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Running on empty? Five strategies for growth

Writer's picture: Terri LucasTerri Lucas


Is it just me or has growing a business just got a lot harder? If that is right, what is causing this? As I go about my daily conversations with business owners, leaders and entrepreneurs, a common theme is confidence - "my team have lost confidence" said one CEO recently. "Having been locked down for so long, I've lost the energy to constantly drive this and drive others", said the owner of a start-up with a ground-breaking idea. What I take from these and other conversations is that it is the physical and mental strength we need to rebuild to keep fighting and building the confidence of everyone around us (staff, customers, investors, suppliers, stakeholders) rather than a lack of opportunity on the back of what has been a really, really difficult year for so many of us.


If this notion strikes a chord with you, here are some thoughts on how to get beyond feeling depleted, running on empty, to shifting your mindset and your activity towards those steps most likely to build confidence and point you in the right direction for personal and business growth.


Whilst there isn't a single formula for all businesses to follow, research shows that high growth ones (a company who grows faster than similar businesses in that sector) often have a growth mindset and some running kit which looks something like this :


1. Scan, adapt, be agile - constantly scan the horizon to understand trends and customers needs, and how to adapt your products and services quickly, and offer things that people are spending money on now. Thinking about what customers have to budget for and invest in helps align offerings to where the actual opportunities are. A great example is the hospitality sector, where businesses such as the @Cote Brasserie chain have quickly adapted from being largely a restaurant business to a @CoteAtHome dining delivery service, taking a share of the spend on dining at home


2. New applications for existing ideas - growth companies look for new applications of existing solutions, in new sectors and target new buyers, who have a need that matches the solution and who haven't previously bought from them. There is a cost and revenue upside in exploring how easy it is to take proven solutions and provide more of them, often a cheaper way of growing than investing in brand new ideas that have to be built, tested and a market created for them


3. Personal customer service is king - they believe in and make sure they design and deliver fantastic customer service each and every day. They instinctively know the value of looking after customers and giving them ongoing support and service better than any competitor, meaning customers recommend them, are loyal and will appreciate the difference in an attentive service designed for them, not to fit the the company providing to them. Personally I believe this is increasingly important to get right (and an opportunity to stand out from the crowd if you get it right) and an undervalued part of growing a business. The reason is that whilst technology is a blessing in many of its applications, it often means taking out human intervention altogether and replacing it with standardised tech-enabled service support, which can fail the buyer


4. Don't be shy about marketing - high growth businesses aren't shy about their brands and build professional, clear, customer focused ones which buyers can relate to. The secret here is to understand who your customer is, their needs, their buying habits, who the competition is and how they position themselves, and think about your capabilities, where they fit best and what is special about what it is your organisation does that no one else does or could easily copy. Get away from the hygiene stuff - "we deliver on time, our people are the best" - and go deep into what is unique to you. That is the right base on which you should build your beautiful, distinctive, valuable brand.


Once you have answered those questions, market your business actively, use plenty of channels (by that I recommend a tailored blend of advertising, events, social media, PR, direct marketing and word of mouth) and don't stop once you've started. Sometimes clients, especially in technical and professional services, tell me they are uncomfortable with active marketing. It goes against the British sensibility of not being seen to brag. For some it can seem too 'salesy' and at odds with professional training. My advice is always to make sure you are in control of how your message, your brand, what your do for your customers is presented, authentically, in your language - don't leave it to your competition to tell your story. Do it your way.


Building awareness of your brand and how you create value for your customers takes time. Repetition is mostly a good thing (watch out for putting clients off by overloading them with your genius content too often) as is constantly renewing your understanding of customers, what they are tackling, how your products work for them, and how they are having to evolve themselves. These are some practical tips to taking your marketing to another level.


5. Make a plan - focus on the steps - this advice was given to me some years ago, and I have never forgotten it. Having a plan is half the battle - know what you will do, when you will do, who it is aimed at. Share it. Make sure your team and your colleagues have roles and a common direction.


Most importantly, make it really easy to implement and break it down into mini steps and take the first one. Then the second one. And so on. Whilst is it important to have a plan, implementation is the most activity on your growth roadmap. If for you that means making half a dozen calls each day to keep on top of your new business prospecting, that is an implementable and doable step. If it means posting valuable content on social three times a week, that is an implementable step. Break it down. Act. And keep acting.


In conclusion it strikes me that this growth stuff really matters because all companies have to grow and have a variety of motivations. For one it will be to reward their team with a decent pay increase after a tough and busy year or to plough back profits into future developments. For another the company might wish to sell, and needs to raise its value in the eyes of potential investors. For some, growth in 2021 is a matter of pure survival, a means of insuring its future and building a sustainable business beyond year-end. What matters is having a clear, active and implementable programme that will help you realise your goals.


Whatever the motivation for your organisation, here at Moveo Associates we work with businesses to help them stand back, build a confident strategy and implement plans with speed and focus on the actions that generate results. If you are interested to find out how we could help you grow your business, contact terri@moveoassociates.com.











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