Last week saw Doncaster host its annual Business Showcase, the largest event of its kind in Yorkshire. With over 300 exhibitors highlighting the diverse range of brilliant businesses operating in the area, the event attracted thousands of people from across the region and beyond.

A key focus for any business is undoubtedly growing to be as successful as possible. Consequently, one of the standout parts of the day was an extremely informative seminar delivered by business management consultants The CFO Centre, which focused on the importance of having a clear strategy for growth in business for small and midsize enterprises (SME’s).

When you consider that a 2016 study by the University of Kent Business School found only 5% of SME’s had a clear strategy for growth, and all the 5% who did were 20-30% more profitable than those businesses who did not, the importance of having a clear strategy for growth is clear.

The top takeaways to consider when building an effective strategy were as follows:

1. Decide on the ‘how’, i.e. asking ‘how does the business get from where it currently is to where I want it to be?’. Ways in which this could be achieved include:

• Through acquisitions (for example of smaller businesses)
• By attracting people who possess the right skills to help the business to thrive
• By targeting the ideal customers of the business which in turn could generate more sales and/or work through recommendations
• Thinking about ways in which the strategy for growth will be funded.

2. Consider the most important part of the strategy, i.e. what is it about the strategy which makes your business stand out from the crowd? For example, this could be:

• Being different to other competitors
• Understanding the areas that customers value the most
• Sustaining the difference between your business and the others
• Creating elements of the business which are different to the competitors

Once a clear strategy has been created, it is of course vital to ensure that strategy is effective in building your business. The top tips given in the seminar to ensure the success of a strategy were:

1. When building the strategy, obtain the insight and ideas of as many people within the business as possible
2. Clearly explain why the strategy matters and what the outcome is intended to be
3. Ensure the strategy is translated into physical action
4. Keep focused on the strategy and keep revisiting it and tweaking it as necessary at regular intervals

Considering the above when building a business strategy should give your business the best chance of achieving sustainable growth!

At Switalskis we offer a range of legal services to support businesses throughout their lifecycle. From taking your first step into setting up a business to operating a well-established business, we’ll make sure you aren’t exposed to unnecessary risks.

 For more information, please contact Sarah Naylor at sarah.naylor@switalskis.com or call 01302 320621