6. Manage Control Grow

Basic Growth Strategies for Success
The following are some strategies you should look at if you are to meet the challenges of growing your business successfully:

  • Plan - It doesn't matter if you are starting a new business or seeking extra funding for expansion, if you don't have a good business plan in place, problems will arise. A business plan will contain a description of your business and its products as well as a plan for going forward to expand your production and operation.

  • Funding - You will need to have a plan in place where you can call on extra funding, if required, for the expansion programme. This may include borrowing against securities your business owns or providing personal guarantees to strengthen an application for finance.

  • Insurance - Don't forget to protect your business with adequate insurance and other security measures. If you fail to obtain standard coverage in this way the results can be catastrophic in the event of disasters, e.g. burglary or fire.

  • Top Staff - You also need, as part of your strategy, to retain productive and qualified employees. This can be accomplished by offering benefits to your staff based on their productivity and their success in their areas.

Whatever you do, be prepared to plan for the future. Your strategy for growth must not only include the expansion of the business, and the value of the business, but also the method by which that business is to be passed on to others once you have died. These are some basic areas you need to look at for growth and many others will be covered in more detail in other sections of this chapter.

Advice for Growing Your Business
Here are some tips that may help you to be a winner.

  1. Work hard. The Bible has a good quotation that goes something like this. “Go to the ant thou slugged.” We all know how hard an ant works. The little insect never stops and its not long before you see what a small insect can achieve with hard work. If you are not prepared to work hard you will never become a winner.

  2. Expect disappointments. Remember, things don’t always go according to plan. It’s not always because of mistake you have made - it is simply life. Expect frustrations or disappointments along the way, whether you are in business or whether you are involved in another area. The key is to know how to deal with disappointments when they arise. Make sure you always bounce back and go forward, determined to succeed.

  3. Watch others. If you are in business you need to keep close tabs to your competitors. See what they are doing and learn from any mistakes they make. If you are in an event, competing against others, do a little research on them. Get to know about the people you are competing against. Hopefully you can use any of their weaknesses to help you be victorious over them.

  4. Listen to advice. Whether you are in business or whether you are a competitor, or simply wanting to achieve some goal - be prepared to listen to others. If you are in business the views and suggestions from your accountant or lawyer, or other professionals is invaluable. If you are involved in other activities, listen to your coach or other successful exponents in that field.

  5. Watch your cash. Make sure you have enough money to run your business or to achieve victory in the event you are looking at. If you are training in athletics, you need enough money to support you for the cost of training, equipment and payment for a coach etc. If you are in business, you need funds, not only to set up your business at the beginning, but also for running it until it becomes profitable.

  6. Do some homework. If you are in business you need to be totally familiar with the industry you have chosen to be involved in. If you are in a competitive sport, learn everything you can about that sport. Learn all the techniques and the competitive methods that will help you become successful.

  7. Make sure you keep good records: Your records need to be accurate so that your accountant can pull out the proper information at the right time to complete your financial accounts and work out your taxation requirements.

  8. Make sure you have good staff: Always try to employ the best staff you can afford. Get people with experience and most important, get people who will be loyal to the business.

  9. Never give up: It’s a fact that if you don’t give up you will eventually achieve your goals. Too many business owners “throw in the towel” far too early. They get discouraged with the slightest problem that arises. Never be discouraged. Persevere and never give up.

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