Business owners who have been operating their firms for some time will definitely want to improve and see their businesses grow.
They may however lack the secrets to achieving the expansion they so desire.
But on the third day of the Effective Living Series, Business Coach with expertise in the management of Small and Medium Enterprises (SMEs), Andrew Ayiku, highlights the five strategies to be put in place for business growth.
Andrew Ayiku’s 5 pillars for business growth
1. Sell the customer experience: Businesses should not focus on selling their products or services. They should rather focus on selling the customer experience. The business environment should be welcoming. An organization’s value proposition should be based on the kind of experience the customer gets. It is key!
2. Create and sustain profits: Firms should appreciate the little profits they make and find ways of sustaining those returns in order to grow.
3. Own the business not the job: It is bad for employers to micro-manage everyone in the business. So when they are not around, nothing really works. Such businesses do not grow because the employees do not think since everything is dependent on the manager.
4. Manage systems and lead people: Business owners should manage systems by setting rules for their workers to follow. They should also adopt a favourable scheme to lead them.
5. Make time for your business: Individuals who run businesses should get time to run the business. They should take initiatives and have a proper plan for their growth.
Strategies of each stage of the business cycle of business growth
1. Inception stage: This is the start-up stage of a business. There is the need for business owners to get the right people for the job. This is because the attitude, way of thinking and motivation of the employees selected will determine the growth direction of the company. At this stage also, a key factor is the ability of companies to embrace proper technology and how they leverage on free and inexpensive market. Also, employers should consider taking risks and developing their skills.
2. Stability stage: At this stage where the business has operated for a while, adding new features to the existing products or services. Owners should also develop a revenue generation model to increase income and keep the pricing level. The management body of firms should find ways of keeping their customers and how to accommodate their workforce.
3. Growth stage: When businesses finally realise the need to grow, it should be done in two forms; internally and externally. Internal factors should revolve around how to increase sales and manage customer relationships. Externally, the organization should look at merging with other bigger ones to benefit from their scales. At this stage, improving product quality and distribution channels becomes critical. The other fundamental areas are the how to handle demand and a shift of the marketing message.
Citi FM’s Effective Living Series
The Effective Living Series airs from 9: 00am to 10: 00am on the Citi Breakfast Show from Monday to Friday throughout the month of January.
It seeks to empower people to be effective throughout the year in every aspect of their lives.
By: Nii Larte Lartey: citinewsroom.com| Ghana| firstname.lastname@example.org