Running a business in New Zealand can be incredibly rewarding, but it also comes with its fair share of challenges (we know, we’ve been in business for 23 years!).
One of the most exciting but also daunting tasks is planning for growth. Whether you’re looking to expand your market reach, develop new products, or simply increase your revenue, having a solid growth plan is essential.
Here are some practical steps to help get you started.
1. Set Clear Goals (think where you want to be in 10 years and plan backwards)
The first step in planning for growth is to set clear, achievable goals. These goals should be specific, measurable, attainable, relevant, and time-bound (SMART). For example, instead of saying “I want to increase sales,” you might set a goal to “increase sales by 20% over the next 12 months.”
2. Know Your Ideal Customer (think of your best and favourite clients)
Understanding your market is crucial for growth. Conduct thorough market research to identify your target audience, understand their needs, and analyse your competitors. This information will help you tailor your products or services to meet market demands and identify opportunities for expansion.
3. Develop a Strong Value Proposition (or your uniqueness or sparkle)
Your value proposition is what sets you apart from your competitors. It’s the unique benefit that your product or service offers to your customers. Make sure your value proposition is clear and compelling and communicate it effectively through your marketing efforts.
4. Optimise Your Operations (Use tools like Fergus, Xero, MYOB, Outlook, Lucid and many more)
Efficiency is key to growth. Look for ways to streamline your operations and reduce costs. This might involve investing in new technology, improving your supply chain, or training your staff. The goal is to create a scalable business model that can handle increased demand without comprising on quality.
5. Invest in Marketing (never stop telling the word about your fabulous business)
Effective marketing is essential for attracting new customers and retaining existing ones. Develop a comprehensive marketing strategy that includes digital marketing, social media, content marketing, and traditional advertising. Make sure to track your marketing efforts and adjust your strategy based on what works best.
6. Focus on Customer Retention (never stop telling your clients how valuable they are)
While attracting new customers is important, retaining existing ones is equally crucial. Implement customer retention strategies such as loyalty programs, personalized communication, and excellent customer service. Happy customers are more likely to become repeat buyers and refer your business to others.
7. Explore New Markets (Brainstorm other fantastic ideas to grow your business)
Expanding into new markets can be a great way to grow your business. This might involve targeting a new geographic area, offering your products online, or catering to a different customer segment. Conduct market research to identify potential opportunities and develop a strategy for entering these new markets.
8. Build Strategic Partnerships (network, network, network!)
Forming strategic partnerships with other businesses can help you reach new customers and expand your offerings. Look for businesses that complement yours and explore opportunities for collaboration, such as joint marketing campaigns or co-branded products.
9. Monitor Your Finances (budget, forecast & understand your reports)
Growth often requires investment, so it’s important to keep a close eye on your finances. Create a detailed budget and forecast to ensure you have the necessary funds to support your growth plans. Consider exploring financing options such as business loans, grants, or equity investment if needed.
10. Stay Agile (Keep learning, ask for feedback, stay lean, make fast decisions, build a responsive team)
The business environment is constantly changing, so it’s important to stay agile and be prepared to adapt your plans as needed. Regularly review your growth strategy and make adjustments based on market conditions, customer feedback, and your business performance. Review and refine regularly.
By following these steps, your small business can effectively plan for growth and set yourself up for long-term success. Remember, growth is a journey, not a destination. Stay focused, be patient, and keep pushing forward. And if you need a hand with any of the above, just reach out, we are here to help.
