|What is your business's best source of growth?|
There are many ways to grow your business. However, to enable this to happen you need to analyse whether you are operating at capacity or if you can adequately service additional growth in client numbers.
If your business is currently operating at capacity, the number one restricting factor to your growth is not demand, but supply, and having sufficient staff to service your clients. You need to be in a position to take advantage of opportunities for growing your business and if you don’t have enough capacity to do this, you will miss the boat.
Another comment I hear from business owners is that they do not have suitably qualified and experienced staff to be able to grow the business. This causes stress to both the business owner and their staff. It is important to identify strategies to reduce the impact of this staff shortage.
There are two things you can consider to implement if you are faced with this situation:
Becoming an employer of choice makes it easier for you to attract and retain staff. Strategies you can adopt are to reward performance so that you can be more productive, which is a key driver for sustaining growth.
Certain tasks can be outsourced more easily than others. However, with today’s technology, it means that outsourcing has never been easier. Outsourcing the more routine tasks allows you and your staff to focus on ‘higher level’ tasks that generate higher income (and are normally more rewarding). Most businesses shy away from this, as they don’t like paying fees for it. What you need to realise is that as long as you replace this outsourced work with fee paying clients, then you cannot fail to be better off.
Another consideration is to identify services which are complementary to those your business is providing, but which it is currently not. By forming an alliance with a firm that provides these services and outsourcing that work to them, you expand your service offering to your clients whilst still focusing on your core activities. This is an effective way of growing and expanding your client base. An example of this would be a service station forming an alliance with a mechanic, or a graphic designer forming an alliance with a printer.
If you would like some further information, please do not hesitate to contact me on 07 5413 9300, or by email.
Director B.Bus CA