5 Keys To Growing More Than Your Revenue
- Jul 17, 2020
- 5 min read
Updated: Sep 11, 2024
Peggy Niles is a Profit Strategist and Business Consultant who helps established business owners transform their companies from the daily grind to one that keeps running smoothly while the owner focuses on the things that matter most to them.
Do you feel your business is stuck in neutral? It could be that your revenue has plateaued or you’re burned out and, even though you’d like to make more of a difference, feel you don’t have the energy to give anymore. Growing your business should be more than an increase in your revenue or sales; you also want to impact your bottom line, yourself and your team.
Consider these 5 keys to take your company to the next level:
1. Clarify Your Ultimate Target
2. Create Your Blueprint
3. Develop Your Team
4. Make Your Growth Sustainable
5. Acknowledge Your Customer
Clarify Your Ultimate Target
What are you shooting for? When you started, what were you trying to accomplish for yourself and your customers?
Clarify your vision - your ultimate goal - that you want to obtain from your business in the long-run. Why did you get in the game, to begin with? When it’s all over and you’re sitting back having a conversation with a grandchild, how would you finish this statement “I’m so happy and satisfied that I was able to __________________ through my business.” Really be clear, try and picture it, but remember one thing while doing so. Don’t underestimate yourself! Dream Big!
The idea is not only to have something to shoot for but also to have that clear picture to turn to during the tough times, because let’s face it there will be tough times! You’ve probably experienced some already.
Once you have that clear picture of where you want the company to go and what you want to provide to your customers, be sure to share it with your entire team. The idea is to have everyone working toward the same outcome because it will take more than you to accomplish success; after all, they say it takes a village.
Create Your Blueprint
Your blueprint should include specific strategies that will get you from where you are today to where you ultimately want to be. If you go in blindly, your company will be on the defensive every single day; you’ll be in constant reactive mode, seemingly always trying to catch up. Why not plan on getting ahead of the game instead? Be proactive and control where your company is going.
By creating your strategic plan, you’ll know what to focus on, and when, to drive your business forward. By being alert to the plan you can monitor how you’re doing and anticipate when things have to be changed up as a result of unexpected variables.
The key to strategy, and the most challenging part, is the execution. As I’m sure you’ve found already, it’s very easy to get sucked into putting out fires daily, dealing with issues, and being knee-deep in time-wasting tasks. There has to be a process to keep you focused and working on the path you created in the plan. This is where an outside perspective comes in very handy; again, it takes a village, so make sure you’re covered with support.
Develop Your Team
As I mentioned earlier, you want to make sure your team is aware of and onboard with, your desired outcome – your ultimate target. Just as important is that they blend in with your company’s culture. Make inquiries during the interview process to determine their fit in the culture you’ve created. Do they have the same values you demonstrate? This is, after all, part of your brand – your company’s image. You want to see consistency in expectations, performance and results.
I bet at some point in your life you’ve been part of a team where at least 2-3 members didn’t work well with each other, even constantly butted heads. How did that work out? Was there a lot of tension splitting up the entire team because of choosing sides? Slower progress as to work turnaround? Putting together a team can be compared to connecting pieces of a puzzle because you want your employees to complement one another in experience, knowledge and offerings. You want to make sure the team will work cohesively together to build a strong foundation.
If you really want the highest achievement with the lowest “employee issues”, you’ll also want your team to know how important they are in the company and to its future. Encourage ideas, cooperation, flexibility, personal growth, and the like.
Make Your Growth Sustainable
Did you ever wonder why sometimes the revenue flows in as if you’re unstoppable and then slows to a sliver? It’s almost as if you’re riding the revenue roller coaster that sends the other aspects of your business spinning as well. If you want your company to last, it can’t just grow; you have to have the capability to sustain the growth. You will accomplish this by leveraging your resources. Be sure to create scalable processes. You have to be aware that as you hit new business stages, what got you to one point won’t get you to the next. There will be systems you outgrow and will have to modify with alternatives that are moving with you – be prepared.
Acknowledge Your Customer
Listening to your customer is a no brainer, right? We all know we need to do this, but it goes beyond that. Be sure to know your customer. Who do you serve and what do they really want? What they want today may not be what they want tomorrow. How are you going to deal with that? You'll need to be observant and somewhat predict adjustments that will be needed on your end. Don't be afraid to test ideas on customers. talk to your customers and pay attention to trends happening in the world with respect to your product/service. Don't underestimate the relationship in your business' continued growth, both from a recurring and new business standpoint.
Peggy Niles is a Profit Strategist and Business Consultant who helps established business owners transform their companies from the daily grind to one that keeps running smoothly while the owner focuses on the things that matter most to them. She walks her clients through her 3-step Quantum Scaling System℠, a proven system to reach their 5 year goals in 12-24 months. With 30+ years of experience, she specializes in scaling strategies, leadership and process creation/management. Also, as a Certified Public Accountant by trade, Peggy always keeps an eye on the effect actions and strategies have on a business’ bottom line. She believes small business is the best way to make a difference in the world - that’s why she helps her clients grow and scale their companies, without the overwhelm or laboring endless hours, so they can fulfill their dreams and gain the freedom, and life, they’ve always wanted with the impact they deserve.
