Business growth refers to the increase in a company's size, revenue, market share, and profitability over time. But is that really all it means?
In today’s dynamic business landscape, growth isn't merely about increasing revenue or market share; it is about encompassing a holistic view of purpose, strategy, and adaptability.
In this quick guide, Jaan Scott, Boost business adviser, explores four things that you can do to unlock your the full potential of your business.
Traditionally, monetary compensation has been the cornerstone of employee satisfaction. However, in today's environment – with the cost-of-living stretched – employees are seeking more than just financial rewards.
A recent study from Robert Half’s economic confidence tracker – the Jobs Confidence Index shows that only two in five employees feel confident in their jobs. By reallocating resources to initiatives such as upskilling programmes and mentorship opportunities, businesses not only enhance employee retention but also lay the groundwork for future productivity gains and organisational resilience.
Success in business isn't solely about innovation; it's also about refinement. Rather than rushing to introduce new products or services, businesses should focus on perfecting existing offerings. Data from Experian shows that 34 per cent of businesses fail by their second year and 50 per cent fail within their third year of opening.
By strategically allocating resources towards product quality enhancement and targeted marketing efforts, companies can maximise return on investment while minimising financial risk.
In an era of rapid technological advancement, businesses must leverage technology and AI-driven insights to enhance decision-making processes.
By harnessing AI-driven analytics and automation tools, businesses can optimise financial processes, streamline operations, and identify growth opportunities with greater precision and efficiency.
Unlocking your business's growth potential requires new approaches that integrate both strategic vision and financial planning. By embracing innovative strategies, mastering product refinement, and leveraging financial insights, businesses can create a path toward sustained success and resilience in today's competitive landscape.
About the author
As a Boost business adviser, Jaan is on hand to help leaders of growing companies to increase their capacity to innovate and achieve accelerated growth. His role involves leadership and management support, providing practical tools and the know-how to help business leaders with business strategy and to execute plans.
He has spent 15 years operating manufacturing businesses across the region, then a further 10 years as founder of a consultancy business that supports over 1,000 SMEs across the North West to achieve sustainable accelerated growth.
Jaan is delivering Boost’s Growth Catalyst masterclass ‘Financial Options for Growth’ workshop in May which offers a comprehensive guide to equip you with the knowledge and skills needed to navigate the complexities of financial management and decision-making as a business leader.
If you’re looking to grow, scale or start your business, use Boost; Lancashire’s Business Growth Hub. We offer a range of funded business support services. Call our Business Support Helpdesk on 0800 488 0057 to find out more or complete our enquiry form.
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