STRATEGIC PARTNERS AND PATRONS
What does growth really mean for you and your business?
For nearly 30 years, The Alternative Board has worked with thousands of forward- thinking owners and helped them grow their businesses, increase profitability and improve their lives. They participate in monthly
By Julian Smith, Managing Director, TAB Derby For me, the lead indicators of a
successful business are the influences on how growth is achieved rather than the final result. It should be about doing the
boards and one-to-one sessions and take advantage of TAB’s great business tools and services. Since 2010, we at TAB Derby
have worked with businesses across a broad number of business sectors, including retail, marketing, manufacturing and accountancy and training companies. The one word which crops up
consistently in either peer boards or one-to-one sessions is “growth”. Even the most successful
business owners find themselves losing sleep because they need to find the recipe for repeating growth. In most people’s eyes, growth is the definition of success and companies must grow to stay innovative, relevant and competitive. But if that is true what does
growth actually mean? It is a common misnomer that
business growth can be simply defined by successful sales and a company’s bottom line. There is so much more to it than
that. Indeed, the beauty of growth can often be in the eye of the beholder. Of course, sales and profitability can be crucial but so can customer and employee retention and even staff happiness. Indeed, growth can be both
professional and personal and on different levels.
right things and developing indicators which reflect the outcome a business owner desires. Ultimately, whatever the avenue,
if you can’t measure it, you can’t improve it and, therefore, growth will be stymied. Growth can only be attained
through clear personal vision to inspire and drive you to achievement and be linked to company strategy. Indeed, without it fulfilling a
personal vision, the question may even be asked “why grow?” At its zenith, growth is achieved
by every aspect of a business performing as best it can. To achieve this, it is imperative
to have a strategic plan, driven by a company vision which is ideally run in parallel with the business owner’s personal ambitions.
A three to five-year plan is a
must but it doesn’t need to be a 50 to 100-page document. It needs to scope out key
milestones for the business which are barometers of growth. For example, the lead key
performance indicators could be number of inquiries, average quote value, time to close quotes and percentage conversion rates. Elements which may be considered are a description of expansion opportunities, financial goals, staffing needs and responsibilities and a marketing plan. There is no point in focusing
specifically on sales growth if it cannot be delivered. At a time of political turmoil, it is more important than ever to focus on what you can control not what you can’t. Indeed, those who play
aggressively to their strengths while others are hiding away from the storm may well find themselves fulfilling ambitions while competitors stall.
LEARN HOW TO LOOK AFTER NUMBER ONE
Following the success of the initial session, the Chamber is delighted to deliver a ‘Looking after No.1’ event in conjunction with The Alternative Board, Derby This interactive event between 8am-10am on 14 March at the
Nottingham Belfry will show you how to change your thinking and change your life for good. You will hear from real business owners who will reveal how they have done just that, and also give you something to take away with you to get the thought processes working. It is free to members.
For more information and to book, please visit
bit.ly/TABDerby
University secures funding for CDTs
The University of Nottingham has won new funding for five centres that will train the brightest postgraduate researchers to tackle pressing global challenges, and keep the UK at the cutting edge of scientific research. The Centres of Doctoral Training
(CDTs) are funded by the Engineering and Physical Sciences Research Council (EPSRC), with partners in industry adding to the overall investment. Two of the CDTs have received funding from Science Foundation Ireland. The university is also involved in a
further three new centres led by other institutions, enabling Nottingham’s expertise to be shared with more than 450 students. The announcement by
Universities and Science Minister Chris Skidmore takes Nottingham’s portfolio of cohort-based doctoral training programmes to 43 – thought to be one of the largest in the country. Professor Dame Jessica Corner,
(pictured) Pro-Vice-Chancellor for Research and Knowledge Exchange at the university, said: “This is an outstanding result for Nottingham and once again testament to the quality of our research. “We are committed to
investment in world-leading discovery and in a highly competitive field we have shown that our teaching, research and training environment offers unparalleled opportunities for us to help solve global problems.”
THE CHAMBER IS HONOURED BY THE SUPPORT OF ITS STRATEGIC PARTNERS AND PATRONS
business network March 2019
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