How will you reach your destination? A look at EYs 7 Drivers of #Growth
The underlying goal of any business is to grow. Different businesses have different aspirations. Some may want to become leaders in the local market; others may want to grow globally. Whatever your plans for your business, you need a growth strategy.
EY have developed 7 Drivers of Growth to help businesses develop and accelerate their growth strategy. I have an interest in business growth solutions and have devised my 3 Pillars for sustaining business growth however in this post, want to explore EY model and how I believe each pointer can drive help your business growth.
In business, your customer is arguably the most important element of your growth. Without your customer base, your business simply won’t grow. Make customers your focal point by understanding who they are, what they want, and when they want it.
By always answering your customers’ needs and desires, you’ll gain their loyalty which goes hand in hand with long-term sustainable growth.
People, Behaviours and Culture
The people working for you are what make your business. Employing a diverse mix of people with different skillsets makes for an innovative culture.
Ensuring your employees share your vision and are motivated to work towards it is key to accelerating growth.
Invest in your employees, nurture their talents, and help them reach their goals. This will in turn help your business reach its goals.
Digital Technology and Analytics
Technology is constantly advancing, and to grow in business, you need to keep up. Social media has changed the way consumers interact with business, and while it’s been around for a while now, some businesses are still not embracing it and therefore missing out on potential customers.
Businesses need to leverage technology to their advantage; not just consumer-facing tech, but also internally. Making the most of technology such as CRM systems and data analytics can put businesses miles ahead of their competitors.
Detailed planning of operations is the key to growth. As I mentioned in a previous blog, operational planning should be daily as part of a 90-day strategic plan. Top businesses consider all aspects of operations at a macro and micro level. This allows room for constant analysis and improvement where necessary.
By planning every detail, your business can stay ahead by noting shifts in demand and adapting your infrastructure accordingly.
Funding and Finance
No matter what size your business is, you need funds to grow. The way your business manages its money is a major factor in determining your growth. Make financial planning a key part of your business from day one. Consider your options. Where could you seek investment? Are there parts of the business where you could cut costs and redirect funds to reinvestment?
Transactions and Alliances
A strategic alliance with another business is a great way for small business to really expand their reach. It’s an opportunity for like-minded businesses to help each others’ customers by offering or recommending services to customers who you know would benefit from the help of another business. Done correctly, it’s great for both businesses involved in the strategic alliance, as it helps grow revenue and increase customer base, but crucially it’s also a real boon for the business which gets referred to either of the companies because it is what they need to help them grow their business.
The more your business grows, the more risks you will face. Risks should not be feared, but approached with an intelligent plan. Educate yourself and your employees about the implications of risk and the steps needed to take to control and manage them. Risks can appear across all elements of business; recruitment, policies, and procedures. The issue is not the risk itself, but how you handle it as a business.
Are there any other growth drivers you can think of that are important for your business?
Happy to converse at @SafarazAli.