Grow your business

Here is an insight into a programme that we devised to help our clients to achieve a greater understanding of their business. The results help us determine the best strategy and actions to help them achieve strong growth.

One of the biggest challenges for any business is to allow enough time away from the day to day issues to review their performance and see a bigger picture. As a result, we approach businesses with fresh eyes and an open mind.

7 Stage Process

Our plan to Grow your Business, works on a 7-stage process, with each stage designed to determine the current situation and potential areas for growth. Each stage is made up with a series of questions, with 20 in total spread throughout the 7-stage process.

Here are the seven stages - hopefully, they will get you thinking about your business and get you started on the process of growing your business.

Stage 1 - Purpose

If this is your own business, then why did you start it? Think about both the personal and professional reasons what drove you to launch it; now looking at in operation ask yourself does it fulfil why the business was started? For example, if you are running a small lifestyle business to spend more time with your family, is that being achieved? In reality, is the opposite true? Maybe you were compelled to start/run a business to improve a particular market or create a new product. Is this being achieved?

It is essential to define your business vision (what you want to happen) and the mission (how that is achieved) during this stage. These are not specific financial targets (don’t worry, they will come); this is about charting the direction of travel. An example could be a cancer charity; their vision may be to see a world without cancer. Their mission (solution) to achieve this is to raise as much money as possible to invest in research for eradicating cancer.

Finally, for this stage are values. The behaviours and actions that will define your business. You may want to be a business that people aspire to work for. Green credentials may be necessary to you or to help local charities.

The answers to stage 1 help shape the personality and character of a business.

Stage 2 Market

Let’s begin to understand and review the market that you trade-in. Who are your customers? It would help if you delved as deep into demographics and lifestyles possible. Most important, though, is to define the problem(s) that you solve for your customers or look at how your product or service improves their lives?

Then, of course, there are the competitors, who are they and how good are they? Drawing out this vital information will help determine the current situation in your market. Talk to people, read online reviews, ask your customers.

Each market is different, and you may be looking after a wide range of customers. Therefore, it is essential to have as much insight into the market as possible and understand what factors drive interest and sales.

Stage 3 - Customer Proposition

One of the most challenging things that you can ask any business owner or manager to describe their business. In some ways, they know it too well. The key is breaking it down into a short and memorable description or pitch.

Your business needs to have a clear point of difference in the market. Something that makes your product, experience or service stand out and ensure that it is relevant to your target customers. Ideally, with a hook or element that anyone else cannot copy or use.

As well as coming up with all the answers to this, there is the opportunity to review the quality of the customer journey/experience and see whether there is any need or opportunity to introduce any new products or solutions.

Stage 4 - Brand

The appearance of the brand and any related design work, promotional material or packaging is vital. It has to look good and consistent and clearly explain what it is and why it should be experienced. It is also essential to consider the best channels for marketing and growing brand awareness. Finally, and just as important to review is how welcoming the business is, especially new customers.

Stage 5 - Numbers

Understanding business costs and setting effective pricing is very important. There needs to be a balance between having the right customer price point and enough margin to operate the business. So this is the stage to review all trading and transaction costs.

This is also where stretching, but realistic goals and targets should be set. These should be monitored and reviewed constantly. Then, when achieved, they should be celebrated! It is amazing how many businesses don’t set financial targets and therefore can’t judge how they are performing objectively.

Finally, cash flow should be considered, especially if there is potential for this to cause a strain on the business.

Stage 6 - Strategy

Stages 1 to 5 has all been a journey of discovery to understand your values, brand, market, product etc. We have quickly outlined the areas to review; we use a series of 20 questions to guide the process, with the answers determining both the current position and the aspiration/potential for future growth.

This stage is about identifying the best way forward for the business. This is achieved with a simple statement that defines the strategy.

Once a business has a strategy, this can be used as a test for everything. i.e. do the actions that we are considering fit with the design?

Stage 7 - Actions

So there is now a strategy. This final stage is all about bringing it to life. Stage 7 is about deciding on a list of the required actions that will achieve growth. Each one of those actions should be owned by someone who will be responsible for making it happen. Important to note for each one is a date that it should happen and a measure to record that it has happened successfully.

This is a brief outline of our 7 stage business builder. The programme represents a logical and common-sense way to create a growth plan. This system can be applied to any business, charity or organisation.

It is transformational to control the strategy and direction, rather than being pushed and pulled by the daily grind.

We enjoy working with businesses of all shapes and sizes in Scotland to help them to grow. Thanks for reading.

About

Based in Loch Lomond, Paul Saunders Marketing works with clients throughout Scotland, providing marketing consultancy and creative digital media for businesses, charities and organisations of all sizes. Services include marketing, commercial photography, brand design, website design, video production and social media, events & PR. Call Paul on 01360 661029 or get in touch via the contact page to find out more.