There has been a great deal of hype on growth strategies in the last few years. Most of that hype came from “gurus” making Reels and TikTok videos on how their scaling method was the next best thing since sliced bread. (Yes, there was a time when we bought bread at the store and had to slice it ourselves 😀). Some of those videos were highly entertaining, while others led you on a long winding journey to the reality that there is no quick cookie-cutter method for growing your business. This probably left you either very frustrated because your time is valuable, or overwhelmed with the volume of information that never led you anywhere. 

So now what do you do? Well, it is all very dependent on your business, the sector you are in and the vision you have for your business. What are the goals that will help you realize that business vision? And then break those goals down into actionable tasks. To succeed in growing your business you will need to plan meticulously and practice financial discipline.  

Here are five very important actions that will help you get started:

1. Invest in the right human capital 

Your employees are your most valuable asset. There really is no substitute for having people in your organization, who understand your vision and share your passion. Honestly having a team that knows the business and works well to make it a success, is a core competency all business leaders dream about.  Invest in their growth and development to increase productivity, engagement and loyalty. 

 2. Get your numbers right 

Using the right accounting software is very important in ensuring that your growth plan progresses smoothly. There are many integrated accounting software packages to choose from. You need to figure out one that works best for your business model. Make sure you get training on how to use the system, customise it and take advantage of automations. This can be done one on one with a trainer or by participating in a financial literacy workshop. The reality is if your accounting isn’t up to scratch now, it will only get worse when the business becomes bigger. 

 3. Cashflow, cashflow, cashflow 

Yes, it did need to be said three times. Before you can take that first step towards growth you will need to have intimate knowledge of the cash cycles of your business. You also need to know whether it generates enough cash for the next growth stage. By the time you start to implement the growth plan strategy, you should be able to manage the ebbs and flows of your business’s cash in your sleep.  

 4.  Increase your online presence 

In today’s digital age, it’s essential to have a strong online presence to grow your business. Social media platforms like Facebook and Instagram can help you connect with your audience for free. Post engaging content, participate in online discussions and use hashtags to increase your visibility. 

5. Ask for help 

And finally, remember that truly exceptional leaders are not afraid to ask for help. So, if you need help at any stage of your business plan, speak to a professional who can assist you with your challenges. A (virtual) can assist you with the data analysis required to help you make strategic decisions to level up your business. They can also be instrumental in developing and managing budgets and cash flow forecasts. 

Here’s to growing your business!