Running a successful business doesn’t happen by accident. Based on our years of experience working with successful businesses, they adopt and practice six key business strategies.
As a result, we have developed the AP Business Growth Program to support business owners focused on success. Aimed at helping business owners adopt these strategies in their businesses, the Business Growth Program provides practical tools that make a big difference.
We’ve outlined these six key strategies and how the Business Growth Program will help you navigate them below.
1. They know their vision, and they set goals.
A key trend among successful businesses is knowing where they are going and how they will get there.
As a business owner, you will have days when you feel you have lost your way in business. When your business doesn’t seem to provide the lifestyle, money, or happiness you once had or set out to achieve.
If this is you or your business, the Business Growth Program will assist you in getting back on track. We will help you refine your vision and goals for the future and how to achieve them?
2. They know their numbers and how to track them.
Successful businesses know their business numbers – the good, the bad, and the ugly! They also know the importance of monitoring them regularly to get to where they want to be.
Sometimes as a business owner, it does not matter how hard you work or what you change; it doesn’t make a difference. The business doesn’t provide the lifestyle, money, or happiness you once had or set out to achieve.
If this is you or your business, the Business Growth Program will assist you in understanding what the numbers in your business should be telling you and how to fix them.
3. They know the importance of a strong team.
Successful businesses understand the importance of a strong team and know how to foster it.
COVID and community expectations regarding a balance work/lifestyle have made managing a productive, motivated workforce very challenging.
If workforce challenges result in you being unable to meet customer, service, and delivery expectations, the Business Growth Program will assist. You will discover opportunities in your business to build and retain a productive, motivated, and loyal workforce that becomes your strongest advocates for new recruits.
4. They know their pricing strategy.
Successful businesses understand the Art and Science of pricing and have a solid pricing strategy. They see the value of their products/services and how to price them to make a profit.
Every business, large & small, is challenged to find the right price. Lower prices mean lower margins but hopefully higher sales volumes. Higher prices mean higher margins but lower sales volumes. Inflation and higher interest rates have forced most businesses to consider increasing prices for the first time.
The Business Growth Program will assist you in settling on the right pricing strategy for your business. What are your new prices to maintain your margins & profit? (Science of Pricing) Vs. What are your new prices based on your value proposition to the customer? (Art of Pricing)
5. They use technology.
Successful businesses understand and engage in the use of technology to drive efficiency & cost savings.
COVID lockdowns have accelerated the rate customers and businesses have adopted and adapted to new technologies. Nearly every industry has been required to pivot to new technologies.
For every successful technology change, there are unsuccessful changes that only marginally improve outcomes but disrupt business activity, create downtime in the process, and negatively impact profitability.
In reaction to negative experiences, most businesses are reluctant to adopt new technologies, leaving opportunities open for new businesses to use new technology.
Is it challenging to assess which new technologies to adopt and which to avoid? The Business Growth Program might assist you in developing a structured approach to evaluating innovation and tracking the outcomes.
6. They know where the end is.
Successful businesses plan with the end in mind, so business succession is just a natural evolution of the business. For these business owners, choosing how and when to exit their business can be both challenging and liberating.
Determining a time to leave could be based upon:
- Receiving an offer too good to refuse;
- A plan to move to a new stage in life;
- Loss of motivation to tackle the next big challenge; or
- Provide opportunities for others.
A sound succession plan is the key to maintaining a choice to exit without damaging the business. Good succession plans should be a natural evolution of the business.
Have you been in business for more than five years and need a plan for your exit or succession plan? If that is the case, the Business Growth Program can assist you in establishing the building blocks to get started on your exit plan.
Head to our Business Growth Program Landing Page to find out more or register.