What does having a successful business mean to you?
That is a really important question to ask yourself when starting out.
This quote below sums it up rather nicely.
“If you don’t know where you are going, you’ll end up somewhere else.” – Yogi Berra
And really, if you don’t know where you want to go, it is much more likely that your course will have many twists and turns. Not to mention, that it will be a bumpy ride. On top of that, it will be difficult to figure out how to reach success. As we know, you’ve got to start with your ‘why’ and you’ve got to set smart goals. But more on that later.
It’s important to stress that business growth doesn’t just happen organically – it takes time, effort, and commitment. In other words, it always starts with a plan.
Certainly, most people want to make a mark and have an impact with their business. And whatever your company’s remit, be it private gain or public benefit, to have a meaningful effect on your clients and yourself, it needs to make money. Only with money can it grow and scale and have the impact you want it to.
Start with business success in mind
One of the first things you should do when starting your business is plan for a successful business. Your business growth and success strategy should include a number of elements.
For example, right from the beginning, you need to think about your mission or your ‘why’.
- Who are you and what do you want to achieve?
- Why do you exist in the world?
- What’s the driving force behind the business you’ve started?
Once you’ve answered these, you’ll have focus and clarity, and form the basis of your roadmap. Everybody’s goals are different, so have a brain dump and identify what success looks like for you. This is at the heart of your business plan and essential for growing your business.
Now that you know the direction you are travelling in, you can start to set goals and KPIs – key performance indicators. What do you want to achieve and what will be the signs that you are on the right path? It’s these key performance indicators that will give you the guidelines so that you can track your progress. They should be a mix of softer qualitative goals, and harder, numbers-based quantitative measures.
NB It’s important that you tweak and adapt as you go if necessary because goals should not be restraining, but motivational and informative.
A successful business is customer focused
Customer focus is vital to business growth. That’s why it’s crucial to do an audit of your client base, their needs, and how you can respond to them. Remember that once you understand your customer, you can make a plan to communicate and connect with them. It’s not about what you want, but what they want. To be a successful business you need to solve their problems and meet their needs. So, position yourself in such a way.
Remember the seven Ps of marketing?
- Product,
- Price,
- Promotion,
- Place,
- Packaging,
- Positioning, and
- People
Think about how you are working on all of these elements. The customer is at the core of each of them. Your product needs to solve your customers’ problems. It needs to be at a price that is acceptable for your customers. Your promotion and packaging should attract the right kind of customers. How you position yourself really depends on what your ideal customers are.
If you don’t attract the right customers, your sales will not be as planned. Which means bye-bye business success, or business altogether. So, for a successful business, you always need to have the customer in mind.
Let your numbers guide you to business growth
Numbers are your best friend. They can’t be avoided. I don’t think I can stress that enough.
Many new business owners have aspirations and plans but struggle with the detail. Not looking at finances can be a critical mistake for any new business. While it’s understandable that a new business owner may be focused on other aspects of the business, such as developing products or building a customer base, ignoring finances never leads to a successful business.
Not knowing your numbers can lead you to make wrong decisions about pricing, budgeting, and cash flow. On the other hand, it can lead to overspending. And I’m sure you wouldn’t want to get yourself in that sticky situation. Overspending will lead you to all sorts of problems such as not having enough cash to pay your bills and your employees even. Not to mention, investing in growth.
So, setting up good accounting systems and paperwork is crucial. Having good cash flow is critical to business growth. So, keep an eye on what is coming in and what is going out. No matter how worthy or important your enterprise is, if you haven’t got the money to keep it going, it won’t grow or be successful.
Leadership to grow a successful business
A successful business is only as good as its people. As a leader, you need to be ready to steer your business in the direction of growth. There will be times when things don’t go as well as you hoped, but perseverance and tenacity are the vital ingredients that will see you through. It’s not easy to create a successful business. You have to make the time, commit to taking the action, and focus on achieving your entrepreneurial goals. As your business grows you may find that you need to take a different company structure, and so your official role will change.
So are you ready to level up and accelerate your business growth? Join our business growth club, to help you shape a ready to use, practical and pragmatic plan, featuring webinars, workbooks, and support groups. Group size is limited to 12 and is led by Mahmood Reza and Dr Jo North, business experts who have helped shape organisational success.
Sign up for your FREE trial to Numbers Knowhow, the revolutionary cashflow software designed to empower you with the numbers you need to transform your business. With Numbers Knowhow, you’ll have access to powerful tools and features that will unlock a world of financial understanding and growth.