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Building the Perfect Business Growth Team
Gearing up for growth is one thing, having the right team in place to get you there, is another. Feeling secure operationally that established systems support your strategic growth initiative is critical to actually getting you there.
That’s why you need a Dream Team.
(No, this isn’t the next Hollywood Blockbuster – this may just be the answer to your next source of capital; funded, or otherwise!)
There’s no hidden mystery why some of Google’s most searched-for terms include “growth hacking” or “growth marketing”. There is a torrent of independent businesses in the UK that is carrying the economy towards growth. In a recent blog post, we discussed just one area of economical richness that we need to nurture, in the form of innovative SMEs occupying their places in technological and developmental hubs.
And although you may think that everyone on your Sales & Marketing team are surely part of your growth team, the reality is that they may not necessarily be.
“Companies like Airbnb, Facebook, and Uber popularised the concept of growth teams — hybrid practices of technical marketers, engineers, analysts, and product designers working together to create multiplier forces on their business. Put simply, growth teams solve problems that enable further growth through a process of experimentation and analysis.” – Venturebeat
What is a growth team?
Essentially, a Business Growth Team is there to increase the rate of customer acquisition, retention, and revenue by optimising products and developing new marketing channels. It is a team of individuals working within, or on, your business who are agile, cross-functional and most importantly, agnostic of any silo’d business practises. Traditionally, departmentally, business functions have been held to account over responsibility for a very specific part of the business. What a unified growth team does is accept that responsibility collaboratively – working together to move the business forward.
But there’s more to a growth team than this.
There’s a strategic imperative owned by business leaders – whether they’re part of the business, or not – who work collaboratively to drive a growth focus within the business; whether that be to root out inefficiencies, or to streamline a market focus, plan for next-stage investment or efficiently planning for and mitigating risk.
This growth team growth team looks slightly different. This growth team is made up of experienced business leaders who understand your market and who has more than likely been where you are. They may be your C-Suite management, they may include your solicitor-team, they may even include your internal auditors – but they definitely include a strategic financial partner; be that in the from of your permanent CFO or a flexible resource that helps you to focus on securing your financial footing for growth.
Why a Strategic Financial Partner?
One of the biggest mistakes a business makes is trying to do everything alone. Planning for a solid financial future for your business means that sometimes you have to call in reinforcements who see a far bigger picture than you may, at any one point in time. And a strategic financial partner is no different. These may be in the form of accountants, bankers, investors or advisors. Their purpose is to help monitor the flow of revenue moving throughout throughout your business, but to also uncover new opportunities which increase the amount of capital available to you – whether that be through hidden revenue streams, cutting off revenue streams that are costing you more than they should or funding opportunities.
Keeping an eye on your cash flow can be a full-time job – and when you’re not keeping an eye on where you could be going, that’s when you realise you need a partner who can step in for you.
The role of the Growth Dream Team
Any strategic partnership should be built on opportunity; opportunity that is within your immediate reach, or opportunity that lies waiting for you through the involvement of a strategic partnership. That’s why, when choosing who to work with, you should be looking for a partner that:
- gives your business a competitive edge
- gives you access to additional skill and experience
- helps you to grow your customer base
- gives your business access to new products and services
- helps you uncover new markets and revenue streams
- helps your business identify and rectify weaker revenue streams
The market is flooded with service providers who offer a particular service. The difference with a strategic partner is that that their service is delivered, with your growth in mind.
In a world of change, they’re agile enough to move with it and constant enough to keep you grounded. They’re forward-thinking and focused on delivering results – yours. You learn to see results the way your stakeholders expect to see them, demonstrating a diverse set of skill, experience and leadership level, and most importantly, you get a transparent, no-nonsense approach to growth, paying for what you get – not what you don’t get.
If you’re ready to talk next-stage growth, then we’re ready to help you. Get in touch with us today and let’s get started.