Growth Strategy Consulting is a must for your business. Even if you do not have plans to scale or sell your business. Your small business is like a rosebush in your garden — if it’s not growing, it’s dying.
That might sound extreme, but it’s true that growth is always an imperative for businesses of all sizes.
Let’s say you’re completely happy with your business base and revenue exactly where it is (which is rare!), you still need to: Acquire new clients or customers, or sell more to existing customers, to replace natural attrition and to account for inflation.
Experts say that industry growth rate increase about the same rate as the economy, which is 2-3% in a good year, with 7-8% considered above average.
So if growth is a necessary part of your strategic planning, how do you make sure you’re doing it “right” — meaning effectively and efficiently — especially when you have so many other things on your to-do list? That’s where a growth strategy consulting service can help fill in the gaps.
First, a growth strategy consultant helps businesses establish growth objectives, determine the best sources of growth, and finally help in the execution of the strategy.
Depending on your specific company, your business growth might come from any of the following:
According to Bain & Co., only one in ten companies succeeds in achieving sustained, profitable growth — and the number is likely much lower for small businesses who don’t have access to the resources (and budget) of Fortune 1000 companies.
Consequently, the need for strategy assistance for smaller businesses — those with $1M and less in annual revenues — is just as critical as for larger, multinational firms. Maybe even more so, as small business don’t have internal staff who can step away from day-to-day operations to create high-level strategies.
You have to balance current resources with cost and revenue projects, market share, and more. As a result of never creating these types of projections, it’s easy to get overwhelmed. You may miss critical elements that could drastically change your results and lead to losses rather than growth.
The solution is hiring an expert in small business growth. Someone who can dive into your business and market. April Iannazzone asks the right questions to understand and get a better feel of your goals, objectives, and also your resources. Then, together you can strategically chart a course for growth.
Once you’ve decided to pursue growth strategy consulting, the next step is to evaluate potential experts. Due to the fact that there isn’t any regulations when it comes to consulting, there isn’t a license. Which means specific trainings aren’t required to take any examinations, or have to receive any kind of certification, hiring a consultant is definitely “buyer beware.”
Therefore we wanted to provide you with some tips to help you find the right consultant for you and your business challenges.
Whether you’re happy with a small business, or you have visions of a multiple-seven-figure future, a growth strategy consulting from the Growth & Profitability Agency can help you create a plan to a future that meets your needs and keeps your business thriving.