The simplest path to growth is to sell more products or services to existing customers, and increase the customer base. It sounds simple, but organic growth is not always easy to achieve. Three experts at advisory firm RSM share insights in how businesses can successfully craft an organic growth strategy.
The most pressing – and basic – pre-requisite for growth is “to understand why you want it,” says Andy Graham, a Director in the Business Advisory arm of RSM. “When a business owner asks me about growth, I want to drill down and understand what the motivation is for actually wanting that growth in the first place. It might be that they haven’t been getting the returns or value that they want from the existing business, and that might be because of the way that it is configured, or gaps in their offering, or the limited size of their market place.”
“For me the starting point is to understand what is the motivation for growth, what are they trying to address – and then what is the owners’ risk appetite, because to grow requires you to take on more risk.”
The business must understand its capabilities from the outset, Graham says. “Capability is…
