Growing a business can be measured in so many ways… It could be profitability, revenue, market share, number of clients, and so many other things.
A business is really a means to an end, a way of the owner expressing their inner desires to the world.
So the first thing that needs to be established, is what are the owners personal goals and objectives. We can then create a business that fulfills these objectives.
If a business owner is looking for lifestyle, the business will be totally different to a business build to create profit.
So the best way to grow your business is to first get clarity on your personal goals. You can download a copy of the personal goal generator here. Then design a business that will fulfil those goals.
With clear objectives, growing a business becomes much easier. We can now focus on building a system that is scalable and allows the owner to either increase profitability, or create a lifestyle business.
By definition, a business is a commercial, profitable, enterprise, that runs without you.
There are 8 steps to creating a successful business, each one will take you further towards a business that doesn’t depend on the owner.
Step 1 is to establish goals. Setting 10 year, 5 year, 3 year and 1 year goals is one of the most important steps in creating a successful business.
Step 2 is to establish an effective time management routine. This cannot be done without having clear and concise goals.
Step 3 is to make sure you have clarity around financials and key performance indicators in the business. A dashboard to monitor all aspects of the business.
Step 4 is to focus on delivering a superior service. This is to ensure you maximise retention and referrals. This also ensures that you optimise your return on investment on marketing.
Step 5 is to build a marketing plan that provides a consistent flow of leads to the business and allows you to monitor the acquisition cost per client.
Step 6 is to start building systems to allow scaling of the business and it workflows. This step is critical to enable you to employ the right people and ensure they are doing their job.
Step 7 is build your team of high performing employees that are able to deliver the product or services of your business with consistency and quality.
Step 8 is to create synergy where the team are now contributing ideas and innovation that means the business is building itself.
Once you have tackled each one of these steps, you will start to build momentum and be able to move into other markets, franchising or diversification. This is where the big game of business is played, and we start to see some real profits.