Aug 07

Business Tip – Managing Growth

Every business desires to grow and achieve its goals. This growth may be in terms of sales growth, number of customers served or even quality of service among others. Like it is with any change, the changes that enterprises face as they grow are often times very challenging. It is therefore important for businesses to take deliberate initiatives to manage growth. Here below are some of the tips;

  1. Understand your business: It is important to really understand and appreciate what your intentions and values are as a business. What is the purpose of the business and what sets you apart from the competition in your industry? Take time to appreciate your strong and weak areas. Know where you want to be and how the business environment around you will affect your operations. This will help you to decide how you want your business to grow. Create or refine your vision and mission statements as they will support you to build very clear objectives and how to achieve them
  2. Know your growth market: The role of business is to create a customer; says Peter Drucker. Therefore, a significant part of any growth strategy is to understand your market and how it is aligned to your products and services. Take time to study your industry deeply; this should include target market, why they buy, the buying patterns, substitutes on the market and many others. Remember, as business conditions change, the market may also change and this happens all the time. Therefore, continuously study the market and align your business to remain relevant. This will help you to establish a niche in your market.
  3. Build a team aligned with your core values: People are the greatest asset any business can ever have. This applies to all sectors of business. As a business grows, the business expects the staff to continuously appreciate the changes and perform accordingly. Expectations from staff keep on growing, but must remain aligned to the core values of the business.
  4. Spread company knowledge around: As businesses grow, many things in the business are bound to change. This may be on the product offering, target market or even approach to marketing. It is critical that employees understand the evolving offerings, and can correctly communicate them to clients and prospects alike. This therefore, calls for a deliberate effort to continuously spread the company knowledge around.
  5. Remain focused despite challenges: Despite your best intentions and efforts, it can be challenging to stay on track. The ability to manage your emotions and remain calm under pressure has a direct link to your performance. If you are not achieving your goals and objectives, it is not good enough to blame outside factors. When you do so, you are actually giving away your personal power and denying that your success lie within your hands. What you need to do, is find a way to manage these outside factors which allows you to stay focused on your goals.

By Brian Ahabwe Kakuru

Brian is an entrepreneur and business advisor. He is also the Managing Director at BLEGSCOPE®, and has close to 15 years of business advisory experience notably in the financial services, manufacturing, tourism and hospitality, real estate, infrastructure, and agriculture among others. You can follow him on twitter >> @BrianAhabweK

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