DGP’s Top 10 Areas To Address For Business Growth Or Exit

Business Growth

1) ENSURE BUSINESS GROWTH BY CREATING A VISION & STRATGIC PLAN:

  • Create clear and well-articulated Mission, Values, and Vision statements. These things are fundamental for business growth.
  • Create a well-articulated strategy statement documenting your competitive game plan and how you will attack your market.

2) ENSURE LEADERSHIP TEAM IS HEALTHY, ALIGNED & EMPOWERING TALENT TO PERFORM:

  • Team members feel comfortable participating, understand each other’s differences/styles, and engage in healthy debates.
  • Leadership team empowers and motivates talent to optimal performance and meets frequently as a team for strategic thinking sessions.

3) ENSURE ALIGNMENT & MEETING CADENCE:

  • Ensure the critical KPI’s and priorities to drive the company forward are established and staff roles & goals roll-up under each priority.
  • Ensure a meeting cadence and visible performance charts are established to ensure information flows through the firm.

4) IMPROVE QUALITY OF PEOPLE & ENSURE ACCOUNTABILITY:

  • Assess your team. Build a strong engaged team modeling your core values. Ensure the right people are on the bus and in the right seats.
  • Ask yourself, can you take a 2-week vacation without checking in and feel confident that the company will run smoothly without you?

5) ENSURE BASIC REVENUE GENERATION ENGINE IS IN PLACE:

  • Create a defensible and well-articulated Go-To-Market (GTM) strategy that is validated with a realistic financial model and forecast.
  • Ensure the GTM strategy is executed and generating revenue without the founder as the primary marketing and sales resource.

6) IMPROVE PRODUCT/SERVICE DIVERSITY:

  • Issues with a product/service can cause sales to drop off quickly; ensure product quality and diversity to reduce risk to revenue and maintain business growth.
  • Cultivate product variety, mix, brand names, and intellectual property with a goal to increase customer average order size.

7) IMPROVE QUALITY OF EXISTING CUSTOMER BASE:

  • Rollout Net Promoter Scores. Act on VOC feedback. Nurture “sticky” relationships via contracts/subscriptions & frequency of reordering.
  • Ideal customer concentration = 1 customer no more than 10% of sales. Top 3 to 5 less than 40% of sales, if possible.

8) IMPROVE EBITDA / CASHFLOW GENERATION:

  • EBITDA is used to help assess the cash generation engine of the business. Cash is oxygen for the business and needs to be plentiful.
  • EBITDA is also used to value a business, so maximizing EBITDA will help maximize the value of your business.

9) IMPROVE QUALITY OF PROCESSES & TECHNOLOGIES:

  • Higher quality processes and infrastructure helps ensure a business runs efficiently and “under control”, especially when scaling.
  • Prioritize core processes, systematizing ad hoc/“tribal knowledge” activities and automate high impact / low difficulty projects first.

10) ENSURE CLEAN FINANCIAL STATEMENTS & REPORTING:

  • Audited financials will give you, investors, and/or a potential buyer confidence that your numbers and reports are accurate, reducing risk.
  • Regularly reporting, reviewing, and acting on KPI’s will help ensure you execute your plan and accomplish your strategic objectives.

Interested in learning more about these topics?

Call (855)-434-7552 to register for our next FREE Webinar where we’ll discuss these topics and answer questions.

We look forward to hearing from you!

Jim Houlihan

Jim Houlihan

President of Diamond Growth Partners, LLC.

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