As we started into 2021, I had set a goal of providing the readers of these monthly articles with knowledge and an independent viewpoint on business activities that are all supportive to growing a business, no matter what scale it is.
For January 2022, I thought it would be useful to reflect on a range of points I discussed across 2021 and highlight their importance and relevance as we start into 2022.
Setting a vision/goals & implementation plan: You have to start with this and use it to drive your actions and decisions. Without these how do you know you’re on the right path? Making the right decisions? Taking on the right projects? It is imperative that you have a clear vision and a plan to implement it. Don’t create this in isolation, ensure you involve key people to support buy-in across the business and an implementation plan that’s achievable in real life.
Partnerships: They can provide you with access to additional capabilities, sales channels and information. They arent easy, some won’t work, but putting yourself out there to the idea can help differentiate your business from others and provide you access to new opportunities you are currently accessing.
Business grants: Businesses can have long lists of growth supporting actions they want to initiate, however if you don’t have the appropriate resources or funds, then you will never be able to initiate or fully complete them. There are fantastic grant opportunities across the UK and Ireland businesses can access to enable you to perform more activities, accelerate your growth, employ more or enter
R&D: Any business from any sector or any scale can undertake R&D to support the likes of new product/service development or process improvement. It can help your business to differentiate from competitors, generate an increased higher value proposition and help you enter new markets. There are also excellent grants available to support these activities.
Implementing change: All businesses must evolve and continuously improve, the key is knowing when, how and ensuring that you have a plan to achieve it that is realistic.
Upskilling: You need to ensure that you are investing in your team across all levels in the business. People are the fuel of an organisation, support them and the business wins.
Measuring progress: If you don’t measure your actions and business activities, how do you know if you’ve made the right decisions or achieving your goals. Without metrics you are making decisions potentially in the dark which may come back to hurt the business.
Remember to grow your business you need to consider a range of areas.
You need to regularly invest across several areas at the same time. You need the right people around you who can help you achieve the business vision, and, importantly, you need the right people who will also provide you honest advice and challenge when needed.
So, what can we safely say?
There’s not one growth activity recipe that fits all businesses, rather it’s a bespoke recipe needed for each that is tailored to your vision, goals, capabilities, and motivations.
So, take a step back and start thinking about your perfect business recipe for 2022.
Dr Scott King is co-founder of Pinnacle Growth Group, a business advisory firm based in Lisburn. Scott is experienced in advising organisations in logistics, aerospace and aviation, tourism and agri to food and drink, construction, renewables and defence.
If you would like to talk about transforming your business for the future in more detail, email Scott at: [email protected]
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