4 steps to accelerate your business growth

I spend my days speaking to business owners and they all mostly have one thing in common: they want to grow and accelerate their business. Growth usually means different things to different people but some common growth desires I have heard are:

4 steps to accelerate your business

  1. Revenue growth: this is the most common as everyone would like to make more money and as a business owner, you feel a sense of achievement when your revenue is growing from month to month. Revenue growth is also one of the clearest ways to measure your business progress and validate your marketing efforts as well as customer’s acceptance of your products and services.

  1. Market share: This is growth measured in terms of how many people are buying your products compared to your competitors. If your major competition has a 50% market share, and you and other companies in the industry are sharing the remaining 50%, you can measure growth by your percentage increase in market share. For example you might have 10% this quarter and you grow it to 15% next quarter.

  1. Expansion: You can measure growth by how your business is expanding. You can have only one outlet and your goal is to expand to 3 outlets by the end of the year. You can measure growth by how many outlets you have been able to open by your target duration.

  1. Social indices: you can measure growth by indices like how many people you have on your mailing list or how many followers you have on your social media channels. This growth matrix is important if it has a direct impact on your revenue.

  1. Staff strength: You can also measure growth by how many staffs you have. This is useful because an increase in staff can be seen as an increase in capacity which should lead to an increase in business revenue.

Each of these growth indices is important at various stages of your business. I would be talking about 5 stages of business and what you need to do at each stage at the Accelerate business master class in Lagos on the 12th of March. See details HERE.

Now that we have clarified how you can measure growth, I would share the 4 steps to accelerate your business growth:

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A. Goals: Set business goals. What is it you want to achieve in the next one month, quarter or year? Write your goals down clearly. Make sure you follow the rules of goal setting, which means your goals should be: Specific, measurable, attainable and time bound, which is known as M.A.R.T goals. You can take it a step further and make your goals S.M.A.R.T.E.R. which includes exciting and relevant.

B.Reality: now that you have set your goals, you need to come back to your present reality and take stock of what you have to work with. What is the current state of your business? What is your current revenue? What is your current staff strength? Your current reality should not discourage you from going after your goals. It is just an indication of the gap from where you are to where you want to be.

C.Options: at this stage, you want to outline all your options to get from where you are to where you need to be as you have identified in the step above. This is where you break down you goals into actionable steps and decide the ways you can get from where you are to where you want to be. Example is; if you want to double your business revenues, would you increase your marketing efforts? Or employ more staff to increase your capacity? Or invest in some new equipment or machinery? You need to outline all your options.

D.Way forward: now that you have a list of options, you can then narrow them down and decide a way forward that aligns with your overall business plans. Once you decide your way forward, I advise you to commence implementation immediately because procrastination can steal your momentum and hinder your progress.

The 4 steps are known as the G.R.O.W model and it is a good tool to get you from where you are to where you want to be. I would be sharing more on this at the accelerate master class. See details and register HERE.

 Accelerate business masterclass

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