It’s a new year and you are likely full of new ambition for your business. You want to do better, build higher and grow bigger than ever before. This kind of ambition needs scaffolding to hold it up, though – build too high without some basic safety precautions and it’ll all come tumbling down. Right on top of you.
Today we’re looking at how you start planning for dependable, sustainable, and above all successful growth.
It’s a time when we’re all tightening our belts, but be careful to identify false economies – short term savings that start the clock ticking on a disastrous long term cost. Things like deciding to save money by cutting back your insurance, which can leave you high and dry when the worst happens (a lesson which Wimbledon Tennis organisers alone seem to have learned as they were one of the few events and bodies holding pandemic insurance in the spring of 2020). So, if you think you might need the help of the sort of growth consultant or strategy consultancy London hosts in such numbers, don’t discount the notion out of hand – the cost of that saving might be more than you can afford.
Your plans have to be based on hard facts and data. This means research. Market research tells you what your customers think – what their spending power is, and what their priorities are for that money; what they think of you, and if you’re a trusted and attractive name in your field. Moreover you can find out why they feel like that, or what makes other businesses more attractive options if you’re not!
You also need to know about the competition – planning the same kind of expansion as a close competitor is the worst kind of mistake. Even if you ‘win’, you still risk lost customers, lost revenues and vastly increased marketing costs when developing a slightly different kind of project, or siting your expansion elsewhere could give you room to breath without bloating your costs.
Emphasise Your Uniqueness
With all that data you can ensure your plans for growth lean into the unique characteristics of your business that make it stand out from the pack. In financially squeezed times like these you need to be hyper-aware of what makes people spend money with you, both in general and specifically why you instead of the alternatives in your field. Any new product, sale or new branch has to have that built into its planning from day one, as well the more mundane costings and timings you also need to prioritise.