10½ ways to achieve growth when business is flat
How to achieve growth when business is flat
1. Revisit the business plan
- Are you following your plan?
If not, implementing the strategy prescribed may help you to get back on track. - Are the assumptions made still valid?
If not, you will need to adapt the plan to reflect new conditions. - Has the market environment changed?
Change may require you to adopt different approaches.
2. Talk to your clients
- How happy are they with the quality of your products or service?
You may identify a quality or client care issue. - Who are your clients buying from and why?
Insight can help you identify critical success factors. - What is your client’s business outlook?
You may be able to get a head start on your competition by anticipating future requirements.
3. Know your numbers
- Which areas of your business are performing best?
Knowledge can enable you to focus on leveraging the right products. - Which areas of your business are under performing?
Weed them out or transform them; but do something. - Are there trends emerging?
Investing in potential business building activities early can step change performance.
4. Do something different
- What is your competition doing?
Look for something that works so that you can apply it in your business. - What good ideas have you seen when you last visited your car dealer or dentist?
W can learn smart practise from sectors outside our own. - What would your hero do in this position?
By stepping outside our own paradigms we can often find new approaches.
5. Create a new revenue stream
- What problems do your clients have that are not being adequately met?
Research areas of dissatisfaction amongst your clients and targets. - What is the next big idea?
Good research is fundamental in product development. - Are you maximising your brand and product portfolio?
Hold up a mirror to your business and identify gaps.
6. Focus energy
- Do you have a razor-like focus on your target market?
Increase penetration in a clearly defined market where you have high visibility. - Is your business all pulling in the same direction?
A consistent and unified approach is critical to maximise both effectiveness and efficiencies. - Does the business have crystal clear goals?
Goals must be hard (financial) and soft (intangibles, eg client care).
7. Breakthrough thinking
- What would it take to double your business in 12 months?
Thinking breakthrough ideas rather than incremental can open your mind to new possibilities. - What new markets exist that your business has not tapped in to?
Perhaps you can expand internationally or into a different sub sector. -
What would a new business plan look like?
Rip up the existing plan and start with a blank sheet of paper.
8. Get another perspective
- Do you have external advisors to challenge and add value?
Another perspective will help benchmark performance and generate new ideas. - Do you network effectively with a broad base of professionals?
Listen to others’ experiences, issues and plans. - Who do you use as a sounding board?
Everyone benefits from fresh thinking and an attentive listener.
9. Fill the pipeline
- Do you know how many leads you need to generate to achieve the growth required?
Work back from the financial target to calculate:
(a) how many clients are required;
(b) the average value of a project and
(c) conversion of pitches to won business.
What our clients say about us
Bernard’s professional approach, understanding of our sector and time invested to get to know our firm were all key factors in his appointment on repeating the exercise.
Sarah Warnsby, Marketing Director, Browne Jacobson, Law Firm
Famous feet
David Beckham
Footballer
Shoe size: 9
