When is the best time to build a business growth strategy? Are you always looking at ways to become a client partner and develop your business relationship?
If your business feels like it’s on the up, has shown year on year EBIT growth, has an enviable client list you may feel like everything in the garden is rosy and you should just continue what you’re doing.
It’s working right?
Review Your Business Growth Strategy
That’s great but sometimes, at least twice a year, you should take a step back and play out some different modelling scenarios.
You should look at your business growth strategy and amend when needed.
What would happen if you lost client A&B?
What would your EBIT position look like if your were able to grow your most profitable clients by 10%, 20% or even 30% over the next three years?
Here are 3 things you should review as part of your business growth strategy:
1. Review Revenue versus Costs
What investment do you need to make to bring on two or three new clients in the next 12 months?
What is your ROI of gross revenue V staffing costs at present and what could it look like?
Sometimes a complete internal audit of performance helps set up your business growth strategy and allows you to put clear contingency plans in place if you were to lose some clients.
It outlines your most profitable clients and your scope of work for these clients, allowing you to work up scenarios for growth.
You can think strategically about areas of success and whether you can replicate this success in other sectors you’re not currently working in.
If you are picking up more work in certain parts of your business than others do you want to invest further in that area.
2. Build Stronger Client Relationships
If you have a great relationship with your clients you can pick up other work just by being there, investing in research to tell them something they don’t already know, doing some pro bono work etc.
However the most important thing is to show that you really get their business and their key objectives, by understanding what ‘keeps them awake at night’, by being a true business partner you can really grow your share of client business.
Think about what your objectives are for an internal and client growth strategy.
3. Conduct a SWOT Analysis
A SWOT analysis can be useful to really pinpoint your strengths, weakness and identify real opportunities.
This analysis lays the groundwork for a number of strategic business growth objectives – maybe five or six.
You can then put a clear SMART goals action plan together to grow these objectives that your whole company can buy into.
Make sure you put check ins in place to signpost success along then way, and make sure the whole company knows where you are on this journey to success.
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