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All businesses are based on four cornerstones:
1. The aspirations of the business owners
2. The organisation
3. It’s financial health, and
4. It’s ability to attract and service customers
To grow successfully you must want to grow. Unstructured growth may happen, but is not sustainable. Knowing why you want to grow will have a dramatic effect on the ability of your business to actually grow.
It’s also about getting your team to understand why you wish to grow, to understand your plans, so that everyone is working together to make it happen.
An organised action plan needs communicating and continual evolution to make it happen and achieve the long tern goals.
As businesses pass through the various stages of their evolution, they must change. This means developing your people, because they have to grow with the business. Their roles, responsibilities and the needs of the business change as you grow.
Growth is driven by cash flow, not turnover. This has never been truer than in the current economic climate. You must know how much cash you will need and when.
You must also be profitable, and understand which parts of your business are making the profits, so that new products and services can replace those that are not growing or even loosing money.
Poor service is the key reason why businesses move to a new supplier, not price. What sort of customer experience do you give your customers? Think about your actions as if you were the customer it is amazing how often that makes you change your view on things