Growing your business
How do you scale up your business and take it to the next level?
Businesses that are looking to grow in terms of market access, revenues, and number of employees, by adding value, identifying and realising new opportunities in a competitive environment are the life blood to a healthy UK economy.
Organic versus inorganic growth
Businesses can grow in one of two ways. You can focus on organic growth – growing gradually through increased sales and market share. Alternatively, you can grow through inorganic growth strategies such as through an acquisition or a merger with another business.
Commit to growth
Growing a business takes a huge amount of time and effort, so you need to ensure that your management team is committed to growing the business. You and your team will need to create realistic growth targets and develop plans and concrete actions of how growth will be achieved.
Upskill your team
Your management team will have a given level of expertise. However, delivering a growth strategy may require an expanded skillset. Take the time to identify the skills required to realise your growth strategy. Do you have people with good management experience, an understanding of the relevant technology, good financial skills and a background in change management? If not, you will need to upskill your current team or hire in experienced professionals to help drive growth.
In order to grow your business you will need to create partnerships with people and professionals outside of your business. Consider your routes to market and identify potential service providers, partners, suppliers and key clients who you can work with in order to form alliances, which will drive the growth of your business.
If you are focused on expanding into new markets, you will need to create collaborative business relationships with sales partners and suppliers in those markets and may need to create formal agreements with these new business partners.
Here at Leonherman we have many years of experience working with businesses across a range of sectors and a variety of sizes, with the single aim to work with them to achieve their goals, including working alongside them to grow their business.
Get in touch to understand how we can work with you on 0161 249 5040