Where are you and your business going?

Founder of global luxury hotel good supplier Pacific Direct, Lara Morgan has been confirmed to speak on both the Accelerate 2014 and Women Inspiring the Economy line ups as part of the IFB.

We have a second exclusive extract from her first book More Balls Than Most to share the advice of one of the UK’s top women in business with our readers. Earlier this month we shared her Adding Value to Individual Development extract and this week we have another:

Where Are You Going?

My ongoing plan for achieving sustainable growth was ‘so far so good’. Check out these ideas and see if they can be applied to your own organisation:

  •  Know the objectives of your business,  ensure everyone else in your business understands them – and also really understands what the commercialism of making money in your business actually is. You may be amazed at how few people actually know how the money is made.
  •  Ensure your objectives are measurable.
  •  Has the route to achieving them been planned?
  •  Have  you shared  your goals,  and do  you have an understood time frame for reaching them?

Know your competition:

  •  Look at your successful competitors. Look for areas where  your  strengths  overcome  their  offerings  and exploit this message  in the market. Be well respected and known in your industry.
  •  Copy and improve on your competition’s  successful strategies.
  •  Be knowledgeable and speak with authority – give solid factual advice and do not sell without utter credibility.

Communicate the expansion strategy to the business:

  •  Be clear.
  •  Be focused.
  •  Stick to your knitting.

Spend on the structure of the business, in these areas:

  •  Systems and technology.
  • Marketing.
  • Integrated process management for maximum efficiencies.
  • Documentation to give education, guidance and short-cuts, and to maintain tried and tested processes.

Show how the business works:

  • Monthly achievement records are shared.
  • Consistency in management reporting.
  • Measurements and dates give value impact to the business.

Be proactive:

  • Get assistance and advice from those with experience.
  • Ask the competition for help and/or shared knowledge.
  • Meet the competition to SWOT the new players and new markets.
  • Learn any technical language appropriate to your market.
  • Read the trade press – know the market trends and general information.

Be predictable and consistent:

  • In what you do.
  • In how you do it.
  • In where you do it and who you partner with.

Invest and share:

  • Focus on sharing global knowledge.
  • Use an intranet to avoid duplication if possible, and in the worst case have a shared, sensible and managed central drive where all the core documentation of the business is held – and make sure it is fully password-protected.
  • Embrace any worldwide knowledge and expertise which is available.
  • Love the business – do not depend on anything except the need to improve.

Continual growth is an expected part of any daily business. Standing still is never an option and the only consistent thing is change, so learn to embrace and run with it.

This extract is taken from More Balls Than Most © Lara Morgan, 2011 (published by Infinite Ideas). Lara is founder of Company Shortcuts – a consultancy dedicated to excellence in sales and leadership. For tips, checklists and templates to help you grow your business, visit: www.companyshortcuts.com

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