The idea of growth has an elusive appeal to anyone in business. Especially to anyone who has ever had to stand in front of the board or a new client to present next quarter’s growth figures.

In an ideal world we’d be able to sum growth up as a formula. But business is rarely ever so simple. A good growth strategy can be hard to pinpoint so I’ve outlined five tips which in the early years really helped us grow.

1. Make successful allies

Sometimes it just takes the right connection to kick start your business. So find a good mentor. When it comes to growth, a little networking can go a long way. Be alert to the possibility of meeting people who could turn out to be useful business contacts.

"Ideas are cheap but a well thought out plan will give you a set of clear objectives"

Your business partners play a big part in your success so look at your network and aim to deal with a mix of large, blue-chip companies as well as start-ups. This ensures the perfect balance of stability and risk. Network whenever you can because that great new business contact might be only one phone call (or LinkedIn message) away.

2. Export more, export smarter

Finding a gap in a foreign market really can transform your company. When planning, focus only on regions that offer a clear path to growth. Of course, this means taking an audit of the areas which show the highest growth potential.

Ask yourself a few questions. How far can I afford to travel? Which areas have the biggest demand? Are there any language barriers? And which regions are well connected? Just remember to prepare the necessary infrastructure when expanding your business overseas.

3. Stay lean

This is a tough one but you’ll do better if you cut costs, shrink spending and prioritise the parts of your business with most potential to grow. It may sound like a paradox but growth really can result from shrinking. Decrease expenses where possible by asking, do I really need this?

Can my company still run successfully without it? If the answer is yes, then consider letting it go. You may not be able to cut your spending but it may help to change your spending. Buy aggressively and shop around to get maximum value for money. Keep the company as lean as possible to help you make profit even when times are tough.

4. Have clear objectives

First, I would say have a business plan - and second, review it regularly. Ideas are cheap and a well thought out plan will give you a set of clear objectives to work towards. You might find it easiest to set your financial objectives and then work back from this point.

It may never happen the way you plan it but there will be lots of things in there that will work well so it’s about discovering what those are and building on them. This is also a good way to plan the resources needed for expansion.

5. Stay ahead of the curve

Always be on the lookout for new ways to innovate. If a competitor is catching up, ask yourself why. Observe what those around you are doing and do it better. Innovation starts by building a culture of being open to new ideas. New ideas equal opportunity - opportunity equals economic growth.

Even relatively small changes can help you cut costs. Then, you can reinvest those savings to perpetuate a continual cycle of improvement.

And finally, remain true to your vision. Listen to advice and be aware of the risks but remember, speculation is the key to growth. There is a saying that goes you only regret what you haven’t done. So, in short, go out and try it for yourself.