In the Feb 2019 Synergy48 Knowledge Sharing Dinner panelists mapped out the 4 key elements necessary for future success, which can be applied whatever growth stage your business is in.
- Preparation of the business including Systems and Culture.
- Leadership to support the intended growth.
- Assessing customers/clients needs, wants and understanding their aspirations for informed planning.
- Identifying the Numbers and resources required for growth and how to measure to ensure purposeful action.
Here’s the action plan…
Your Action Plan for Successful Business Growth
Best practice checklist for preparing your business for successful business growth
For each item on the checklist mark it as: completed, not applicable for your business, or high/medium/low priority for action.
From an integrated sales and marketing perspective (Ian Bosler, Intertype)
1. We have mapped our end to end Marketing and Sales Process
2. We have a media style guide to help communicate our brand standards
3. We have centralised and made our brand assets readily available
4. We have a modern CRM with communication automation capabilities
5. We have a Marketing and Sales dashboard that measures ROI
6. We have mapped and evaluated our major customer touch points
7. We have a prioritised list of improvement projects.
From a business finance perspective (Martin Cattach, Finance for Business)
1 Cash position is being checked daily (Bank Balance) for growth management
2. Cashflow and forecasting management is in place and under constant review to ensure sufficient funds are available to meet current and future obligations to staff and suppliers
3. Creditors are being managed and reviewed weekly for compliance of trading terms and current outstanding debt
4. Debtors are being reviewed weekly for compliance of trading terms and current outstanding debt
5. Sales figures and trends are being reviewed regularly
6. Cost numbers and trends are being reviewed regularly
7. Work in progress is analysed regularly to ensure the capacity and resources to grow
8. Concentration risk is being managed limiting exposure to any one customer or supplier
9. Working capital improvement plans are in place for growth
a. Discussions with suppliers regarding forecast growth and varying trading terms has occurred and are ongoing.
b. Current trading terms have been reviewed and revised for both existing and new customers
c. Discussions with our financiers about increasing our working capital and a clear plan of pay back has occurred
10. We are confident in moving forward.
From an online systems perspective (Raie Lyth, Web Ideas)
• We have analysed where we are at now with our business direction and revenue, including profitability of products and services
• We have identified our business processes for customers and staff
• We have researched our industry trends, including what our competitors are doing and where new technology is developing
• We have brainstormed disruption possibilities for our Industry, together with experts in business and technology
• We have identified possible directions for our business over the next 12 months
• We have costed solutions for effective return on investment
• We have identified the ‘Next One Step’ to move towards our identified goals and committed to action.
From a Leadership and Culture perspective (Lisa Wiking, Motivational Leadership)
1. We have determined that our business structure supports our desire to inspire an engaged culture by completing the following:
– We have a clear Vision
– We have clear and measured Goals
– We have KPI’s extracted from these goals for each team member
– We have agreed on standards expected as a team
– We have aligned each team members personal goals with their KPI’s
– We run effective and efficient weekly meetings and hold team members accountable for their KPIs
– We provide a monthly support meeting for each individual team member
2. Leaders in our organisation are clear on and aligned with;
– Our mission
– Our long term goals
– Our purpose and values
– Our overall leadership philosophy
3. We recruit based on Values and Vision match not skill;
– When recruiting we ensure there is a match of the person and business values
– We provide a thorough on boarding process meeting their need for certainty
– We have a process to identify how each individual can meet their personal vision/goals within the company
4. We provide a High Expectations / High Support Environment;
– Our processes identify and maintain high expectations, recognising what each individual is capable of
– Our processes offer multiple avenues of support to each team member
– Our processes hold team accountable to those high expectations