One of the main challenges of an entrepreneur is to grow his business. But what do we mean by “grow up”?
A company develops increasing its workforce, diversifying its business by extending its means of distribution of its products or services … The contractor must question, question its business model for how to expand his business. It is also necessary to ask the right questions and define the right actions to implement.
Here are four simple steps that will help you answer the famous question “how to grow my business?”.
– What are the strengths and weaknesses of my business?
– How does my offer regarding quality, price, innovation, the benefit to my clients …
– What are the partners and additional services that make a difference?
– How is my market? Its extent (national versus international), my competitors, prospects …
– What is my position against the competition? What am I single? Am I reacting?
– What are the duties of my staff?
– What value car my business? Effectiveness, cohesion, creativity, performance, innovation …
– How is my corporate communication?
– What is my financial situation? Performance, investment, cash …
– After making this inventory, lean on the positive elements of your business to set up your development strategy.
– As for the weaknesses, you have identified, think about how to improve to develop your business on a sound basis.
In a second step, review the Business Model through 9 blocks of the Business Model Canvas. This allows you to identify how to develop your business.
To clarify this:
– What improvement in your offer or value proposition
– What new customer segments you want to achieve
– What are your possible distribution channels
– How to create an effective customer relationship?
– Is there a new core business for your company?
– What are the key resources
– Which will become a key partner of your business?
– What are the sources of income?
– What is your cost structure
And keep in mind that no prospect of development or improvement is too small. Even the smallest can make significant gains.
You then set goals S.M.A.R.T.:
– Simple to explain and understand
– Measured to determine when the latter is reached
– Acceptable for himself and his entourage
– Achievable by the chosen strategy according to your abilities and your environment
– Time for the set time.
– It is important to set realistic and achievable goals either in purpose or the achievement.
To take action, make your goals as concrete as possible.
One trick is to find an image, a metaphor that symbolizes each objective.
Then think about what is needed between now and your goal achieved:
– Is there a step?
– What are the needs at each stage? These needs can be technical, financial, human or time.
– What knowledge and skills will allow you to complete each stage?
– What action plan?
– Which external partners to involve?
All that is in the service of your development must be seen as an investment. By definition, investment is spent now accepting some risk to increase its future earnings. The expense is financial but also time, energy, competence, etc.
You now have an action plan, and you put it into practice.
Write it! Communicate it to your team so that the entire organization is involved in achieving the objectives.
In summary, think and rethink your business model to take action and grow your business!