The upward-trajectory of the many high-growth firms in the UK drive economic performance, and satisfy the business goals of their owners and team.
But how can you tell if the work and resources you’re investing into your business every day are having a direct impact on your growth?
When you’re a start-up or a small business, identifying opportunities for business growth becomes a priority for long-term success.
You can measure business growth by looking at key indicators such as your:
- Market share
- Staff number
- Social media activity
Even if you’re happy with your current business performance, you should never stop looking for new ways to develop. If you don’t, you may risk allowing your competitors the room to innovate and take market share from you.
The first stage in growing your business is to strengthen your existing performance. So what shape is your SME in at the moment?
Have a look into your business’s performance measurements and set targets. This will help ensure your business is properly structured and resourced to make your business growth strategy viable.
You should aim to measure performance on a daily basis; it should become habitual. If not, you risk losing sight of your goals and how far you’ve come. You might also miss small errors which could turn into big mistakes.
You don’t need to have fancy software to record results, a simple spreadsheet is enough. The most important thing is to make sure that the information you input is accurate and that you can easily extract results.
When you have regular measurement systems in place it is imperative that you test the variables in your system. For example, what would happen if you changed the times that you posted on social media; would it attract more views? What if you changed the nature of your posts etc?
The most important thing to remember is to measure, test and then measure again. Keeping regularly updated on all areas of your business performance is essential to advancing towards and reaching your SME’s objectives.
We’ve made an infographic to guide you through the process, and make sure you’re taking full advantages of all your opportunities, and are on the right track to business success.
If you’ve enjoyed this article and would like to find out more, or are looking for other ways to grow your business, visit this page for more.