profitability?
Here you need to ask
First: What are your priorities?
What is it that you need to accomplish and in what order do you need to do so? This is all about clarity. The more your teams understand, the easier it will be for them to accomplish their tasks in the order you need them to.
Are your priorities in line with your business strategy? It doesn’t help if you are focused on the wrong things. What do you need to achieve? Where do you want your business to go? Once you’ve done that, you’ll be able to prioritise properly.
Take care of what’s most important first. And then do what’s second, and then third, until the list for the day is completed. Then repeat.
Second: Measurement
Find drivers, things you can qualify and measure, and things you can use to better motivate your employees and coworkers so that they can see measurable improvement. This not only helps from an administrative standpoint, but it helps with morale. If your teams see growth in the KPIs they will want to improve those numbers further, assisting with sustainable growth.
These metrics are critical. They are what drive accountability. Keep your people accountable for their actions and they will improve their performance. Trust your people to do their jobs, but also follow up with them to ensure that their jobs are being done.
Third: Meetings
Daily meetings of ten to fifteen minutes allow companies to align their goals and improve accountability. Ask:
- How do you feel about what happened yesterday?
- KPI
- Discuss Stocks
- Talk about Priorities, and what you need to be accomplished that day.
This aligns the teams, from the bottom to the top, and allows those teams to better perform.
4. Cash
Cash is the oxygen for your business. It keeps it alive. The more money you have on hand, the more options you have for growth. So ask yourself: What is your cash story?
There are 5 metrics that you need to understand and then adjust to see what happens.
- Selling Price
- Volume
- Stock
- Accounts Payable/ Receivable
- Overhead
Now adjust your selling price by 1%, and see the difference it makes to the other four indicators.
At the Ninox Group, we help you ask these questions. For decades we have been assisting businesses worldwide with the answers to these questions and helping them achieve long term, sustainable and scalable growth.
Book a free 20 Minute Consultation HERE to discuss how The Ninox Group may be able to help support your business growth.
