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5 steps to grow your business

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Just about everyone wants to grow their business, so here are some rules to take on board to make it happen.

Rule 1: Make yourself a leader

When you own and/or run a business you are a leader. The strongest lessons you will teach your staff are by example. If you yell at them they will yell at each other and even at customers. Clearly it would be a smart idea to read books such as The 7 Habits of Highly Effective People and other publications that teach you how to be a good leader.

Rule 2: Plan, plan, plan

To grow a business, you need to have some way of seeing its future success. This means you must have a business plan. You need to put your growth plans on paper to test their viability.  You must also have a comprehensive sales and marketing plan within your business plan. Have an objective analysis of the business you have done.

Why are you in business?

The most obvious answer to this is you want to make money but it’s good to have a global look at your operation to ensure that you are really bringing in enough profit to justify the hard slog. And if you are but you’re not enjoying your work it could be time to rethink your role.

Rule 3: Be one step ahead

The most successful Australian rugby union coach ever, Rod Macqueen, a successful business owner in his own right, insists that his football and business success was inextricably linked to staying one step ahead. Like business, football is unbelievably competitive. To get an edge on your rivals, you must pursue training, consult experts and read what the winner on the cutting edge is up to.

Rule 4: Systemise your business

Implement best practice and quality control methods and systemise your business. What would happen if you were run over by a car? If your business is systemised it could run on auto pilot. Systems also give certainty to your staff. It makes them more accountable.

Rule 5: Have a sophisticated financial control system

Remember what happened to the dotcoms back in April 2000? The experts after the crash have outlined the following reasons for the dotcom disaster:

  • Flawed business plans
  • Overambitious marketing plans
  • Too much cash being spent
  • Too many promises
  • Lack of evidence that there will be positive cash flow within a few years of starting.

Before any growth plans – look at:

  • Your management
  • Your business growth model.

You will need to reinvest profits into your business and the best way to do this is from profits reinvested rather than borrowings. It reduces your debt dependence.

Work on your business, not in it. To learn how, book a complimentary business assessment today with a Switzer Business Coach.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Monday, March 15, 2010

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