Are you ready to scale up your journey as an entrepreneur and grow your business even faster? Then you need to have these seven pillars of business growth in place.
In this particular blog I’m going to give you an overview of the seven pillars and then in subsequent blogs, I’m going to go into each pillar in more detail and give you some very practical tips that you can deploy right away in your business to start scaling up.
So let’s look at the 7 pillars of business growth:
Business Growth Pillar #1: Be a customer centric company.
Is your company customer centric? Does it really understand your customer? Why? A recent EY report showed that customer centric companies have revenues that are two times higher on average than companies that are not customer centric.
So do you really understand your customers, their needs, their desires, their wants and are you producing products and services aligned to that? Because if you are, then you will have a queue of people lining up to want to be customers of yours.
Business Growth Pillar #1: 5 Ways to be a more Customer Centric Company
Business Growth Pillar #2: Second Line Leadership
This is where small businesses are really struggling. Do you have a second line in command, which is independent and accountable?
Companies with a good second line leadership will have 3.5x higher revenues than companies that don’t.
This is where I find a lot of business owners struggle with. They’re not able to get a second line in place and they’re not able to delegate. Here are 7 simple steps to delegate more effectively.
Business Growth Pillar #2: How to develop your Company’s second line of Leadership?
Business Growth Pillar #3: A total rewards mechanism to attract and retain talent.
You need a total rewards mechanism to attract and retain talent. Do you have Key Results Areas (KRAs) and Key Performance Indicators (KPIs) to measure success in your company?
Do you have a system to reward the best talent tied to these KPIs? Companies that have these mechanisms have 15% higher productivity.
Business Growth Pillar #3: How to have happy and engaged Employees
source: EY report
Business Growth Pillar #4: Segregate your core and non core operations.
What are the core that makes you amazing as a company? What do you do really well? Recently had an opportunity to meet the founder of Marico Industries, Mr. Harsh Mariwala and he was very clear about this.
He said, “Our core is marketing and innovation and that’s something that we completely focus on.” The rest, administration, production, he’s looking to completely outsource that. Click here to see that interview in detail: Interview with Mr. Harsh Mariwala
So have you segregated core and non core functions?
Business Growth Pillar #4: How to 4X your Business Growth – Focus on your core Activities
Business Growth Pillar #5: Finance for strategic growth
Strategic acquisitions can help companies grow faster. There will be opportunities that present themselves. Maybe there is a competitor that you’re able to take over which is smaller.
Maybe there is a new company that you can have a strategic buyout that will allow you access to other markets that you’ve not had access to earlier. Maybe they already have a distribution set up.
If you have the cash flow and the finance in place then you’re able to make these strategic acquisitions. Proactively plan for such acquisitions.
Business Growth Pillar #5: Securing Finance through Private Equity: Are you really ready for it?
Business Growth Pillar #6: Risk management
Have you identified the key risks that your business faces? And also do you have a risk mitigation strategy? Risk is a part and parcel of doing business. Have an action plan and strategy to mitigate those particular risks.
Business Growth Pillar #7: Technology
Are you utilizing technology to actually grow your company strategically?
Companies that use technology in this particular way are able to grow 3x higher revenues than companies that don’t deploy technology.
We live in an age of dramatic disruption and technology is causing so much disruption around you. So what are you doing to serve the customer better utilizing technology. Can technology help you run your business that much better?
Business Growth Pillar #7: How Technology can help your Business gain a Growth Advantage
Stay tuned for more blogs in this series. Subsequent blogs in this series with go into more detail. I will share very practical tips that you can apply immediately in your own business so that you can grow further, faster, better.
Leave a comment below: Which key growth pillar do you need to focus on right now?