Simon White, a local financial management expert here in Christchurch, has written some helpful tips on growth strategies for small to medium businesses. Check it out:
Growth Strategy for Small businessesThe pace of change is increasing and many businesses (including SME’s) need to adapt or reinvent their business if they will wish to grow and ensure survival. So how should small businesses go about achieving growth? • Firstly they need a viable strategy for growth; and then; • Execute the strategy with the capabilities and resources required. Some questions/thoughts to consider: • Do you need to reconsider what business you are in? Particularly important if you, your industry or customers are facing disruptive change or there is a trend to substitute products. • Is there a customer pain point you can solve? • What are the customer segments you should focus on? • Can you partner with offshore or local businesses so that you can focus on what you do well? (Either to strengthen competitive offering in NZ and/or expand offshore) • As your business grows bigger, how do you manage this and maintain the customer experience and culture? (recruitment, training, delegation, performance measures….) • Is your growth strategy viable? (Market size, financial analysis of costs, pricing/value proposition, volumes, cash-flow and funding requirements). • Are the risks acceptable? (down- side is understood and how can it be limited). Inspiring quotes on growth strategy, product/service innovation and focus: Albert Einstein: In the middle of difficulty lies opportunity. It’s not that I’m so smart, it’s just that I stay with problems longer. Theodore Roosevelt: In any moment of decision, the best thing you can do is the right thing and the next best thing is the wrong thing–the worst thing you can do is nothing. Zig Ziglar: Lack of direction, not lack of time, is the problem. We all have twenty-four hour days. Henry Ford: If I’d asked my customers what they wanted, they would have said ‘faster horses’ Steve Jobs: It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them. Focus is about saying, No. And the result of that focus is going to be some really great products where the total is much greater than the sum of the parts.
Simon has written as series of helpful tips that we will be posting throughout the next few weeks, so keep an eye out!