Leading entrepreneur and business consultant shares her tips on finding success this year
“Ask people what they think, what they want, what they like, what they don’t like. The answers may surprise you. They may also lead to dramatic improvements which could lead to significant growth.”
Despite the challenges the economic crisis is likely to create for businesses, the early signs are that entrepreneurs are optimistic about the year ahead.
In fact, one recent report indicated confidence among business leaders is now the highest it has been in months. A study by Lloyds Bank revealed that confidence rose by 7% in December to 17% which is the highest seen since July.
A revival in economic optimism drove the upswing, while trading prospects also improved, and saw confidence increases in two-thirds of the UK’s regions and nations.
Although inflation remains a major concern for many business leaders, it is clear entrepreneurs are growing increasingly confident about the opportunities which lay ahead.
Daniella Genas, who is one the country’s leading business consultants, says its vital company leaders targeting growth this year create a clear vision as to how they will achieve it.
Daniella, founder of She’s The Boss, said: “The start of the year is a great time to begin planning what you need to prioritise to achieve growth in your business. I describe it as the VISSA framework: Vision, Innovation, Strategy, Systems & Processes and Accountability.
“By combining these five key areas you can create a framework which significantly boosts your chances of growth, and finding success in 2023.”
Here Daniella, who has a proven-track record in helping transform the fortunes of the businesses she works with, tells WeAreTheCity how VISSA works.
Vision
A compelling vision that provides a clear route to growth is the initial building block for business success. A desire to grow your business is not sufficient. You need to get clarity on what that growth looks like, and what you need to do to achieve it. Start with the end in mind and reverse engineer your way to growth.
Many business owners find their businesses stagnate, because they lack direction. When you get clarity on the specifics of where you are taking your business in the short, medium and long -term, you are able to start planning exactly what steps and actions you need to take to get you there. This vision should include the goals you will need to achieve to bring your vision to fruition and an action plan. The action plan is a step-by-step breakdown of the tasks which need to be completed in order for the business to achieve its goals.
When creating a short term vision, (three years is recommended to start), businesses should consider the resource requirement for actualising it. And this needs to include financial and human resources.
Innovation
If you are trying to grow your business doing the same things which have failed to yield results so far, then you risk remaining stuck. It is essential you innovate within your business, so you are able to stay relevant, appeal to new partners , add value to existing clientele and remain competitive.
Innovation doesn’t have to be radical. You do not have to try and reinvent the wheel. Innovation can be incremental. Aim to make regular, small improvements to how you currently do things, so that you are constantly getting better. Engaging with your existing customers and your target customers is an essential part of a good approach to business innovation.
Ask people what they think, what they want, what they like, what they don’t like. The answers may surprise you. They may also lead to dramatic improvements which could lead to significant growth.
Strategy
This may seem pretty obvious but well planned sales and marketing strategies are key to growth. Strategies that take a customer centred approach, rooted in market research and data, will be important for businesses trying to get ahead. As the economy continues to struggle, competition will get tougher. So businesses will need to stand out in the market place and get more creative in how they position their businesses, attract prospects and secure the investment they need to grow their business.
If creative marketing and sales isn’t your forte, then it may be necessary to employ an agency, work with a freelancer or build a team to support in this area. Getting it wrong, relying on what you’ve done in the past or not having these strategies in place at all, could be detrimental to your growth ambitions.
Systems & Processes
Implementing robust systems and processes in your business can be the difference between breaking even and making huge profits. The more efficiently your business runs, the higher your margins. And the higher your margins the more profit you will make. If you can reduce costs and boost efficiency by automating key tasks, systemising key functions and improving quality by standardising key processes, it will enable your business to grow at a much faster pace.
Identify software, tools and apps that can help you run your business better and invest in them.
Accountability
Businesses that hold themselves accountable to achieving the objectives and goals that they set out, are much more likely to be successful in achieving them. Businesses should start by defining their strategic objectives and ensure they are in line with their vision and goals. They should then identify the key performance indicators (KPI’s) that will demonstrate how they are performing against each objective. It is then important to establish the frequency that the KPI’s will be tracked and monitored against. Tracking, monitoring and measuring, will help with accelerating growth, if the right things are prioritised. Sales, customer satisfaction, profits, brand awareness are all areas which should be included when trying to achieve growth.
About the author
Daniella Genas is a multi-award winning entrepreneur, strategy and innovation expert.
Through her business, She’s The Boss International, Daniella helps SMEs to transform their businesses. She has used her techniques, experience and training to generate significant results among the companies she has worked with. Key metrics include boosting turnover and profits, increasing staff, launching new products/services and driving brand awareness across several businesses, in a diverse range of sectors. Daniella launched her first successful business in 2007 and sold it in 2015.
In addition to her entrepreneurial endeavors, Daniella is a University Lecturer, Charity Trustee, radio presenter and Visiting Industrial Fellow. Daniella’s current focus is empowering SMEs to build profitable, sustainable, systems-driven businesses.
With an MBA and Masters under her belt, alongside her entrepreneurial experience and formal business training, Daniella has a breadth of knowledge which has proven invaluable to the clients she works with. She has a proven track record of supporting clients to grow revenues by six figures. She is a respected media commentator and happy to speak to journalists on a range of issues relating to business and entrepreneurship: For media queries please contact Nick Owens at WTS Media via [email protected]
