CBI May 2014 reports UK interest rates will rise from 0.5% to 0.75% in the first three months of 2015 as growth picks up.
So how does your business reflect the growth of 3% this year, up from a previous estimate of 2.7% as forecasted by the business lobby group?
Here are my top six tips for areas to start looking at in your business to harness more profit and growth and to exceed the anticipated rise in interest rates.
1. Plan it!
Do you have a ‘Business Plan’? Not the one stuck in the bottom drawer that helped secure the bank overdraft, but a true, tangible strategy plan, regularly viewed and updated for potential opportunities? Get it out, dust it off or throw it out and create a realistic plan for growth.
2. The Team
As industry picks up, I’m finding more people are coming to me to help them GET OUT of their existing employment. It is critical that you get to truly know your staff to help reflect the organisation’s values and beliefs by bringing them into it. Communication is key. If they don’t feel part of the company’s ethos and that their input IS important, they will leave.
Consider your target market. Are you niche, if so, how do you market it? Are you mainstream?, if so, what’s your USP? Look at external ‘Marketing’ companies to help you as a worthwhile investment to raise your flag higher than your competitors.
4. Customers and Clients
Update your record cards? Be a business doctor, KNOW YOUR CLIENTS. Spouses/partner’s and kids names, pets, sport likes, hobbies. Keep record cards up to date about ‘personal’ attributes. I once knew a client who liked to do base-jumping. At least ‘I’ knew when he went off the edge!
I’ve recently been helping a client to realise that in their 12 products portfolio, clients only use 2 or 3 on average! Understand your clients and establish ‘their’ needs. Stephen R.Covey, 7 Habits of highly effective people #5: “Seek first to understand, Then to be understood” epitomises this. Rather than chasing around potential new clients, harness more from existing ones. Don’t make assumptions, ask.
6. Personal development
Darwin wrote “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change”. Change is happening now. As well as businesses goals/objectives, it’s vital for each person in the organisation to establish personal goals that will grow you as a person, a leader or a valued member to insure change doesn’t come and rush by… lead from the front.
Coaching to Success help facilitate in each of these areas and excel in the last. We’re part of the Growth Accelerator scheme which means we can look to obtain match funding for training programmes for those businesses wishing to grow. We’re here to join in the success that your organisation will have prior and then through 2015 so start planning ahead and see how we can help.
Contact Neil on 07761 187238 or email firstname.lastname@example.org to arrange your free consultation and see how you can help grow your business with structure, enjoyment and a solid team too.