This informal CPD article ‘Why growth is essential for your business’ was provided by Business Doctors, a business training provider that specialises in provision of learning for professional firms.
Many business owners are happy to continue achieving the same results year after year, but for the long-term health and survival of a business, growth is essential. Without it, your operations could become stagnant, standards lowered, and it could have a detrimental effect on your staff morale. A healthy business that can demonstrate continuous growth will be in a better position to acquire assets, attract the best talent and secure investment funding. In general, grow your business, and more opportunities will follow.
Ready to grow?
Owning and running a business takes its toll emotionally. Is your passion there for all to see, even after years of a 60-hour working week? If you answer yes, you are ready for growth. 60-hour working weeks! Yes, it may sound bad, but in many cases, accurate. From our experience, business owners often want to rein in the time spent on their business, a good sign because they recognise a need to work more efficiently.
Chasing big money contracts that involve non-core work can be distracting. Know where to focus your efforts and which new contract to take on. Accept that you can’t do everything yourself, so invest in new staff to help your business progress. A business owner’s vision of the future is a great starting point to work from when developing a strategy and plan. Sadly, a lot of the time, the vision stays in the owner’s head. The ability to turn your vision into an achievable goal will give you a better chance of success.
The road to sustained success is often long and winding. Committing yourself, your family and your finances to this journey can be the most challenging element of business growth.