Scaling Your Business – Initial Check List

Dear Members,

We are delighted to announce that we are working on a Pilot, with Lloyds Bank, to help their medium sized customers to scale their businesses.

This is basically about understanding the lifestage of your products groups in each of your markets, which are growing and which are in decline, thinking about new markets for old products and new products for new and existing markets.

This post Links in with our EXPORT post.

Here are some points for you to think about.

Please get in touch on nick@welhatchamber.co.uk to explore these ideas further.

Scaling your business Check List

 

  1. List your products and similar product groups
  2. Work out your GP % on a market by market basis for each product group
GP % Target Market 1 TM2 TM3 TM4 TM5
Product A 55% etc
Product B
Product C
Product D
Product E

 

  1. Consider the volume of sales and changing GP % over the past 5 years
  2. Where GP% fall off the market is in decline. GP curves typically follow the profile below

Innovation

5. Your overall profitability is a product of both turnover and GP%. Turnover typically behaves in the following manner

innovation-adoption

  1. If you are experiencing diminishing returns in certain markets, then perhaps it is time to look for new products, or new markets for existing products.
  2. Product development is clearly part of Innovation, and being a survivor, but innovation can be very expensive, and markets saturate. Look at Apple’s dilemma as they launch the iPhone 7. Less take-up in established markets.
  3. So you owe it to your business to explore New Markets.
  4. For the Minute we are going to look at Export Markets
  5. We know what you make and the trends in your current markets
    1. Have you considered overseas markets?
    2. If so Which?
    3. Do you know sales and margins figures in these markets?
    4. How do they compare?
    5. What is stopping you? – Your Concerns?
  6. Which Questions would you like answering?
  7. We have answered some frequently asked questions below.   See Link EXPORT

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