No matter how big a business is, growth is always high on the agenda. Whether you are in manufacturing, finance, hospitality, or retail, increasing sales and revenue is what you will be aiming for over the long term.
There is no one-size-fits-all strategy for growth, but there are well-established steps that organizations can take to push their companies in the right direction.
Some of the issues to think about include how to increase customer retention, whether to diversify your product or the services your company offers, how to extend to new markets, and investing in personnel, machinery, and technology.
Managing to expand a company while maintaining a level of profitability requires considerable business skills. Constant learning – whether it takes place on the job, through academic studying, or a combination of both – will equip you with the experience, knowledge, and qualifications that will enhance your ability to find ways to help your business grow and thrive.
Research
A solid knowledge of the product and the market is vital, and taking your company in the right direction requires understanding your existing and potential customers. You need to get to know your target market and find out what their needs are so you can identify the steps you should take to bring them into your business sphere. A thorough knowledge of your competitors is also important for enabling your business to find that tiny gap in the market that no one else is filling.
Keep abreast of the news, financial developments, industry information, and what your customers are talking about. Follow influential leaders on LinkedIn, read relevant newspapers, and log onto useful magazine websites to help you understand the world your product or service is placed in. There are also useful resources that can help you keep abreast of economic developments, such as the U.S. Department of Commerce’s Bureau of Economic Analysis.
Finding and keeping customers
While seeking out a larger customer base, it’s also important for companies to retain those they already have and keep them coming back. Coming up with creative ideas to build loyalty leads to increased repeat sales. Although investing in identifying new customers can help lead your company in the right direction, it costs more than keeping those you have.
It is also important to ensure that you have excellent customer service so that everyone has a good experience and encourages people to come back. Consider initiatives such as implementing loyalty programs to reward those who patronize you regularly, launching email and social media campaigns to ensure you have a regular presence, and using different platforms to engage proactively with customer feedback.
There’s a term that is used sometimes in the business world called the “sales funnel”. This is a way of describing how your customers interact with your business and make the decision to buy. They could enter via your website or physical premises, for example, at the top of the funnel. When they purchase something, they’ve navigated through the other end; to encourage them to visit again, you need to find ways to help them move through the funnel easily and comfortably by using simple approaches such as offering discounts and special offers.
New technology is constantly improving, and investment in the right tech is absolutely essential. This requires an understanding of what software and hardware are necessary to sustain and improve your company’s workflow. Consider whether you need a mobile app, for example, and think about where you store your data and whether it should be outsourced to a specialist company or undertaken in-house.
Networking
Participating in networking events will enable you to not only feel like a part of the wider business community, but it also allows you to connect with like-minded business owners. This will raise your profile as well as that of your company while helping you stay informed about what is going on in your locality. There are also trade fairs, pop-up events, and industry conferences you could get involved with, either as an attendee, by hosting a stall, or by offering your services as a keynote speaker. This will help you keep your company on the radar of potential collaborators and customers.
Corporate social responsibility
Companies that embrace corporate social responsibility (CSR) aim to contribute to wider goals of a charitable, environmental or philanthropic nature. It is increasingly important to businesses and their growth as many customers take a company’s strategy into consideration when deciding whether to buy their products or services.
Benefits include a greater ability to attract talent and retain staff, better brand recognition, and potentially easier access to capital as investors may prefer to deal with organizations with positive reputations. Other companies often favor suppliers who have responsible policies as it reflects to their customers how they are seen. Practicing environmental sustainability also helps reduce waste and emissions, which can save money.
Research from Project ROI, which is a series of reports produced by specialist management consultancy Impact ROI, shows that CSR practices can help increase a company’s market value.
Gaining qualifications
Studying for a relevant degree will help you to develop your skills and knowledge from trusted academics with a wide view of the business world. Investing your time in a doctor of business administration course can enable you to delve into comprehensive research that will help you reach your potential as an executive and apply that knowledge to your own business or your corporation. Programs are available online that can fit into busy schedules.
The wider understanding you gain will help give you the confidence needed to make decisions at your workplace, such as deciding whether to form strategic partnerships, considering the benefits of franchising your business, and developing strategies to make the workplace agile and able to meet new demands.
The world of business is both stimulating and demanding, and developing your skills will help you to navigate the challenges confidently and successfully. After all, an investment in yourself is an investment in your company, too.
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