Unlocking true business growth – beyond revenue. As a small business owner, it’s easy to equate business growth with increasing revenue.
While a higher top line is undoubtedly important for many, true growth can and should encompass much more. It’s about working smarter, not harder – achieving more with less, maximising profit, and maintaining a healthy lifestyle.
I have had a couple of examples in recent months.
Maintain revenue but work fewer hours
This client came to me with a successful business in terms of the financial results. But she was working six days a week and not getting enough time for her hobbies (horses) and to spend with her elderly relatives.
We built and implemented a plan and within 12 months, had the same revenue and profit but was now working a four day week
Reduce revenue to improve lifestyle
This client couple came to me wanting to scale rapidly. Not quite world domination, but high growth, market share and recognition within the sector.
When digging deep into purpose, especially around desired lifestyle and rewards, it became very clear that family was the number one priority. Scaling a business that reduced the opportunity to do the school run and take the pup for a walk wasn’t correct.
We developed a plan to maximise revenue, profit and drawings and create a structure that allowed them the flexibility and choice for family time.
Let’s explore how you can grow your business in ways that go beyond just boosting your income.
- Focus on profit margins
Business growth isn’t just about earning more; it’s about keeping more. Evaluate your cost structures, identify areas where you can reduce expenses, and find opportunities to increase prices without losing customers. Improving your profit margins can result in greater financial stability, flexibility and ultimately drawings.
Often the business model or the product/ service structure are not geared to maximise profitability.
- Diversify your offerings
Expanding your product or service line can open up new revenue streams and reduce dependency on any single source of income. Diversification spreads risk and allows you to tap into new markets, further solidifying your business’s position.
Building a business where you are not exchanging time for money (there’s only so many hours you can work) and can scale is key to business growth.
- Optimise purpose
As stated in the examples above, you have to dial in on your purpose. The raison d’etre that you exist in terms of what puts fire in your belly every day, what financial rewards you desire and what lifestyle you are wanting.
Chasing revenue growth at the cost of mojo, rewards and lifestyle is a sure fire way for disaster.
- Build a dream team
Your business can’t grow if you’re trying to do everything yourself. Invest in hiring and developing a skilled dream team that can take over day-to-day tasks, allowing you to focus on strategy and scaling the business. A strong team also fosters innovation and enhances customer satisfaction, both of which are crucial for sustainable growth.
This gives you the freedom and choice to work fewer hours as the business isn’t reliant on you.
- Increase operational efficiency
Streamlining your operations can significantly reduce the time and effort required to run your business. By automating repetitive tasks, optimising workflows, and leveraging technology, you can accomplish more in less time. This allows you to efficiently focus on strategic initiatives that drive long-term success and profitability.
- Leverage strategic partnerships
Collaborating with other businesses can provide access to new customers, resources, and expertise. Strategic partnerships should drive mutual growth and allow you to capitalise on opportunities that might have been out of reach on your own.
Finding partners to work with is key to leveraging growth without working all hours.
As part of the Business Planning process with every client we work with, we dial into purpose. It’s the starting point for every small business owner, every plan and is the datum point to refer back to ensuring you are on the correct course.
When you are working too many hours, refer back to the lifestyle targets. When you are not drawing enough money from the business, refer back to the financial targets. When you have lost your mojo, dial back into passion and purpose.
Growth isn’t just about increasing revenue, it is about building the right business for you. One where you can choose where, when and if you work. It’s about creating a business that’s not only profitable but also sustainable, scalable, and enjoyable to run.
If you don’t have a plan or the one that you have isn’t working, it’s time to change. Get started today by downloading our unique single page tool.
Happy planning.
Are you ready to stop dithering and unlock your full potential? Curious about how I can help? Book a complimentary discovery 30 minute call now and let’s explore your goals together.
