We are re-running a series of popular blog articles which we originally posted last autumn, covering a range of topics important to business owners and managers. This week we focus on how to achieve growth potential in your business.
When you first started your business, you will have carried out intensive research and careful planning to ensure the goal of long term success was achievable.
As time passes and a new business becomes more established, it is usually possible to see the potential for further sales growth. Knowing how to achieve that success, however, can be a lot harder.
Just as when the company launches, the key to any later growth strategy is a clear planning process, which has been rigorously developed and carefully implemented, with realistic and achievable goals. Only then will it be possible for the huge growth opportunities that you saw right from the beginning to become a reality.
A 4-step strategic planning process (consultation, review, solution and implementation) developed and facilitated by BHP gives business owners, shareholders and senior managers a framework for future growth. It provides the opportunity for all stakeholders to discuss, agree, test, implement and monitor their business strategy with an external advisory service that provides clear and true guidance.
Consultation and Review
The process starts with the analysis of both the personal and business ambitions of the key stakeholders within the organisation. Alignment of these ambitions with any developing strategy is crucial to the success of the business.
It is therefore vital that all key stakeholders perceive that their needs are being fulfilled by the objectives of the business, and that the future direction of the organisation is in line with their own goals. There may be some divergence in the ambitions of key stakeholders, highlighting areas where greater concentration on a single focus would make the business as a whole more effective.
This is a time for discussion, negotiation and clear agreement, even if that leads to some changes in personnel within the company. Ultimately, such a process will ensure a clear path to your company’s goals.
Such a comprehensive planning process will encompass all the key areas within your business. From Human Capital and Market Potential to Operations and Finance. This rigorous examination will ensure your business has the necessary skills and resources in place for successful strategy implementation. It will also highlight any potential changes which need to be made.
It’s a ‘lightbulb moment’ for many businesses; a moment when they realise that there have been gaps within their corporate model that have hindered their ability to achieve their goals all along. But with effective consultation and comprehensive support, those goals may not be as far away as they seem.
All too often, strategy implementation fails because there is a mismatch between the stated goals of a business and its ability to deliver on those goals. However, by following a methodical and defined plan, the road to success can be far more direct.
BHP’s involvement in such a process will not only provide the procedures necessary to develop and implement your growth plan. We also bring with us the objectivity needed to ensure your aims are met.
With our four step process, your business dreams can become a reality; and the sooner we get started, the sooner you will start seeing the results.