So far, the 2020s have proven to be an economic era defined by instability and uncertainty. This is why SMEs should aim for consistent rather than episodic growth, but it’s also why achieving the former can be so challenging. Fortunately, we’ve developed a four-point plan to guide growing businesses through developing a growth consistency plan, including practical solutions like short-term business finance solutions that support long-term prosperity. 

As most seasoned entrepreneurs know, having a brilliant product or idea is the first step towards running a successful business. However innovative it is, though, the growth it inspires will always be short-lived. Businesses can’t rely on good ideas alone to achieve consistent growth.

The other danger, however, is getting stuck on a hamster wheel — searching for growth opportunities in places where the business lacks a fundamental advantage. In extreme cases, too much pressure is placed on forcing growth, leading to businesses viewing almost every customer acquisition as a high-stakes endeavour. 

Consistent, sustainable, and long-term growth is achieved when businesses get off the hamster wheel, but this requires a paradigm shift — one that calls for leaders to focus less on designing tactics for achieving short-term growth and more on building an engine to sustain long-term growth. In other words — they develop and follow a growth plan. Here’s how. 

The four components of a business growth plan 

  1. Define a compelling customer outcome 

Start your growth plan by defining a clear, relevant, and unique promise that outlines what you will deliver and to whom. The more specific the outcome, the more robust your growth plan will be. Differentiating what you can offer prospective customers is the first step to giving your business a competitive advantage. 

Remember, you don’t have to reinvent the wheel here. Sometimes, all it takes is to be the first person to recommend a better way of doing something, or at least make the service available to a very specific target market. Take SnapScan as an example — they didn’t invent mobile payments, but they made it even easier and faster for customers to make contactless purchases with just one hand. What could be more convenient than that? 

  1. Ensure you have the right capabilities to fulfil your promise 

Once you’ve determined a compelling customer outcome, you need to design a highly detailed map of what capabilities you’ll need to have in place to deliver on that promise. As with the first step, specificity is key here. Exactly what resources, technologies, data, and processes are required to achieve the desired customer outcome? 

  1. Consider business finance solutions that support consistent growth 

Yet another key consideration for consistent growth is consistent cash flow. This is especially important for growing businesses, for whom cash flow represents lifeblood. 

Even the best-laid growth plans can be upended by cash flow challenges — but that doesn’t have to be the case. Applying for business finance solutions like Bridgement’s means that your business could access up to R5 million in business funding in less than 24 hours.

  1. Review your results and renew your efforts consistently 

Do your research to anticipate how trends will affect customer acquisition and retention, as well as revenue generation. Don’t be afraid to go the extra mile here, either. Reaching out directly to your customers for honest feedback not only adds value to your interactions with them but can provide you with key insights into what people like or dislike about your product or your processes. 

Use this as an opportunity to engage with your customers and learn how you can optimise your processes, from ordering and delivery to after-sales care like returns or warranty support. Don’t forget to check in at regular intervals to see if your adjustments are making a difference! 

There’s more where that came from 

Did you find that guide helpful? Then you’re going to love the rest of our resources, all of which are written with SME leaders and finance professionals in mind. We suspect you’ll like our range of fast and flexible business finance solutions, too. Apply online today and set your long-term growth plan in motion with short-term business finance solutions.