In today’s constantly evolving business landscape, growth is critical to ensure business success and longevity. Now, more than ever, businesses require strong infrastructure and a multifaceted approach to optimize and achieve growth. In scaling for success, the four key pillars of successful business growth are…
Once you have recognized a growth opportunity or need for your business, your first step is to develop a strategy for direction. This strategic plan will also act as a reference point as you adapt to challenges and innovate and pivot for opportunities. As the industry or market changes (sometimes rapidly), it is important to remember that all good plans have the capabilities to adjust to the environment.
When strategizing, ask yourself and your business:
If you answered ‘yes’ to both, your strategy is on track to scale your business for success.
When it comes to your strategic plan – commit to it, own it, share it with pride and use it.
The next pillar is cash – optimizing cashflow to weather any storms that may come your way. Having the right amount of cash at the right time will be central to the execution of your strategy. Just as you will need to consider how each decision in your plan may affect profitability and revenue, you will need to account for cashflow.
When establishing your cash fundamentals, you should:
After you have an established strategy and optimized your cashflow, you will need to focus on your people. You now have the direction of your business mapped out, but do you have the right people to help execute your plan and navigate any obstacles?
To ensure you hire the right people for your business, you will need to create leadership guidelines and design the motivations that will lead to growth in your planned direction. This includes:
Driving flawless execution will be your fourth and final pillar in preparing your business for growth. It is essential to have the strategy, cashflow and the right people in place to ensure you execute your growth plan as accurately to your direction as possible.
Successful execution will involve:
The four pillars are essential to the success of a business’s growth plan. By putting the time and energy outlined above into your growth plan, you are scaling your business for success.