A profitable high growth business begins with a business plan that discusses the primary goal and mission behind the company. The execution of a business plan determines whether or not a profitable high growth business is attainable through increases in: productivity, teamwork, communication amongst employees, and social media engagement.
Below are 4 steps for how to build a profitable high growth business.
1. Get Quick-Wins!
Focus on maximizing profits to create a successful business in any field.
Location is an important factor to consider!
2. Focus on Barriers
Discover what obstacles/challenges pose a barrier to achieving a profitable high growth business. From there, create steps to overcome these obstacles, whether it’s lack of product knowledge, inventory management, defined roles and responsibilities among employees, or efficient time delivery of your product or service.
3. Take Control of Your Business
Be involved in all aspects of your small business, such as documenting inventory, communicating with all employees, social media engagement, and sales targets. These four aspects are critical in developing a profitable high growth business.
4. Do your best!
Try your best when producing high-quality products/services and building clientele and meaningful relationships.
It’s also important to remain updated with new technologies, thereby increasing customer engagement!
Also consider these 10 fundamental questions for producing a profitable high growth business:
1. What is the main problem preventing you from increasing sales?
Discover these main problems to ensure success within your business.
Examples of problems include no product knowledge and lack of social media advertisements and online sales.
2. What is negatively impacting the customer experience?
To identify what is negatively impacting the customer experience, a business owner needs to remain involved and oversee their employees to provide excellent service. Reevaluate your approach and resolve any previous problems effectively.
3. What is driving down profitability?
Lack of payable accounts, poor inventory management, and selling unprofitable products and services can result in driving down profitability. For a business owner, it’s important to work at a surplus of profit rather than a deficit, which can result in business failure.
4. What causes communication problems in the company?
Discover and resolve any communication problems within your staff. Communication problems can be caused by things such as no clear goals, lack of job description, and limited communication within the workplace and through social media.
Make sure that all members are informed about new technologies and training.
5. Where is the biggest productivity/efficiency problem?
Productivity is a fundamental aspect in any business. You should be working consistently towards utilizing everyone’s time efficiently.
Therefore, productivity/efficiency problems occur when there are unclear roles and responsibilities, unorganized shop flow, and no procedures or accountability.
6. Where do you see teamwork lacking?
Teamwork establishes clear communication, trust, and a positive work environment for everyone.
Teamwork lacks when there are no team-building exercises, performance measurement of individuals, and clear mission objectives.
7. Where do you encounter quality problems?
A customer uncovers the truth about the quality of work that a company produces, therefore, it is important to perform quality checks.
Quality problems happen when there are no quality control checks, a lack of accountability for following procedures, and undocumented errors.
8. How can you be more competitive, innovative, and add value?
This requires knowing your competition, making changes to products or services, and understanding customer needs.
In terms of competition, obtaining advanced technology, equipment, and products will add value to your business.
9. What is your #1 biggest challenge right now?
Your #1 biggest challenge right now is something that you are afraid of. Identify that challenge and make steps to overcome it.
10. What is one thing that you can start doing now to realize your big vision?
As a business owner, discover one thing that you can incorporate into your routine to realize your big vision!
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This blog includes information from the Together for LA webinar “4 Steps to Building a Profitable High Growth Business,” featuring guest speakers from COSi. Watch the webinar here.
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“How to Build a Profitable High Growth Business” Infographic
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