Business owners often intuitively know what needs to be done in their business. You have a clear picture in your head. The true challenge in running a growth business lies in getting that picture into the minds and actions of your people, customers and networks.
We provide below a list of the strategic habits that we can demonstrate time and again have multiplied cash, profitability and enterprise value in business.
1. Understand the levers that build enterprise value
In business, cash is king. But a strong enterprise value opens new pools of cash to draw into your business. It positions banks to offer you increased facilities, it improves access to investors, it opens the pathways for expansion and to fund investment that fuels growth.
2. Understand market trends
Many businesses have failed by being on the wrong end of a trend. It is important that you understand the emerging opportunities in your market.
3. Develop a documented and disciplined plan for your growth
Documenting a business plan, even in basic terms, forces you into the discipline of removing the fuzzy edges around your vision and “making it real”. A compelling business plan is a key tool to influence employees, banks, investors and alliance parties.
4. Define KPI’s that will align your people and ignite your business
Connect the dots and determine what the real KPI’s of your business are. Get the KPI’s wrong and like a map that’s turned upside down they will lead you in the wrong direction.
5. Communicate to get the right people doing the right things
Without the right people doing the right things right your business becomes locked up. Take the time to understand the key work and job functions required in your business, and make sure people are aligned to those functions with KPIs that are communicated regularly.
6. Establish Informed Business Processes
What processes does your business really need in place to grow? Organised procedures stop a business from having to reinvent the wheel time and time again. This saves you time, money and improves the outcomes that your staff can achieve in limited timeframes
7. Embrace continuous change
In this age, change is part of business. Even the changes change. Don’t fight it, learn to ride the wave.
8. Get face to face with your customers and suppliers
It is easy to avoid getting face to face with clients and customers; and often disguised as “efficiency” and “time management” in businesses.
9. Stop letting your money sit in someone else’s pockets
Imagine if you could bring forward, permanently, six months of your business’ cash inflows. What could you do to make this a reality?
10. Really understand what your financial reports are telling you each month
Many business owners think they are too busy to review, or don’t understand, their financial statements, don’t fall into this trap.
Contact Prosperity to get the support you need to get your business growing.