Successful business people build their business in their own way, but there are a few essential skills that can help you turn it into a high growth business.
A high growth business is for entrepreneurs that have a real desire to grow and not just earning a good living from the business. Coping with the challenges that come with growth means a ‘Believe You Can’ attitude is vital. The best companies have strong people at the top, with the ability to develop and communicate a compelling vision, motivate the team to meet challenging objectives and provide strategic and tactical leadership.
Develop an effective vision and strategy so you can execute a practical game plan. This is where the real differences lie between a technician who knows their speciality inside out and an entrepreneur that can grow the business.
Marketing skills are not just about promotion and advertising, the entrepreneur now needs to be proficient with marketing strategy and social media. Live in the “Customer’s World” and deliver services and products that capture their need and voice. Build long-term relationships and keep coming up with new ideas to address their challenges.
Become great at selling and put the sales engine in place – sales are the lifeblood of any organisations, sell what you believe in as well as the products and services you offer.
Cash is the essence of a small business. If you run out of cash you can easily go out of business, irrespective of how many orders your sales skills have brought in. Basic financial forecasting and accountancy is essential; don’t leave profit & loss, balance sheets, cash flow and break even analysis to your accountants.
The Lancashire LEAP start up support programme looks at essential aspects of growing a new business.
To find out how Lancashire LEAP can help your small business to grow call us free on 0800 488 0057.
Lancashire LEAP is delivered by Regenerate Pennine Lancashire and Winning Pitch as part of Boost Business Lancashire, the £7.2m Lancashire Growth Hub supported by the European Regional Development Fund. Author: John Leach, CEO of Winning Pitch.
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