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Growth Opportunities

It's time to grow your business

If growth is an area you hadn’t really considered for your business before then 2022 will be the year to make it happen.

Business planning has been a tricky task over the last year or so. It’s hard to plan when you are uncertain what might be around the next corner. However, this is also why it’s a good reason to be ready to grow as you never know when there will be changes that impact your main sources of revenue or present a new and potentially profitable way to move forward.

What does growing your business mean?

Growth is essentially about making your business more successful. There are two ways you might choose to do this. You can find ways to increase your sales for a rise in income. Alternatively, you could look at making your products and services more profitable. This generally involves looking at how costs can be reduced and profits increased.

Perhaps you’re thinking that you’re quite happy with the ways things are right now. Do bear in mind that that avoiding growth won’t mean you’re protecting the current status quo. Instead, it’s a mindset that will eventually lead to stagnation, fewer customers and a reduced market share.

Yes, growth requires time and effort but it will be worth it as you are able to make long term changes that will contribute to the success of your company.

How can I grow my small business?

In part the opportunities open to you will depend on the stage of business you are at and the resources you have available. Don’t rule out calling on support from outside to help you with areas you lack expertise in.

A start-up may be smaller and therefore more agile and able to change directions and explore different opportunities. But they may also lack the resources to do so. By contrast, a more mature company will likely have more resources both in terms of finance and expertise. However, these assets are accompanied by a more hierarchical structure and a less fluid company culture. Basically, there will be more people involved in making decisions around growth which can slow things down. They may also be more risk-adverse.

Identifying growth opportunities

So how do you identify growth opportunities and the direction of growth for your business?

Prepare by ensuring that you have a really good idea of your business as it currently stands. Know how much you spend, what your most profitable lines are and where you’re

making losses.

Become familiar with the different procedures and processes used and why. You want to be able to identify where there are potential areas for change and improvement. It’s so easy to keep on doing things because they’ve always been done that way. There’s value in pausing to consider if this is still the best approach. Talk to staff members about their ideas and the changes they would make if they could.

While you’re investigating and familiarising yourself, start scanning for anything interesting that might present an opportunity for growth. Are there new products on the market that could speed up your processes? Who are your customers? Who isn’t a customer? Why not? What are your competitors doing? What are the industry trends?

Clear the FOG

When you start to look at business growth it can seem overwhelming. There are so many variables and so much data to look at. That’s why our free review is called ‘Clear the fog’.

We’ll spend an initial hour looking at your organisation and identifying where there are pain points holding you back from progress. If you are interested in taking the next step, we can work together on your plan for growth. Otherwise, you’ll find the report we prepare following your session useful as you explore your own path.

Why not book your free ‘Clear the FOG’ review now so that you’re ready to take advantage of opportunities as they present themselves?

MKR Solutions Ltd - Growing your business with you is our passion

Resolving your business challenges through tailored solutions; consultancy, mentoring, training and our 'Clear the Fog' Review. Get in touch


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