Want Your Business to Grow at Least 40% Next Year?
Your Five Step Growth Strategy for 2015
Follow this five step guide to help you:
1) The ONE Number
What is the one number that you can focus on which will lead to a roll on effect to other aspects of your business? Focus on improving this number and the rest will follow. This number is most effective if it’s a number everyone can contribute to.
2) Key Life Indicator
‘There is more to life than business’ – you need to focus on something that gives you strength for work, for example days out with family, trips to the gym. Remember it’s often family or other relationships holding up the business; your health also plays a key role in taking on the stresses of life. So take time to focus on these.
Revenue is an easy number to look at but try and focus on the numbers making up the revenue rather than the revenue itself. Plan for revenue, look over the pieces that make up revenue across the past 12 months, and focus on these parts independently and look at ways to improve them and then assess the total impact on revenue.
Much like revenue, profit is easy to highlight in accounts and, like revenue, it has many inputs and so we must look at the trend of profit rather than the profit figure itself. Do not focus on cost cutting as this has a negative effect on revenue and thus profit too.
5) Working Capital Days
Although revenue and profit are good to measure, you still need insight into the cash position of your business and so working capital days should be measured. Working capital days are the days between paying for cost of sales and receiving payment from the customer. The shorter the better. An increase in payable days and decrease in work in progress and debtor days will improve cash flow. Remember cash is still King!
6) How we can help You
Using a combination of our Accelerator Club, growth strategies and business support we are looking to help businesses grow by at least 40% next year (compared to 2014).
Serious about improving your business? Want to grow by at least 40% next year?