The concept of business growth lends itself to varying definitions for different people, yet the one common link in any successful business growth strategy should be the measurement of the growth intended.  So, what is business growth and how does one adopt a successful strategy for wealth creation?

The answer to questions such as these requires an intimate understanding of how you as a business owner measure the growth of your business.  Exploration of such aspects as revenue increases, profitability, minimisation of costs and redesign of product mix, certainly can contribute to this process of measured improvement.  But what drives individual business growth definitely requires a thorough internal investigation of not only the current operations of the business itself, but an investigation into the business plan and original outcomes and goals set.  

Ahh, the business plan...  An elusive document that most business owners have completed, yet often fail to revisit for measure of business growth.  A business plan is a formal statement of the business’s desired outcomes and the plan employed to achieve such outcomes.  Important in any growth strategy, as a point of original measurement and focus, the business plan will provide a platform on which to devise and revise strategies for growth.

By outlining, formally, the goals of the business and how it plans to achieve these goals, business owners and interested third parties can review the growth of the business and utilise this information to make ongoing business decisions which will marry with the volume of growth desired.  

So how do we measure growth and what are some growth strategies that can be adopted?

Key Performance Indicators, Critical Success Factors, Financial Measures, such as profitability, Customer Satisfaction, and even Learning and Development, are all examples of measures of business growth.  Attaching a plan to implementing these measures in your business will ensure consistent forms of measurement by which you can base your business decisions and, therefore, growth strategy.

Growth strategies can include, but are not limited to, Market Penetration, Market and Product Expansion, Diversification and Acquisition.  

Just remember, when selecting which growth strategies are right for you and your business, it is important to focus on the areas of your business that will actually benefit from achieving these goals.  Your time is valuable - don’t waste it.

The author of this article is Amy Bajada, a business coach who runs her own business – Management Solutions by Design. You can connect with her on LinkedIn.