What is meant by Growth?
When a board of directors request it, what do they really mean?
The successful outcome from any employee is in their understanding of the question first. If its not clearly visualised, then the foundations, which are the root bed of any growth will be weakened.
There are many meanings that can be taken from top-line growth request statements such as:-
- We must grow our sales this year
- Deliveries must increase from next year
- Our product mix needs to grow
- Turnover must to grow in the new year
- Your area or region needs to show growth on last year
- The business must grow its average order values
- We must grow share of the market
These are standard delivered messages all related to growth, but each one raises questions for more detail, that is where clarity will embed success.
If the statements are ‘drilled down’ then there are numerous factors that can determine the value of the increased growth required.
- Increase Revenue, with maintained or increased profit growth?
- Grow all our sales or a specific business channel focus?
- All deliveries or certain weak areas in the country?
- Deliveries to specific clients and customers to increase?
- Product Mix growth in which channel, which categories?
- Turnover increased by a specific minimum % requested?
- What part of a region to grow, its customers or sales or both?
- What is the ATV and the increased aspiration?
- Is this just growing revenue or about reducing costs as well?
Which ‘Keys’ unlock growth?
- Trained and engaged staff with a vision & mission
- Clear and concise strategy communicated to all
- KPI measure, focusing on success areas
- Reduced costs found within operations, purchasing, terms, accounts
- Specific area and competitor targets ( within the strategy & Kpi)
- Detailed specific customer growth by product or service
- Improve your customer service and their journey
- Clarity on expected % or £ increases by channel, area and individual
- Constant updates and communication on growth v targets set
- Incentive’s to motivate teams to achieve against specifics
- New channels and markets to target
- Increase your customers return purchases
- Retain and grow customers accounts
- Increase prospecting and new clients
- Assess your pricing structure and range architecture
- Promote visibility within new and existing markets
- Reduce cost in range of products required, consolidate and focus
There are many more ideas and options that can be drilled down into from all departments of a business and these are merely a few that are worth looking at to start the process off.
The more we can understand and be clear on, the more success there is of growing our own specific piece of the business growth. If everybody is focused and clear then all pieces of the growth jigsaw fit together.
Contact Stormley Consulting today to discuss how we can grow your business, through your people and your clients