Identify Growth Opportunities in Your Business

Growth is both the lifeblood and necessity in business. Without growth there is no value building, no opportunity, no end game or successful exit.

If the growth strategy you have implemented to meet your growth goals isn’t generating the accelerated Revenue and Net Profits that meets your expectations it is time to re-assess your strategy and develop new opportunities for business growth.

Here are some methods to help you identify new growth opportunities. Start by asking yourself the right questions:

• Do you have a monthly forecast that clearly defines what your Revenue, Gross Profit Margin and Net Profit goals are?

• Do you have a strong management team and Board of Directors with the needed experience and expertise to ensure the proper growth?

• Do you have strong sales management, a clearly defined sales process, and accountability and tracking of your sales team?

• Have you achieved 25% or greater year over year growth in the last year or two?

• Is your company operating at an optimum level with Gross Profit Margin at or above industry standards, or are there factors or key personnel limiting your growth?

• Are these factors due to internal reasons or external factors?

• Could you sell more products/services to your existing customers (market penetration) and do you have an effective Account Management Program to ensure success?

• Could buyers in a different industry (market expansion) use your products/services?

• Could selling into more regions of the U.S. or internationally (geographic expansion) be the right path to accelerate your growth?

• Do you need to innovate with new products/services (product expansion), and would a build or buy strategy make more sense?

• What are the current trends affecting your industry?

• Are your products and services in line with these trends in a positive way?

• Can you adjust or develop new products/services that can exploit these trends?

• Are there any new regulations or policies affecting your business?

After having answered these primary questions, you should deepen your analysis by focusing on your internal resources for growth. Try to find limiting factors for growth within your company such as slow management processes, poor management decisions, lack of accountability to achieve results timely, lack of sales management or accelerators, or a lack of access to working capital. Then, determine if you have internal talent to move into new positions or replace weak management team members to move the needle significantly in the growth of your business.

Do not hesitate to engage with professionals to help you assess your pain points and avoid a biased viewpoint that will derail progress. Outside professionals, such as a business advisor, can not only identify your issues but this person can also work with you to remedy these issues by planning, implementing and driving change in your company.

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• Have conviction to hold your management team accountable for making the changes needed to accelerate growth.
• Create a Monthly Forecast and use it as your primary goals for Revenue, Gross Profit, Gross Profit Margin, Expense Budget, Net Profit and Net Profit Margin goals.
• Challenge the initial assumptions you have based your growth strategy on.
• Assess the current state of your company and personnel and ask yourself if you have what it takes to achieve your growth goals.

Seek the help you need from professionals such as a seasoned, organized, trusted business advisor to ensure that you eliminate trial by error and nail your growth plans the first time. Don’t hesitate to hire the advisors you need to help you identify growth opportunities.

Contact Mark Hartsell, MBA, President of CEO Advisor, Inc. at (949) 629-2520, by email at MHartsell@CEOAdvisor.com or visit us at www.CEOAdvisor.com for more information.

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