How To Grow Your Business

Part of the MHC Mini Business Series

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Introduction

As business consultants, we work with business leaders and their immediate teams (if they have a team), to help them implement the disciplines and tools that they need to help grow their business in a consistent manner. 

Much like Jim Collins “20-mile March” approach, business growth does not happen overnight, it requires a dedicated team, all working at the same pace and consistency to slowly “march” towards the end goal.

In our “How to Grow Your Business” mini-series, we have pulled together 7 ideas to help you grow your business in a consistent manner.  Please also take the time afterwards to review “How to Business Plan” series, where we overview “the key steps you need to consider when creating a Company business plan.

Table of Contents

Business Planning


Growing your business requires vision and focus.  To get to the end goal, you need to have a goal in mind in the first place. How do you do this? How do you know what end goal you are looking to achieve? 

In our blog “Got to have a plan Stan, we discuss how to use a personal vision board or use a One Page Personal Plan to help you see what you personally want to achieve.  Although this blog is written from a personal vison boarding perspective, you can use this approach to help achieve your Company end goal as well.  If you need further help on defining your Company vision, see “Company Vision” below or refer to our “How to Business Plan” Mini-series.

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Company Vision


Running a business can feel like a very lonely experience, all the decisions are your responsibilities - business planning, direction, how to get there – everything is all down to you!  True if you are a Company of one, not true if you have even one employee.  If you hired correctly, you will have a talented team around you that you can involve in the “how” and often the “why” as well.

In our blog “Company Vision Boarding” we gave an example of how using the whole Company in creating a Company vision board helped shape the future of the Company, the innovation required to keep the Company ahead of their competition whilst at the same time holding a Company wide team building session, resulting in an engaged and committed workforce.

If you do not have the right team around you, refer to our “How to Grow Your Team” Mini-series.

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Business Development


As businesses grow, their internal processes and systems need to change and innovate in line with the company growth.  In our blog “Are your internal systems customer friendly?” we discuss the frustrations, we, as customers, feel when dealing with Companies that seem to make it difficult to do business with them. 

I was faced with this issue recently when trying to arrange a 3-day event for a client.  None of the departments at the event communicated with each other meaning additional work and repeating my requests across multiple departments that seems incapable of taking this pain away from me, the customer.

From this experience, it made us question how internal systems and processes need to grow and involve when business evolves, and additional headcount join the Company.  Just because it’s always been done this way, does not mean that its needs to always stay this way.

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Business Acumen


Business growth takes financial investment to ensure the Company has the right amount of cash available to allow growth.  You potentially need more employees, more stock, additional advertisement etc in order to grow and expand, all of which requires financial support.  Can your Company afford this?  When are you going to be able to finance this required investment?

In our blog “why you need to know your numbers” we discuss the importance of understanding the finances of your business and forecasting ahead of time, based on the information you have to hand.  Forecasting ahead is key, to finance the growth of your business, you need to know your sales pipeline conversation rate, and concentrate on the critical numbers you need to monitor daily to keep up to date and the consequences of not doing so.

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Business Administration


Whenever your business down time is, it is a good opportunity to review where you are at and to tidy up your processes.  Here in the Middle East, the summer months tend to be our down time, a lot of people travel to cooler temperatures around this time, slowing business a little bit.

Other countries will find Christmas to have the same effect.  In our blog "Time to get your house in order" we discuss how these quieter times should not be an excuse to put your feet up and wait for the phone to ring or your email to ping, they are fantastic times to tidy up the back office and put everything into order so that when people return from their breaks and business picks back up again, the back office is clean allowing the team to find what they need quickly.

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Productivity


Following the previous topic, in our blog “Time to stop the summer excuses” we discuss the important for keeping an eye on business for the whole 12 months of the year.  We work in the Middle East and often need to deal with the attitude from clients and their sales departments that during the hot summer months, everyone travels and so there is no one for them to do business with.

This is not the case at all.  All businesses have busy and less busy periods, they should know when these are and plan for the time in advance.  Perhaps the quieter months are times to clear employee holidays.

It’s also a great time to network and follow up with clients that you have been chasing through their busiest periods.  Review our blog for our suggestions and ideas.

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Outsourcing


As business grows, Owners are often tempted to add more headcount to the team, headcount equals additional costs and the stress of managing people.  Companies now have the options to outsource their key back of house services to individuals and Companies, who can provide senior professional services at a reduced monthly rate with no need for Company visa, holidays, medical schemes etc. ultimately creating a cost reduction.

There are many outsourcing Companies available now, and in our blog “why not outsource” we provide ideas and suggestions to make sure you find the right person for you and your Company.

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