As we enter the new financial year, may be thinking about scaling up or expanding your business.
In this blog post, we’ll be outlining what key areas you’ll need to take into consideration before you roll out your plans for world domination.
Understand why you are growing your business
This might seem like an obvious point, but we’ve seen many businesses where this simple question hasn’t been considered. Subsequently, there have been operational and personal challenges that could have been avoided if the proper time had been spent considering this question.
Following on from the first point, consider your proposal for growth from an operational point of view
If you are growing your business, you will definitely need to make some changes in how the business operates. You may need to hire more staff, streamline some processes or develop some entirely new ones.
Thinking about how these things may affect your existing offering and internal culture is very important.
Get to the heart of who your target customer is and what you are solving for them
By this, we mean you have to dig deeper than the obvious points of where they are, what they do and the obvious reason for them buying your products or services.
You’ll be able to differentiate yourself from your competition with the little details.
Remind yourself what your business stands for
You may need to revisit your branding to re-educate existing customers and send the right message to potential customers.
Do a plan that clearly outlines your next steps and why you will take them
We say this so that you don’t get overwhelmed or cut corners when you start implementing your changes.
It is highly likely that things might change when you actually start getting your hands dirty, but if you have a plan, it will offer you an anchor to hold on to.
Keep updating your plan, so you keep on top of things that need to be done and when they need to be done by.