For over 30 years, The Alternative Board or TAB has supported thousands of business owners around the world to achieve business growth through advisory boards and business coaching. In fact, 74% of our UK members agreed that their business is getting more profit since joining TAB. So it’s safe to say we know a little bit about how to grow a business.
What is business growth?
Business growth is commonly defined as the increase in successful sales and a company’s bottom line or their net income. However, at TAB, we believe business growth involves much more than that. It can also encompass the likes of customer and employee retention, profitability, staff happiness and even the business owners’ vision of success.
Local business coach in Derby, Julian Smith said, the true meaning of business growth for small business owners should ‘be about doing the right things and developing indicators which reflect a business owner’s desires.’
Practical Steps to Achieve Business Growth
We meet many business owners who say that if they could go back in time, they would spend some more time planning their business. The good news is: it’s never too late. Whether you’re a start-up or an established business, developing a written strategic plan will increase the likelihood that you’ll achieve your goals.
A strategic plan will help you focus your company’s activities on what matters most. Why not get started on your strategic planning?
These are the sections we include with our business owners:
👁 Company and personal visions – Two separate statements of where you see yourself and in the future.
💪 SWOT Analysis – Strengths, Weaknesses, Opportunities, and Threats. Everyone in business has heard of a SWOT analysis, but have you sat down to write one for your business?
✍ Company and Personal Plans: These plans are what keep your company moving forward toward achieving your vision statements
🏃♀️ Making It Happen: There are three key elements that help to ensure your plan is successful. These are: results-driven communication, weekly review and modification of your plan, and self-accountability. As a business owner, you are vital to the success of your plan and growth of your business. Keep yourself accountable.
If you want to know more about TAB’s strategic business planning, find your local coach.
Sales and Marketing
Just about every business owner wants to improve their sales and marketing programs in some way. Like so many other things in business, having a written marketing plan is going to help you immensely.
Take a look at our marketing tips and advice for small business owners on how to create an effective marketing plan.
Additionally, having internal sales expertise is critically important to the growth and success of your business, so consider your sales and business development acumen. Are you the most qualified person to develop sales growth, or should you really consider hiring someone, or bringing in a business development partner?
To help, why not listen to a webinar from TAB US on Sales Management?
Employee issues come up a lot around our advisory board tables. Hiring and training the right employees is a time-consuming, stressful part of business ownership. And for your business to grow, you need to hire the right people.
To achieve effective hiring, we advise an approach of four parts:
✔ Job Preparation
✔ Candidate assessment
✔ Post offer
Read our effective hiring white paper to find out more about how to hire the right people for the growth of your business.
Whilst Operations management is not the most glamorous function of your business, an operation plan is essential for the success and growth of a well-structured organisation. Whether you have lots of employees or it’s just you on your own, your plan should ensure that your business is the most productive it can be.
Think of it as the glue for your business structure. Operation plans can vary according to business and industry. But here are a few things you may need to include:
Examples of operations you may need to include in your plan are:
• Inventory: How will you track, store, ship, and acquire inventory?
• Distribution: How will products or services be delivered to your clients?
• On-boarding New Clients: The sales team is bringing them in, but do you have the operational plan to deliver on their promises?
Read more about an operations plan with our tips on how to build a good foundation for a successful business.
Growing your Business through Peer Support
There are many reasons why having support from others will have the growth of your business.
For example, an advisory board will give you access to the advice of fellow business owners who have faced similar challenges and come out the other side with successful, growing businesses. Another benefit of an advisory board is that the group serves as a community and are experience objective listeners who can help you problem-solve.
If you’ve got new ideas for the growth of your business, it’s can be extremely valuable to run them past other business owners, CEOs, managing directors and the like. Our advisory boards is one aspect of our business support and advisory services that have helped business owners all over the world.
Here are some thoughts from business owners who have worked with us and have seen their business grow:
“Being a member of a TAB Board has really helped me to focus on moving my business forward. We now have clear goals and the learning from the support materials and board challenge has been invaluable. Martin is a fantastic mentor who listens and truly understands my business. The advice and motivation he has provided has been truly inspirational. TAB is great value for money and I would recommend it to any business.”
Melissa Thompson, Managing Director of Safer Food Scores Limited