Impact of the economic climate on business growth.

The uncertainty created by Brexit, sluggish DGP growth and uncompetitive productivity levels weigh heavily on confidence and optimism for the immediate future. However, every challenge brings an opportunity and even in these difficult times with a constructive and open minded approach positive business growth is feasible.

No matter the size of your business this process can be successfully applied. Its benefits include flexibility and the creation of a working culture that promotes rather than inhibits open dialogue and commitment to enhancing business growth.

The Process extracted with the consent of Kieth Deats (www.recree8.com) from his doctorate thesis (not yet published). Identifying business growth opportunities should not be the sole responsibility of the leadership team. Capitalising on the knowledge and collective experience of individuals in a company has the potential to reveal a wealth of prospects. By looking internally as well as externally a company opens the doors to identifying opportunities to be exploited.
 
Step 1. The process commences with creating a vision for the future and highlighting the problems currently inhibiting business growth. To enable progress the company must begin with a culture of commitment to change and innovation led from the top, encompassing an enthusiastic willingness and desire to share the vision and an openness to other suggestions. This demands intent from the leader to engage with all in the company, seeking and accepting feedback from individuals and groups.

Step 2 An in-depth exploration with all parties into the behaviours and presumptions that are obstacles to achievement of the vision identified in Step 1. This must include an open and honest dialogue of leadership style, encouraging participation and engagement by all. This will be challenging and potentially contentious but undertaken skillfully will increase motivation, generate ideas and an enhanced level of commitment to change. Key to this is resolving conflict in a mutually respectful manner, creating an equal platform for bottom up as well as top down.The outcomes should include identification of the gaps between the current position and the objectives to be achieved.

Step 3. The company is now ready to focus on creating the strategy necessary to achieve the new, agreed common vision with consensus on the objectives to be accomplished. These should be stated in SMART goals including a log of the assumptions made, creating a change agenda. It is important to note that at this stage it is desirable to include a risk assessment and risk mitigation strategy.

Step 4. Implementation of the programme. It is essential to track and review progress, reflecting on the behaviours as well as the accomplishments and failures. Identifying what is working well and should be sustained, what is not working well and requires reconsideration and modification. In this review it is essential to include a test of the assumptions and risk assessment made in Step 3.

Step 5. The final step is a realistic summary of what has been accomplished both in terms of business growth and company development.

However the process should not necessarily stop here. Progressing round the loop once more from Step 2 could potentially highlight further opportunities to exploit and so the process continues.