The New Year is just around the corner, which is always a time for personal and professional reflection. If you own a business, growth is almost certainly a priority – but how can you ensure you achieve it? There is no one-size-fits-all strategy for businesses, as there are many different individual factors involved. There are however general tips which can make sure a growth strategy is strong and robust. If you want to make 2017 your year, take a look at this advice for implementing a growth strategy.
Focus on your Strengths
Sometimes businesses can spend too much time and investment trying to improve weaknesses than building up strengths. It’s your strengths that attract custom, so don’t let these fall to the wayside while you focus on areas for improvement. Any strength or USP can drive growth, whether it’s a unique product or friendly and customised service.
Use HR to Drive Growth
HR is a vital tool for business growth which lies mainly unexploited by business owners. Investing in talent and employee engagement will ensure you’re getting the most of your workforce, which soon reveals results on the bottom line. Profits can rise and you can save money in other areas such as staff turnover and disengagement if you spend a little more time on a HR strategy. Of course, a business cannot grow without more staff so you need to position yourself as an attractive employer.
Evaluate Revenue Streams
2017 is already set to be a turbulent year in politics, with Brexit looming and a controversial US president set to start rule at the White House. Don’t underestimate the effect these uncertain times can have on national and global markets. Regularly evaluate your revenue streams and see if there is likely to be any disruption. Is there an opportunity to explore new revenue prospects, and are they sustainable in the long term?
Take Advantage of Partnerships
Small businesses and SMEs can rarely make it on their own – they don’t have the capital. That makes business partnerships fundamental to business growth. Do some research and see what other organisations would be a good fit, and how you can mutually benefit one another.
If you believe in your products or services, we believe business growth is possible. If you’d like to discuss how Hunter Adams could complement your business growth strategy, email us at [email protected].