Your guide to growing a strong business
Sustainable growth is what your business needs to be truly sustainable. Managing growth carefully is important to prevent yourself from going under just as you find your business starting to scale.
In this article we will show you how to create conditions of planned business growth. With this guide, you will avoid most of the problems that can come with unchecked growth once you find higher efficiency.
1. Keep all elements of the business growing at the same rate
According to the business growth guru, Jana Matthews, it’s critical to keep all parts of your business growing at the same rate.
Those parts are:
- Business Model.
Matthews defines five stages of growth that will help you measure the status of each part. It also helps you keep track of your growth more easily. The five stages are:
- Continuous growth.
What stage is your business in right now? If you’re just starting out, then you’re in a Discovery or Validation phase. If you’re looking to put great systems in place, then perhaps you’re in the Efficiency phase. Once you have the efficiencies you need, you can start to scale.
The health of your business will suffer if one of your elements lags behind, or charges ahead, of the others. Knowing where it is means you can correct it before it becomes a problem.
2. Know how to delegate
Knowing the stages of effective delegation will help hand over tasks more quickly and efficiently. It will allow you to accelerate your growth. because it supports good partnerships.
Being able to make good, fast decisions will become more important as your growth takes off.
Your company can’t grow unless you understand how to delegate. ~ Jana Matthews Source - PDF.
How to delegate work using the five stages of delegation
These five stages allow you to coach and direct employees before fully handing over a task. It supports good relationships, and builds confidence on both sides.
- Get them to report back to you. Get your employee to report back to you on a task before progressing it.
- Ask them for a recommendation. Get your employee to complete a task and then bring you a recommendation for what to do next. Coach them until their recommendations are consistently correct.
- Ask them to create an Action Plan. Once your employee has enough skills to bring you recommendations, and they’re good recommendations, you can get them to create an action plan for achieving the desired outcome. Again, coach them until their action plans are consistently excellent.
- Ask them to make a decision. Having been coached through stages 1-3, your employee is now capable of making an independent decision. Get them to bring you the decision and explain it. This is your opportunity to help them refine their decision-making processes.
- Full Delegation. Your employee is now capable of taking over a task correctly. You will know that it’s always being handled properly.
3. Plan to grow! Be clear about it, and have real goals
- Do I have a plan for growth?
- Is my company ready for growth?
- Am I ready for growth?
At myFLO we are experts at helping businesses like yours to work out whether your company is ready for growth, and then to put the systems in place so that you are. A great example of how efficiency helps you to grow is our case study of AllState Pest Control. Once they had the system that they needed to get away from the needless repetition of paper creation and filing, their business achieved startling growth - and it’s still growing.
The Efficiency stage is part of your initial growth stage, before you find the leverage to scale effectively. Your goals are to grow your revenue, launch new products, and capture market share. But you won’t be able to do it if your workload is overwhelming. This is where great systems and effective delegation become so important. Contact us to find out how we can help you with this.
4. Set yourself up for good internal communications
With your operational efficiency comes good internal communication. As part of your growth plans, make sure that you and your team creates an internal communications plan.
A good internal communications plan will help each part of your business to communication information easily, and it will also hold all team members accountable.
Then, once you have a plan, make sure you execute on it. Some parts to think about include:
- Who is communicated to or kept informed about each part of the business and its tasks?
- Do we (or can we) keep our information up-to-date in real time, for everyone - even those out on the road?
- Can we get the system to communicate for us on things, or do we always have to rely on people?
- What is the shortest path to customer happiness, when it comes to how we communicate?
5. Track, measure and manage your numbers
It’s no secret that knowing your numbers is one of the secrets of being well positioned for growth. This is why building efficiencies in reporting is so critical to growth.
At myFLO we have witnessed key clients go from strength to strength simply because they were on top of their data. AllState Pest Control discovered things about their business that they never knew; CHIPS found more efficient ways of handling their resources; CSR Bradford were able to provide real time data on critical projects; and The Hills Shire Council found that in-built automations allowed them to track all parts of field jobs without having to think about it.
6. Position yourself so that you can spot and take advantage of opportunities for growth
The CEOs who are more likely to win the race are those who:
- are supported by decision-making frameworks
- have reliable data
- clarify responsibility and accountability with their employees (and then delegate well).
These three things allow you to spend more time studying the trends impacting your industry and assessing the implications for your company. Opportunities for growth are often related to shifts in customer demographics, behaviour, and new technologies.
When you understand how quickly those trends can (or will) change the landscape for all of your interested parties (customers, vendors, suppliers and employees), you will be able to bring a substantial competitive edge to your company.
Fast, reliable access to real-time data gives you an incredible competitive edge
At myFLO, we have been helping people to unlock operational efficiencies and external trends since we started. Our platform grew out of a need to enable easier more efficient businesses, while giving them the flexibility to adapt and grow.
To learn more about how our experts can help your team, give us a call on 1300 78 46 60.