You’ve probably heard the saying – “If you’re not growing, you’re dying” on numerous occasions, however, this statement is more relevant now than ever. No longer can business owners be complacent and expect to remain competitive in today’s ever changing and evolving business environment. Businesses are faced with the challenge of developing new ways to become innovative, adaptive and ahead of the market, whilst still remaining efficient and profitable.
Nearly 50% of new businesses close within the first 3 years, whilst 70% will fold within ten years. If you are a business owner who wants to ‘beat the odds’ and enjoy the long term sustainability of your business a growth strategy is essential.
A growth strategy needs to consider:
• The core values of the business
• Your customers’ needs
• Differentiated products and services
• Having the right people in the right seats within your business
• A team culture centred around growth for success
Does your business have a Growth Strategy? If you would like to find out more about growing your business take a look at our Financial Management programs by clicking here.