Most small-business owners do not consider themselves investors. However, the sweat-equity and financial investment that goes into launching and growing a business should qualify all parties involved as investors.
Taking an idea from concept to launch, then driving it further to growth is no walk in the park even for the most seasoned business leader. When investors sink money into an idea at any stage the expectation is that there will be a return on investment (ROI). Whether or not the ROI is favourable will depend on a number of factors.
For small businesses working on a growth strategy to drive accelerated growth and profitability, here are some ideas:
1. Collaborate
Your brilliant company can become a force of nature when you bring brilliant minds together to collaborate. Small-to-medium enterprises can increase both revenue and competitive edge immensely through strategic collaborative partnerships which can be leveraged to share valuable resources, access networks, innovate and drive accelerated growth and profitability.
2. Contextualise Strategy
Just because the strategy worked earlier or for another business/industry does not mean it will work for your business again. Markets change and so does consumer behaviour. Review strategic plans regularly, design context-specific strategies and adapt them as often and as quickly as needed to optimise growth and profitability in your business.
Just because the strategy worked earlier or for another business/industry does not mean it will work for your business again. Markets change and so does consumer behaviour. Click To Tweet3. Become Investment Ready
Investment-readiness is not only about money being pumped into your business by external investors. It is also about putting the right systems and processes in place to support partnerships and joint-ventures. If you are to have a business worth collaborating with, implement the systems that make it easy for other companies to invest valuable time, resources and networks for mutual benefit.
Investment-readiness is not only about money being pumped into your business by external investors. It is also about putting the right systems and processes in place to support partnerships and joint-ventures. Click To Tweet4. Embrace Digital Transformation
The speed at which your business adopts the relevant digital technologies that improve operational efficiency will determine how relevant and competitive your business is in an increasingly volatile and dynamic global economy.
