Understanding How to Grow Your Business

In today’s dynamic business market, growing your business can mean different things, hence it is important to understand the nuances that come with the process of growing a business.

In stable, more mature markets, it may be about turnover, profit, potential capacity, or business sale value.

In the newer markets of fintech, biotechnology, pharmaceuticals and telecoms, growth may be measured on the basis of value or potential value based on IPR, market position, customers, or capability for integration.

Regardless of the definition, growing your business is challenging for all businesses. You need to create the right balance between customers, business skills, effective processes, and finances.

You need to start by thoroughly understanding the market opportunity and defining your precise business definition of the outcome of growth. What is going to drive this outcome that’s different from what you do today? If growth is driven by income or customers, how are you going to achieve this consistently?

Then comes the balancing act. Which parts of your business need to develop to facilitate growth? What’s the most cost-effective, or quickest way to implement this development need? Can you leverage existing assets or capacity? Can your existing processes support growth? What do you need to invest? What are the risks, and how can they be best managed?

Finally, how are your business finances going to change? Is cashflow going to be challenged to jeopardise your working capital? Are you going to be exposed to potentially more  bad debt? How might your credit facilities be impacted?

As a business growth coach and consultant , I can assist you to answer these questions and manage the potential challenges of  growth.