Growth structures for sustainability
Growth structures require water, fertiliser and someone to take the necessary actions. Many regional communities have felt the full devastation of droughts and flooding rains and are facing the economic impacts of low growth.
Does your business have a structure that helps to deliver the growth you are wanting? Are there weaknesses that frustrate you while impeding your growth? Has your business reached a worn-out stage, and as a result, you have become bored? They may be invisible to you because you’re too close to see them?
Do your employees need more development than time will allow, leading to a downward spiral of performance? Is your business facing a new or unfamiliar crisis with all the changes taking place? What is the legal structure of your business? Maybe you do need some help in this area to turn things around.
What does it take to grow a sustainable business
The product or market niche of some companies needs careful consideration. It is the case for many service businesses in small or medium-sized, slowly growing communities and franchise holders with limited territories. If your business cannot adapt to changing circumstances, it will fail or become a marginally surviving business. Don’t let your struggles become the norm.
Growth is one of the most critical metrics for any business owner because they deliver a more accurate picture. Therefore, it is essential to demonstrate an ongoing increase in customers, revenues and financial resources while giving your business more secure information.
Will there be enough working capital to satisfy the growth which the extra demand brings? Ensure your cash flow isn’t eroded by inadequate expense controls or ill-advised investments brought about because of impatience? What is your risk appetite? Does growth often require a willingness to tolerate a high debt-equity ratio?
Which business functions need fixing to improve growth structures?
All too often, you tend to ignore problems when they are small and easily fixed, hoping they will go away. But, unfortunately, mostly they don’t and then become out of hand, and the growth you were expecting doesn’t happen.
Problems can arise because people who focus on systems and processes don’t notice that the services offered by the business are not wanted. As a result, the strategist may not understand what is stopping the growth. Do a quick scan of the primary functions of your business because this will help you focus on the troubled areas.
When you’re in business, you always hope to get a return on it, right? One critical aspect of surviving and thriving during even the most challenging times is to focus on improving and aligning your organisation’s functions. Structure your growing business.
It’s not rocket science. But there are secrets to profitable growth, and if you know what they are, they can substantially boost your business success. So perhaps it’s time to engage with an experienced advisor or mentor to fill in your knowledge gaps.
Your goal should be to determine what’s wrong with your business quickly. What are the critical functions to focus on to improve growth? Act like a mechanic when they diagnose a problem with your motor vehicle. Advisors objectivity, perspective, speciality and experience in growing businesses is crucial because it usually revolves around them solving problems you are unaware of the implications.
Try not to get bogged down with the exposed issues in growth structures at the expense of growth prospects. Instead, focus on the good things about the business, which are working and making essential contributions while adding to growth and profitability. It is where the external advisor comes into play. Let them focus on fixing the growth problem. While you focus on things to make a significant difference and the things you are good at and like doing.
If you would like a tool to analyse your growth problems, please contact us: https://faqsupport.com.au/support/.
“Growth is never by mere chance; it is the result of forces working together”. James Cash Penny
“Without substantial capital expenditure, growth and business prosperity can only come about through increasing entrepreneurial participation, which requires support in creating endless opportunities”. Peter Sergeant