Business Growth

Keys to growing your Business

It is known that only half of new start-ups survive more that 5 years and only one third make it to 10 years.
In order to not only survive but grow, here are a few ideas you may consider.





1. Establish a value proposition
For your business to sustain long-term growth, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and credible?

2. Define your target market with laser accuracy. 
Many businesses have drifted along and survived on low hanging fruit; perhaps it is time to refocus. Take a step back and define your market strategy. Where is your best bang for the buck? Are you headed for where the market is going? Imagine where you want to be in 3 to 5 years and what the business can become. Without this, you’re shooting blind hoping to hit the target.

3. Define your key indicators.
Changes must be measurable. If you’re unable to measure a change, you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas.

4. Focus on your strengths.
Sometimes, focusing on your strengths rather than trying to improve your weaknesses can help you establish growth strategies. Reorient the playing field to suit your strengths, and build upon them to grow your business.

5. Engage your employees and listen. 
Your employees can be a goldmine of ideas. They know your customers, your market, and your operations. Actively encourage them to come up with ideas to improve revenue generating operations, product innovation, cost cutting measures, etc., and listen to them. You’d be surprised at the level of ideas you’ll generate simply by asking. This also gives your employees a great sense of inclusion.

There are many other principles that could be added to this summary. I hope these have provided some suggestions that you find of interest. Please let me have your thoughts. gerry@polarisgroupmc.com

Business Start-up Management

Keys to Launching for Success

Business owners don’t often think about basic operating principles when launching a new business but here are a few thought starters to ponder on what fundamentals might help drive the business successfully.

1    1.  Plan for success.

A good plan increases your chance of success by defining objectives, framing costs, forecasting revenue and defining risks.

2    2. Measure risk

In early stages you can have an appetite for greater risk as there is lots of time to recover if you misstep. As the business and ownership matures perhaps a more prudent approach to risk taking is appropriate.

3    3. Management strength

A strong management group is critical. Entrepreneurs should have the confidence to surround themselves with strong people; this will pay dividends in productivity and growth of the business. Those owners who seek individuals who will follow and not lead will be constrained by their own failings.

4.   Communicate, Communicate, Communicate

Whether it is with investors, customers, co-workers, or business partners, you have to over communicate.

Listen carefully, communicate regularly, and try to be clear and concise.

    5. Be Respectful

        Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other     types of distinctions, always treat others with professional respect and courtesy. Value every     individual for their unique skills and contributions.

6   6. Build a network

The activity of building a network of contacts within the industry and the local business community will be invaluable in the long term. Attending networking events and community activities can expand awareness of the business and expose potential future consumers to your products or services.

There are many other principles that could be added to the list; these should provide some input to how you operate your business. Please let me know your thoughts. Gerry@polarisgroupmc.com