In today’s edition of Tips from the Experts, we asked four business professionals to share their top 5 tips for growing your business in 2015.
Peter Treadwell, Operations Director at Business Finance Solutions
1. Review Your Business Plan Regularly
Hold planning meetings every 3-6 months that involve key members of staff. Do you need to recruit more people, spend more on marketing or prioritise different areas of the business.
2. Consider Seeking Investment
If you need an injection of capital to help take your business to the next level, there are now many options available, from bank loans to crowd funding and business angel investors. Programs such as Start Up Loans, which BFS delivers in the North West, can often help if the banks can’t.
3. Embrace Digital
Traditionally digital or IT was part of the operational side of a business but today, digital should sit at the heart of every enterprise and business model.
4. Work with a Mentor
Research has shown that businesses that seek support are much more likely to thrive and grow. Mentors are simply business people with the practical experience and expertise to help you make the right choices for growing your company.
5. Communicate
Getting your product or service in front of people can often determine the level of success for your business. Make sure you have a clearly defined marketing and communications plan that includes PR, advertising, direct mail, online and social media.
Michael Rainsford, Co-Founder at StuRents
1. Stick to the Plan
As is often pointed out, business plans tend to fall on the side of optimism. So if you find yourself in 2015 with an offer that will catapult you over and above your (possibly) lofty projections, you would do well to tread carefully. Whilst big growth is always attractive, you don’t want to over-extend your business in the short-term to the detriment of long-term growth.
2. Play to Your Strengths
Growing your business is all about leverage. What do you offer that no one else does? If your answer is nothing, then you’re going to have to find something. If, however, you do have unique offers or insight then by all means use them.
3. Keep Your Ethics
With the recent example of Tesco as a touchstone, one thing has always been clear in the world of business – there is no company that is too big to fail. Therefore, in 2015, as in any year, keeping your core values and culture strong and pervasive in the face of dilutive growth is the key to sustainability.
4. Recruit Self-Starters
Any growing business will experience a consistent, ongoing process of delegation. If you don’t hire people with the potential to grow in their roles alongside your business, your management structure will surely suffer.
5. Maximise Execution Time
You don’t want to have to overhaul your business model every few months as your business changes. If you plan well enough early on, you can optimise the time you spend executing plans and growing far into the future.
Graham Todd, Director at Jo’s Correctional Facility
1. Stop Saying Yes to Everything
As tempting as it is to meet with every prospective lead or partner, and say yes to every so-called PR opportunity, it pays to be selective. Make 2015 the year that you select the best fruit instead of just the low hanging stuff. Meeting with every lead without qualifying them first is a bad use of time. Only meet with people if you can work together. Secondly, all those PR opportunities… are they aligned with your brand message and in line with your strategy? Think smart. Pick the right chances and manage your time wisely.
2. Stop Using All the Social Media Channels – Use the Right Ones
Social media can be a huge time drain in your business and personal life. On average, most people spend three hours per day on social media. Would that time be better spent on your business? Yes, use social media and yes, it really works – but select the right channels for you. Use Twitter for networking. Try Facebook if you’re B2C, and Pinterest and Instagram if you’re visual. Think smarter with your 2015 social media marketing.
3. Start Really Building Your Email List
If you haven’t got an email list then some would say that you haven’t got a business! When you have an event or a new product, your email list is a powerful tool to drive interest. Start building your list with free downloads of some top tips or a guide. Gather emails from a free, ticket-only event. Or simply buy some quality data and give something away in return for interest and relationship building.
4. Start Creating Content for Your Website
Here’s the deal: Google loves high quality, regularly updated content and hates spam. Your website needs some quality content and you have it in abundance. You give it away in advice, you share it on emails, you mention it at networking events and you’ve probably written it in a newsletter with tips and tricks. Get this on your website and share it on social media. You’ll get attention and clicks, and eventually those convert to leads and sales.
5. Publish a Book with Your Knowledge and Content
And then – write a book! With all the content you create during the year you can write a book… or maybe you’ll already have written a book by regularly blogging. Self-publish on Amazon and sell it. You may not become a millionaire author but you’ll have the kudos of a book and something very cool to leave with a fresh (qualified) lead after a meeting!
Roger Plahay, Managing Director at Sandler Training
1. Set and Commit to Goals
Define the goals that represent successful business growth for you in 2015 – start with the end in mind. Commit to your goals – write them down and share them.
2. Create and Follow a Plan
Identify the minimum underlying tasks and activities necessary to achieve your growth goals; and the frequency, timing and volume of activities – a plan of activities and behaviours. Do you have the resources and time to achieve what you want? If not, think about how you can acquire the missing components (e.g. skills, people, money) – or you’ll need to scale back your goals. Share the plan. Everyone in your business should understand exactly what they are expected to contribute – what behaviours or activities: how much, how often and when.
3. Measure the Right Things
You can’t manage anything you don’t measure. You don’t want to discover you’re off target for your goals when it’s too late to do anything about it! Identify the “lead indicators” that are the forerunners of goal success. For example, the number of first-time meetings with brand new prospects is a “lead indicator” for future sales. Ensure these lead indicators are in your plan. Measure and track your lead indicator results against the plan, and fine-tune your plan as necessary throughout the year (as you might find your “lead indicator” does not deliver final outcomes in the rate or regularity you originally planned).
4. Be Accountable for Behaviour
Regularly publish and review your actual behaviour measurements, lead indicators and results. Share with your team (or the people who are also involved in your success). Hold yourself accountable against your planned behaviours to these partners. If you follow your plan, the results will follow. Sharing actual behaviour metrics will keep you honest – remember: you are in 100% control of your own behaviour. You’ll find yourself motivated to do what’s necessary to avoid having to explain to accountability partners why you haven’t performed according to plan.
5. Focus and Take Action
Your time is precious. If an activity doesn’t move you towards your goal, don’t do it (and don’t procrastinate!). Focus and do what’s needed. Don’t be fearful of making mistakes – failure teaches us lessons: what will and what won’t work. It is better to fail and learn something than do nothing and be no wiser…and no nearer to your business growth goals.
Thanks to all our contributors for their valuable advice. Do you have any tips on growing your business in 2015 that you would like to share? Feel free to leave a comment in the section below.