Most business owners are so focused on the mere survival of their business that they rarely have the time, energy or resources to prioritise the growth of their business. You don’t want your business to survive, you want it to thrive.
A business in survival mode is emotionally and physically tolling to all involved and generally results in economic trouble, high staff turn over, employee burnout and potential closure. It doesn’t mean your business idea was terrible, or that you didn’t set out with great intentions, the fact is that most business owners get caught up in the day to day grind, and any plans they once had get sidelined and bad habits are quickly formed.
A thriving business can mean different things to different business owners depending on their personal and business objectives. However, the consensus is that a thriving business equates to healthy economic and personal well-being and financial stability, allowing you the time to get back to doing the things you love, with the people you love.
At UpCoach, we are often asked ‘how can I grow my business?’. Firstly, accelerated growth doesn’t happen overnight; it takes time, planning, knowledge and consistent effort. If you want to turn your business into an income-generating powerhouse, there are multiple growth strategies you can try.
Here are some tips to consider if you want to expand your business.
If you want to get your business beyond the bare subsistence level, you will need a well-devised business plan with clear goal-setting. A business plan is inherently strategic; it is a blueprint to growth that you can rely on. A business plan tells you how you will navigate growth with the resources you have. It’s a clear action plan of how you will achieve your goals now and in the future, at which time you will have an extended set of resources and greater profitability. If having an essential blueprint of your business growth is a reassuring thought, we can assure you, it is.
Let’s be honest, there is a reason you currently don’t have a well-devised business plan, or if you have one, there is a reason why it’s not working for you. You may have started with one and failed to utilise it, or you were never confident in your planning abilities to begin with, so weren’t confident relying on it, or you never had one to start with (yikes). The good news is that with the right support, strategy and tools, you can expand your business and turn it around.
If you want your business to grow, you must have an up to date business plan. If you’re still not confident in devising a strategic plan, or you are swamped and don’t have the time, feel free to check out our programs, it’s what we do; business planning is our thing, we grow businesses and take them to the next level of success.
I can probably bet you’ve heard about time management, a lot. There is a reason it’s a hot topic of discussion in business, highly successful business leaders with highly successful companies manage their time well. While some are innately driven to managing their time well, others aren’t and lack clear prioritisation or tend to procrastinate on essential tasks which hinders both their personal and business growth.
Many strategies can help you manage your time better; the first and foremost is having a digital task list. Organise your time based on your priorities, and if you have multiple conflicting high priorities, prioritise those based on their impending deadline. You must reassess your task list and priorities daily to structure your time effectively.
Targeting Your Audience
Brand and product positioning is crucial; you don’t throw your money at marketing and hope it sticks. So what does ‘targeting your audience’ mean in layman’s terms, essentially it means your advertising endeavours are effectively reaching your ideal audience. For example, if you have an online motorbike store, you don’t want to waste money putting your ads in front of someone who doesn’t even own a motorbike.
To reach your targeted audience, you must first understand and define your audience, their demographic and behaviours. It’s also essential that you are targeting the key purchase decision-makers, e.g. if you own a wholesale food business, you want to get your products in front of key decision-makers who decide whether or not to order your products. In this instance, your key decision-makers will be chefs and foodservice industry owners/managers. Correctly targeting your audience will keep your business moving forward.
Working with a Business Coach
Running and expanding a business can be challenging, business coaching helps to clarify your business objectives, optimise internal processes and implement a clear strategic plan to take your business from where it is now, to where you want it to be. A business coach is an experienced mentor that you can rely on in all stages of your business and is one of the most valuable resources available to business owners.
A professional business coach helps you to make productive change now that will benefit you in the future. Not all business coaches are equal; you don’t want a coach who talks the talk but who hasn’t ever owned or sold a successful business, you want someone who has been there, done that and who can offer you valuable insights and advice. At UpCoach, we specialise in accelerated business coaching programs to suit all stages of your business, our coaches have founded, nurtured, grown and sold their own successful companies. If your business is stagnant, or if it’s growing rapidly, and you’re losing control of the reins, contact us and see how we can help. You can find more information about our programs here.