So many businesses of all sizes these days are stuck in the ‘commercial mud’: startups or young businesses, or established SMEs, are trading, have customers but unable to grow. Marketing is a minefield. Founders and owners turn to advisors, growth hubs and marketing specialists…without success, as many of these people have either no ‘hands on’ experience, or no business creativity.
Many entrepreneurs with long experience of their product or service or business sector, do not have a business mindset: so, when growth or development ideas are required, they stay focussed on addressing working issues, such as cashflow, costs, staff performance. They have no idea what to do, many are not up to date with marketing options and are not able to assess the marketing options presented.
The FIRST ISSUE is to set the sales or profit target for the business, say 12 months out. What does the business need to turn over, and at what margin, to grow.
The SECOND ISSUE is to create a Plan to achieve this target. This is where mindset kicks in. Need to keep asking for ideas and advice how to achieve this: and need to keep asking until you get the answers and a working plan can be created .
Essential to seek advice from people with proven ‘business experience’. Most of the advice offered in the business development arena is general information, and most new business people are unable to identify and apply the few activities which may be effective for their business.
Big companies, with a sales culture and sales teams, their top management will plan the sales targets to be achieved… and the sales teams with marketing support will plan and achieve the sales, many times exceeding the targets.
Hence, STRATEGIC GOAL SETTING is the Essential Blueprint for achieving Business Growth.
To grow a business without clear goals is like trying to navigate a ship without a compass: you’ll certainly move, but you likely won’t end up where you intended.
Why Goals are the Engine of Growth?
Setting specific objectives transforms your “business ambitions” into a series of actionable steps. This process provides several critical advantages:
1. Resource Optimization: Defines capital and manpower requirements.
2. Risk Mitigation: By defining milestones in the plan, you can identify if things are going off-track early, allowing for pivots before small errors become expensive failures.
3. Measurable Momentum: Achieving “small wins” toward a larger goal provides data-driven proof that your strategy is working.
Ultimately, growth isn’t just about getting bigger; it’s about getting a stronger business.
TO IDENTIFY EFFECTIVE ADVICE FOR YOUR BUSINESS
Have a written plan which includes your current and forecast financials, and ask 6 business people to review and comment.
STARTUP ASSIST UK offers a Business Review Service ( free) to all Startup and Growing UK businesses.