If you get together a group of CEOs and ask them to name their top business challenge, more likely than not, most will say growth. Most CEOs want their businesses to grow and they want to maintain that growth over time. Predictable, scalable growth is much preferred over random growth spurts.
Fortunately, the secret to predictable growth isn’t difficult to uncover. You need to know your customers and your team and you need to find someone to help you put everything together.
1. Know Your Customers
You might have a loyal group of customers who continually purchase from you. To grow, you need to do one of two things: get those customers to buy more or figure out who your next customer group will be.
Both options will help your company grow in a predictable way. For example, if you focus on getting your current customers to buy more, you can find ways to expand your product or service offerings. Similarly, if you want to target a new group of customers, you can find a way to connect with them, such as by tweaking your product offerings or expanding your locations.
2. Know Your Team
Having the right people on your team also helps you develop and maintain predictable growth. It’s important for your employees to be engaged and excited about the prospects for your company and for their own careers.
One way to get to know your team is to touch base with them regularly. You can also use anonymous feedback boxes or forms to learn more about your team thinks and where they’d like to see the company go.
3. Find a Guide
As you set out on the path towards predictable growth, it’s helpful to have a guide to show you the way. A virtual CFO can act as that guide.
Working with a virtual CFO allows your company to create a strategic plan for growth. Since your vCFO is an independent party, they are likely to see opportunities or concerns that might not be visible to other members of your team.
Your vCFO can also help you find the financing you need to grow your company and can make recommendations about the next steps to take.
The virtual CFOs at New Direction Capital are here to guide your company on its journey toward sustainable and repeatable growth. To learn more about how we can help you, contact us today.
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