The eight key drivers for business growth
Entrepreneurs would all be delighted to find the magic solution to growing their business tenfold but what if the answer isn’t a magic solution but rather simply following a number of key drivers which lead inexorably towards that dream growth?
We have developed eight drivers, or promises, that a growing business needs to adhere to if it is to maximise its potential. By following these you will be able to take your business up the next step of the growth ladder, leading to enormous success no matter how crowded the market place where you are operating.
These key drivers, or pillars, make a promise to your different stakeholders and can be applied to any business and at any stage of its growth:
This is where you state your mission so that everyone who works for your company or is considering working for you knows exactly what you stand for and what your end goals are. Ask yourself if your company is part of the great resignation or part of the great reignition? If it’s the former, you need to re-evaluate and maybe redefine your enterprise promise. Every word is critical in attracting and retaining your team.
This pillar is where you are considering your customers and their experience of engaging with your company. It relies on successfully identifying your 5 Ps – problem, promise, product, proof, price – making them clear to your staff and customers so that your customer base knows exactly what to expect of you. By sticking to your customer promise you will both attract and retain your customers.
No business is an island any more than a person is an island so for this pillar you need to ask yourself what you are doing, what advice are you sharing - for free - for your community? Your network consists of everyone who is spending time with you, even if they are not yet spending money. This is where you can share your knowledge and expertise and also learn from those around you.
Successful businesses often work with other businesses who are mutually supportive. Ask yourself how you look after your business partners and add to their success? If you are not currently making this a priority, now is the time to actively pursue ways to add value to your partner’s community and ask yourself how they can help add value to your own. Both partners should benefit and grow as a result of the partnership.
Make a promise of where you will be going and demonstrate that it is happening so that the market and your stakeholders trust you. Think of the brands that predict their future and achieve it – those are the trusted brands. And once you have that trust, you will have a client base that is on your side.
If you bring investors in, you should promise to deliver an assured return on profit. Don’t exaggerate your success but rather demonstrate your understanding of the market, your current position and your growth to date so that investors can trust in your promise to grow.
Ensure that your systems are efficient and that you have the infrastructure needed for growth. If your systems fail at any point you need to be clear that you can put things right quickly. Make sure that you have developed partnerships with those who can support your systems so that they will step in rapidly when needed, seeing your needs as a priority.
Despite being the final pillar of this list, your commitment to how you are fulfilling social responsibilities should be stated and demonstrated and is possibly the most important promise of all. Many businesses are committing to one of the 17 UN Sustainable Development Goals.
While having a great business idea backed up with a highly motivated and skilled team is essential for growth, they alone do not guarantee success. By employing the eight key drivers described above, you will make unequivocal progress towards that goal of tenfold growth.