Better stability and profitability through
BUSINESS Growth
WHY IS BUSINESS growth SO IMPORTANT?
There are many different ways to grow a business, each with their own unique benefits and challenges. Sharing in Growth believes there are 6 ways to grow your business, and our expert coaches can help you navigate successful implementation of the best growth strategy for the organisation.
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DIVERSIFICATION
Growth through diversification of product, market, or customer. This strategy can help reduce dependency on a single source of income, and create a competitive advantage.
PRODUCT DEVELOPMENT
Growth through new product or service development and introduction. This can allow businesses to enter new markets, sell more to existing customers, or win new business from competitors.
Increasing market share
Growth through increasing market share based on competency. this strategy allows companies to operate on a far greater scale to increase profitability.
PARTNERSHIPS
Growth through collaboration and partnership with another organisation to provide increased capability. This enables the opportunity to increase expertise and resources, boost revenue streams and reach new markets.
NEW MARKETS
Growth through breaking into new markets based on your product or service range and competency. By expanding to new markets, the business can achieve cost savings through economies of scale.
MERGERS AND ACQUISITIONS
Companies from different market sectors merge together. This strategy helps spread the risk across several businesses and helps target new markets.
OUR APPROACH TO business growth
As a business grows, it goes through stages, and each stage has its own challenges. In a fast-growing company, things might not work as smoothly as they used to, and managers might not be as effective because they have more to handle and oversee. Starting with the business strategy road-map, Sharing in Growth can help address your business growth challenge in the following ways:
Case studies
SUPPORTING SIGNIFICANT GROWTH OPPORTUNITIES FOR PRODUMAX
Operating globally, Produmax work in partnership with many of the most prestigious aerospace manufacturers, to produce high quality machined components and assemblies. Recently, Produmax have consolidated two former operations at Otley and Yeadon into a purpose-built new facility.
The new facility in Baildon has the capacity to accommodate £20M sales turnover.
Produmax have a desire to capitalise on aerospace growth opportunities by increasing sales to existing customers and seeking new customers.
To overcome these challenges, Sharing in Growth supported Produmax to design and implement a series of solutions:
- Strategy Workshops assisted Produmax in formulating their business development strategy and aligning the senior leadership team. Short, medium, and long-term business aims were identified by considering their internal and external drivers, product market groups and competitors. The ‘idea prioritisation’ and ‘linkage grids’ exercises identified a new opportunity with the potential of a 10% annual increase in turnover.
- Market intelligence to actively sought out and gain an in-depth knowledge of the current and future aircraft build programmes. This has enabled Produmax to specifically target areas that align with their strategic direction.
- Development of a customer experience in the new facility to showcase expertise to both new and existing customers.
- Business development framework and visual pipeline developed in alignment with growth ambition.
The project has highlighted the benefit of being able to visually represent the Request for Quotation pipeline to all stakeholders. Significant sales opportunities can be revealed using strategy and prioritisation tools.
“The strategy workshops were very thorough and produced a clear hit list of targeted customers and industries. This, in turn, has culminated in three new customer approvals, a sales opportunity of over £5M per year, that is increasing, and site visits from two key primes and three tier one suppliers in the first nine months.”
JEREMY RIDYARD
MANAGING DIRECTOR
SHARING IN GROWTH HELP AEROMET TO ACHIEVE THEIR GROWTH AMBITIONS
Aeromet were facing several issues relating to business development, including the Business Development function achieving a limited level of growth, relying on traditional means of customer engagement – meetings, phone calls, visits, current relationships with the customers. Targeted with an objective of doubling revenue, it was clear that the Business Development team of one needed rapid expansion. To maximise on the growing team, new processes and strategic approaches needed development.
To overcome these challenges, Sharing in Growth supported Aeromet to design and implement a solution, comprising of several actions:
- Meeting with senior stakeholders in the business to construct a Commercial & Technology Roadmap
- Identification of strategic customers
- Conduct market analysis; competitors, key customer requirements and key product market groups [slat cans, fuel connectors, engine components, fab conversions, aerodynamic surfaces]
This supported development of short, medium, and long-term business goals; linked to the company Vision, Mission and Values. Analysis of current performance on Quality Cost Delivery/Request for Quotation win rate and conversion rate, and visualisation of customer scorecards. This analysis led to the development of sales strategies and campaign plans for the top six customers, with clear accountabilities.
Project implementation has highlighted the importance of functions not working in isolation on their activities, goals, and objectives in order to support a common growth aim, as well as recognising the need to have appropriate visibility of progress, with frequent reviews using visual management.
“With the support from Sharing in Growth, we now have a revolutionary approach to Business Development, which will provide us the best opportunity to achieve our growth aspirations.”
NEIL GODDARD
BUSINESS DEVELOPMENT DIRECTOR
Our Business Growth Team
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Sharing in Growth Celebrates £9.8 Billion impact from landmark Aerospace Supplier Development Scheme
Sharing in Growth (SiG) is celebrating the success of its government-funded UK Aerospace Supplier Development Scheme, which delivered £9.8 billion in additional contracts and supported 92,000 full-time equivalent (FTE) years of high-skilled employment through UK aerospace suppliers.
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Our success record
Our team of 100 industry experts work with ambitious companies to deliver ‘Insight & Intervention’, working alongside them to create a compelling vision and emotional connection for the people. Business growth, capital investment and net worth from companies engaged with Sharing in Growth have shown strong positive trends beyond their peers in the wider supply chain. We have a proven track record with our clients, increasing their resilience, revenue and improving their profitability.
