3 must-know essentials to grow your business
You want to grow your business.
Why else would you be in business if not for some type of growth? After all, growth brings you more than just revenue. It is also about new opportunities, new clients, additional products or services, stronger bargaining power, better talent, and especially: increased value for a future exit.
Growth, in one form or another, is always a part of the business.
But in order to grow, you need a solid foundation built on three main principles.
Operational efficiency
Know what needs to happen in your business for it to be successful.
That is the purpose of operations. Acting to achieve success.
As your business grows you will add new elements to the machine, and the more efficient your operations are, to begin with, the easier it is to add these elements.
Know the expectations and the standards of business behavior, and have a clear description of responsibilities.
Customer experience
Know how to make your clients happy every time.
Your clients’ preferences and details may change, but what will never change is your responsibility to make them happy. Always knowing what makes them happy and how you contribute to that happiness will allow you to grow without compromising that promise you make.
Know not just what solves your clients’ problems, but what makes your clients smile.
Financial insight
Know what you can and can not afford to do.
And know what will happen when you do those things.
The financial reporting for your business should not only be hindsight. Forecasting and financial planning need just as much attention.
Know where you are, what you can spend, and what you can do when the unexpected happens.
What next
How do you score on each of these elements right now? On a scale of 1-5, where do you plot yourself on knowing what needs to happen, knowing what makes clients happy, and knowing what you can afford? Now ask your employees if they all agree. And for any discrepancies, schedule a 30-minute call with me to review what’s going on.