Skilled Migrant Professionals Spring 2016 | Page 18

Business

Make Your
GROW
The four building blocks for high growth
AS A BUSINESS OWNER YOU MAY BE WONDERING, ‘what do I need to put in place to achieve high
growth and mitigate the risks?’
High growth can be risky, but you can mitigate
the risks by having focus, discipline and consistency in approach. Even then, however, businesses can fail – including those that were
operating successfully prior to embarking on
a strategy of rapid growth. So, what can you
do to reduce the likelihood of failure?

1. Understand your
business model
First of all, let’s be clear about what a
business model is not. It is not a business
plan. A business model is the foundation
on which the business is built and which answers these key questions:
a) Who is your customer and why would

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www.smpmagazine.com.au | Spring 2016

By Andrew Cooke,
Growth & Profit
Solutions

they buy from you?
b) How will you make money from
selling to them and what will you sell?
c) What exactly are the key things you
must do to achieve this?
To answer these questions, you need
to understand the nine basic components of any model (this will be
covered in a future blog), which include: key partners, key assets, key
resources, the value proposition, customer segments, customer relationships, channels to market, your costs
and your revenue streams.
Build the right foundation consisting of the right blend of these nine com-