What Kind of Growth are You?

2. “We’re in the BRW Fast 100”

In order to get to this point, a lot of the above is usually the case and rapid revenue growth enables the company to be listed. During rapid sales growth, the company is usually focused on sales activity as a priority. Depending on how quickly the company has grown, and how much the business has changed during that time, there is usually significant structural change, for example rapid increase in employees, significantly larger numbers of clients, more accounts to manage, more reliance on cashflow to keep up with growth.

Strategic Focus: Structure through systems, automation, and processes for key company functions. Without this structure, the business will implode with continued rapid growth.





3. “We don’t actually do any sales or marketing”

Companies in this are the focus of envy for other companies that have to continually and aggressively market their products and services in order to drive growth. However, companies who never need to market or sell will have no skills in this area, and will struggle to start developing new business if their stream of referrals ever dries up. A lot of accounting firms are in this category, because having accounts done is a must-have service and not a nice-to-have, so we all need to seek out accountants sooner rather than later.

Strategic Focus: Don’t rest on your laurels. Take charge of the strategic direction of your business, rather than let it direct where it takes you. Start to learn about marketing and start to learn more about your client base – you never know what you’ll find in that treasure trove!

4. “I don’t want to grow any bigger”

This can be similar to three above. It’s more about ‘comfort zones’ than sales and revenue targets. Capping the size of your business because you want to minimise complexity is a sound strategy. However, designing a better business model with less complexity that doesn’t also cap your revenue and profitability is a better strategy.

Strategic Focus: Reduce simplicity through a better business model.

5. “I’ve just got to get some money in!”

This type of approach is similar to the sales-focused frenzy in 1. However, the difference is the driver here is fear and moving away from something, rather than the goal of more sales and moving toward something exciting.

Strategic Focus: Be strategic. One ‘Tier 1’ client will be worth far more to you than three ‘Tier 2’ clients. Use your energy wisely and focus on who you want as a client and target them. Don’t waste time and energy with a scattergun approach.

Whatever approach you take to your business, it’s always good business practice to regularly stop, reassess what your strategic focus needs to be, and then develop the necessary game plan that will move you toward sustainable and profitable growth.

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