When it comes to business, the concept of growth presents a tantalising array of opportunities and challenges. 

And the key to navigating this intricate landscape is not just setting goals, but understanding how to strategically plan and execute the necessary activities to achieve those goals. 

Here, we take a deep dive into how to navigate growth, including:

  • The link between activity and result
  • How to focus on the right activity at the right time.
  • Why sometimes it’s not about changing the goal, but instead it’s about altering the approach

The goal remains the same

As they navigate what can be a challenging landscape of growth, a common mistake among many entrepreneurs is altering their goals when faced with difficulties rather than adjusting their approach. 

This can lead to a perception that goals or planning are ineffective. 

However, it’s essential to set realistic and well-considered goals from the outset, embark on the right activities, and resist making last-minute changes that can disrupt progress. 

True success in business is often about having clarity in your objectives and the perseverance to see them through with consistent effort.

The nature of growth varies

The nature of growth in business varies widely depending on individual preferences and industry dynamics. 

Some businesses may favour rapid expansion, while others might aim for steady and sustained growth over an extended period. 

It’s important to determine the kind of growth that aligns with your vision, whether it’s fast-paced or gradual and deliberate. 

With experience spanning years and across numerous industries, it’s evident that growth comes in many forms, each requiring its specific strategy and planning.

The challenge of rapid growth

Consider, for instance, a business that skyrockets its monthly revenue from $65,000 to an astounding $675,000 within just three months. 

Such rapid growth, while impressive, can pose significant challenges if not backed by meticulous planning. 

Without a sound strategy, the business could easily be overwhelmed by its own success. Conversely, with the right planning, where all critical elements are carefully considered and strategically positioned, sustainable growth can be maintained over the years.

For businesses that involve manufacturing or supplying retailers, anticipating demand fluctuations is crucial. 

Each successful sale to a retailer denotes not only immediate success but also sets the stage for future demand as word spreads about the product’s effectiveness. Hence, it’s vital to be prepared to meet this increasing demand, ensuring that growth is managed rather than becoming unmanageable.

Clarity is key

The art of managing business growth lies in clarity—understanding how growth will be realised and planning to accommodate it. 

By setting clear, achievable goals and meticulously planning how to realise them, business owners can more predictably manage the trajectory of their businesses. 

Whether it’s doubling the business or expanding by twenty times, success comes from sitting down and charting a pathway to accomplish these goals, supported by careful planning.

Planning is key

Whether growth is desired or simply maintaining the current status quo suffices, the process remains the same. 

Strategic planning ensures that businesses remain aligned with their owners’ life goals, offering flexibility and personal freedom. It’s crucial to remember that businesses should be tailored to serve the owner’s lifestyle choices, not the other way around.

Highlights

  • [00:25] Understanding the Importance of Activity in Planning
  • [01:04] Setting and Achieving Goals in Business
  • [01:45] The Dynamics of Business Growth
  • [02:28] Managing Growth Effectively
  • [06:43] Practical Steps for Daily Planning
  • [07:20] The Importance of Strategic Planning

Resources Mentioned in the Podcast

Talk Strategy with Clive

With more than 30 years’ experience in mentoring small to medium-sized businesses around Australia. Clive works with company owners and their teams to grow their business and achieve goals through strategic coaching.