WHAT’S KILLING YOUR GROWTH PLANS?
Growing your business can be just as, if not more difficult than, creating it. It’s unpredictable, cash intensive and full of obstacles that can stop your growth in its tracks. But regardless of your industry and however niche your product or service is, there are four common challenges that frequently occur – all of which can remedied with focused strategy, effective financial management and a willingness to change. 1. Not having enough money Few things are more disheartening than the inability to grow because of finances. But without the money to increase production, hire more people or invest in and pilot new strategies, there is no room to expand. Two things to help? One… get support you need to build and confidently present a solid value proposition for equity investors that will give you the flexibility and time you need to hit your financial stride. Additionally, are there other ways you could be generating finance, like R&D tax credit, debt funding, or crowdfunding? And two… identify what opportunities are available in the region for grant funding to help you invest in new development, expert services or equipment (freeing up your cash to use as working capital). 2. Not knowing your audience and market Our audiences and their expectations have evolved, and that evolution has accelerated because of the pandemic. What do your customers now need? And are there prospects in the market who could need you, but just don’t know it yet? Have you got access to real-time data to inform and back up your strategies and understand your customer base? It’s also worth taking note of your competitors. What are they doing to capitalise on trends, or have they implemented new processes to make repeat business easier? Without taking time to investigate and build these strategies, your growth could come to a stand-still.
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3. Not thinking about your people The dream of a totally flat organisation is over as it’s impossible to give people the attention they deserve as you rapidly grow. Without implementing appropriate measures, you could risk spending much of your time in reactive management mode and triaging issues that will inevitably affect your retention of high-performing team players. What ways are you making sure you retain talent? And what strategies have you got in place for finding the right people to join your team in the short- and long-term? Start thinking about how you’re branding yourself as an employer, review your HR processes and training schemes and keep asking the question: “What makes us so great to work for?” 4. Not investing time in developing your leadership You’ve made excellent decisions to get where you are now, but leading a growing business can be tiring, isolating and with the numerous challenges you face on a day-to-day basis, there will be issues that you just don’t know what to do. Seek advice, be supported, and gain insights from other people’s experience. Make sure you have a clear vision and be supported in experimenting and solidifying strategies that will help you get there. It will also help you motivate your team in sharing your ambitions. These aren’t the only things that can kill the growth of your business, but we know your ultimate goal is to develop a successful and efficient company that creates impact, and is filled with talented people who love their job. Doing the work now will help you get there. Good news is, Growth Works can support you with all of this (and for absolutely no cost). Growth Works support growth ambitious and high growth business to unlock and accelerate their growth. Get started at www.growthworkscoaching.uk/get-started to book in your first consult.
