How Do I Grow My Business In A Sustained Way Over A Three Year Period?
Struggling to write that 3 year business plan? Could this be the video that changes everything for you?
Here’s what is covered:
What you need to do before you start the 3 year plan
Why making processes systemised is crucial
The importance of having the right people around you
Tools to be able to track your progress over the 3 year period
Methods you can use on social media to maximise your exposure
About this video
Before building anything, you need to be certain you are starting with the fundamentals. Alex and Rupert look at what is needed to bring your product/service to market. They also give away tips on how you could plan for the next 3 years in business.
Scaling a problem is something many companies do without realising it. Alex and Rupert will take you through what some of the problems could be and how to prevent them in your company.
Hey Everyone. It’s Alex Smith from business growth bureau along with Rupert Honywood. What were going to be talking about now is how do you grow your business to be sustainable over a 3 year period. What do we do to make sure we’re ready to do those whole 3 years of growth? (00:16)
First thing is to actually make sure the fundamentals are right in your business so make sure that what you have got is working as it should do. Make sure your products and price mixes right. Make sure all your departments are working broadly speaking and in sync, you don’t have a problem with customer returns or issues of lack of support. Make sure as much as possible your business also is systemized as well. Also, if you’ve got online means that delivery is working very well and highly optimized. (00:48)
To sum that up, you don’t want to be scaling a problem, as much as possible try and iron out all the kinks before so when you start that greater growth and you’ve got those targets in mind you’re not just scaling a problem that already exists. Example of that would be customer service. (1:04)
Yeah. Obviously, you don’t want to do that. Also sometimes, people have this perception that actually we’re making loss of the moment, we could trade our way out of it. Well, quite often the reason you may be making a loss when actually there’s some fundamentals wrong in your business. So if that’s the case it’s probably the fastest way to go bust. What you need to do is to look at the other way around and make sure a number of things are working. (1:23)
Yes, What might be worth doing in certain areas of your business is kind of AB testing in terms of trying one method to see which really works more than another then scale that particular solution and move forward with that. Would you say that’s right? (1:38)
Yeah, it is. That can work particularly well if you’re doing things like email marketing or pay-per-click and so on. Other types of marketing are a little bit different because it’s sometimes a little bit less obvious where those opportunities are coming from but actually that leads on very nicely to something else. It’s really important when opportunities come through; you always track them so you know where they’ve come. (1:59)
So you know it’s working. (2:00)
Yeah, and also around that it’s about knowing your numbers. (2:04)
I suppose it would be a great time to mention to our new viewers that if you haven’t seen our other videos, we actually have an entire section on lead generation in terms of not only what we use but we use of clients and not just different methods around certain things that we don’t use at the moment because it’s not right for our business. But we just gave away tips that we know will work very well for different industries. If you are watching and wondering about different lead generation tips, we have got another video over on our website or YouTube that you can check out.
I suppose another good thing would be the people around you. You’re only as good as the weakest link essentially as it were. So, is it worth looking at the people you put around you as to whether that your right growth and when that should be done? (2:43)
Yeah. Make sure your managing team is really strong, as well as your sales team. If you’ve got business development managers, make sure you’ve got some business development support resources available because in that you can make sure business manager are able to seize off all opportunities are coming through. They’re not spending all their time on very poorly qualified leads if that make sense. (3:05)
Yeah so kind of the thing that could take away from that would be resources you have that been actually useful you’ve employed them for. Something that we encounter quite a lot is they’ll have a company of say 2 or 3 BDM’s but the BDM’s actually has a lot of prospects and reaching out to new clients because they’re probably quite good at it but it is an expensive resource to be doing that. So what we do is we encourage them by our other videos. How do you plug in things around BDM’s so that they can be the best used for what you’ve actually employed them for.
In terms of the 3 years, what ways can we measure that growth? I know for us we break ours into daily, monthly and annual goals. What should other people consider to reach that good target? (3:54)
Yeah obviously, having things like cash flow forecasts, profits loss forecast these are all vital things as well as really good marketing plan. The big thing is to make sure it’s also something you’re very passionate about. You need to question why you want that rate of growth. It may be that your business perhaps grown 5 or 10 % per year consistently in which case that’s really good. You’ve probably got a pretty good business. People sometimes fear too much success so. But if you want to grow at a fairly accelerated rate of growth also make sure that you’ve got plenty of funding either money in the bank or some back up funding in place as well.
Because quite often if you accelerate your greater growth your profits may go up but you may find there’s a problem with cash flow because sometimes it takes 3 or 6 months of cash flow to catch up. The last thing you want to do is to start on campaign which then sees you burn through cash and you’ll find you’ll get caught in this massive cycle all the time on this trap. So a lot of that source is about mindset, broadly speaking the key people in our business have got want the same thing.
Let’s say you’ve just raised investment and your investors or shareholders are expecting to see a 40 or 50% rate of growth per annum if not more. Let’s also assume that all things are in place. There are a lot of things you can do around this which will deliver that. So, say you are running a campaign on your own LinkedIn account to generate a really strong lead flow. The good thing is you could take your other business development managers and they could also run individual campaigns on each of their own accounts and indeed we can suggest ways of actually doing that as per lot of the other videos. The great thing with that it means you can run multi channels of marketing at the same time. Obviously that will help you to feed into the rate of growth you want. (5:48)
It probably is a good time to mention we actually have prospect nurturing and how to optimize certain platforms to reach ideal clients and how to have the right conversations although LinkedIn is quite hot right now. The methodology that we talk about in it and the processes that we mentioned to our clients into you right now is that although that works well for LinkedIn that kind of procedure and that kind of method could be used on the near enough platform. Because bear in mind something that I think we forget quite a lot especially in high ticket sales is that people are individuals as well.
Once they take so often, they drop the persona of the business world they are individuals and we are all individual consumers and people buy a different raise. So methodology we talk and use ourselves it could be applied to pretty much any industry in most sectors. We talked quite a lot about consultative sale but you can use elements of that near enough in any kind of environment. Simply because everybody wants to be interacted in certain ways and all you need to do is find methods and channels that plug into the quite well. So, LinkedIn right now is crucial in our area in terms of consultative but things like Facebook and Instagram are highly effective as well. So think about your business, if you’re not tackling current areas right now, if you’re very visual say you sell quite nice clothing, bespoke kind of shoes or whatever Instagram is amazing for that great targeting cheap organic reach.
Facebook’s good as well. So think about if you are looking at growth, think about not what is working well now but also where will the world be in 6 months time especially through things like social media if you think how much are on their phones right now, a lot of stuff is through the phones these days so think different methods that aren’t working quite right now where might they be in say 6 months time.
Let’s wrap this up, final thing for people to take away from this video, what would be the one crucial thing you would say to help with the next 3 three years of growth? (7:51)
The bottom line is if you’ve got everything in place along the lines we’ve described, you should just go for it and just make sure that your management team is 100% behind you and they’re also keen to support you as well. And that’s what will really help you cut through all these challenges but also massive opportunities when change is all around us those opportunities all to be sought. (8:13)
One thing I’d need to mention is that you need to love what you do like Steve Jobs said it best, if you don’t love it you’re going to lose all enthusiasm for it so quickly because this is growing business and being in business and an entrepreneurial, it’s not as beautiful as the internet make it out to be. It’s a very hard slog. You have to love what you do and make sure that the message, products or services that you’re selling to the world are things that you can truly deliver with passion and enthusiasm from day 1 up until let’s say day 900 when you’re 3 years in. Towards the end of that goal make sure you love what you do. (8:56)
The great thing is with all of that if you love what you do through working variably that it comes across in your home life as well. Everything becomes aligned and then obviously to a nice near horizon. (9:06)
Well exactly that. Thank you so much. I’ve enjoyed this one and this has been good. Thank you Rupert for joining us. Thank you to our viewers on joining us on our videos and on our podcast channel. Please leave a comment whether on our Facebook page or our YouTube channel and we’ll see you on the next video. (9:25)
Great thank you. (9:28)