In business, maturity isn’t solely about reaching new revenue goals, but realising we need support to take our business to the next level and the one beyond that. A business growth strategist is an adviser, someone who specialises in understanding your business and determining a plan to drive sustainable and profitable growth for your company.
Many advisors have specialisms such as finance, human resources or sales, but others are entrepreneurs who have built successful businesses in a similar field to you and your business. Regardless of their background, a business growth strategist will help you to understand the opportunities you face, mitigate any challenges and help you to create actionable strategies and plans for growth.
A wise old entrepreneur once told me “We don’t know what we don’t know” and I thought that was common sense and somewhat nonsensical. But the underlying takeaway is that sometimes we don’t even know the answers. At other times, we don’t even know the questions to ask. And as an entrepreneur, you will know lots, but you won’t know everything. This is where professional support such as executive coaches, mentors or non-executive directors support our ambition.
And even those of us who are lifelong learners and have a passion for learning and self-development. Bringing in trusted advice and knowledge helps to mitigate risks we’ve never considered and ultimately, saves us time and money.
Why you need a business growth strategy
As entrepreneurs, our headspace is focused on delivering results here and now. We may make time to plan for growth the following year, but the focus is generally on what’s immediately in front of us. Having a business growth strategy, written away from the day-to-day operation and created in line with our strategic goals over the next 1-3 years is key.
Creating this strategy is time-consuming and many businesses lack the resources or knowledge to identify opportunities and develop strategies in line with the company’s ambition.
Like many entrepreneurs, I came across an opportunity and moved at pace (get it?) to act upon this and build functions to support this idea. Only for the shiny object syndrome to fade a few weeks later when we realised the effort or the return was not as expected. If this sounds familiar….good. I’ve seen it time and time again with entrepreneurs. Sometimes this approach works. Often it does not and sometimes it costs us both time and money.
What does a business growth strategist do?
A business growth strategist offers an expert and objective perspective on the opportunities available to grow your business. They provide the structure and framework to follow in deciding on the correct course of action and then acting upon it.
Importantly, an experienced growth strategist will have been tried and tested in the exact steps you are about to take. And this is why working with the team at Move at Pace is key. We’re service-based business owners who have built our respective companies from the ground up before exiting. We don’t know all the answers, but certainly, we’ve faced many of the same challenges you are yet to face. It’s always cheaper and easier to learn from our mistakes than it is to make them yourself.
In short, a business growth strategist helps you with:
- Identifying opportunities and the challenges you will face
- Helping to determine the best course of action based on your goals, team and business
- Objective support and perspective
- Developing a strategic growth plan
- Implementing this plan and monitoring results
When to hire a growth strategist?
The best time to hire a growth strategist is before you need them. But that’s rarely the case. There are often catalysts for growth. Some of these are positive, but others are negative:
- Experiencing stagnant growth or declining sales
- Entering new markets or launching new products/services
- Seeking a competitive advantage or market differentiation
- Lack of internal expertise or resources for growth planning
- A new financial year with the expectation of growth
- Exit planning and maximising potential sale value
It’s important to know who to turn to when the time is right for growth planning. A strategic partner like those within Move at Pace can effectively work with you in any or all of the above scenarios.
The key is to find a partner who understands your business, is knowledgeable in areas you may or may not be and has experienced the process you are to face. Importantly, this must be someone you can work with, as you will be doing so over a medium timeframe.
If you are planning for growth, a material change to your business or planning to explore an opportunity for business transition or exit, and you want to speak to our experienced business growth strategists, feel free to set up a free discovery call with our team.
Alternatively, head over to our YouTube Channel where we share more business growth ideas and strategies.