Every business aspires to development, regardless of its size or state. Any company must focus on business growth in order to remain competitive in its field. This holds true for both multinational corporations and small firms as well as start-ups.
The growth of a business, however, is the top concern for a start-up and an SME. This is because it can establish its foothold in the relevant industry only through business growth. For this reason, it is important to plan and implement a proper business growth strategy.
It is important to know what is the first rule of business. It will answer the above question.
The first rule of business is to implement methods to “survive” the business. As a first-time entrepreneur, you may not know this. More than half of all new businesses shut down within their first year of starting. At the end of two years, only 5% of start-ups and SMEs operate. This happens because they do not plan business growth at the outset itself. It is the biggest mistake most business owners make.
Of course, focusing on present products and services is crucial for small businesses. At the same time, they have to think about business growth. Hence, you should start chalking out and applying business growth strategies whenever you start your new business.
There is no magic formula for accelerating business growth. You may find a pre-defined set of rules on how to grow a business. But speeding up business growth requires patience, observation, and perseverance. Here are a few tips that can help speed up your business growth.
You cannot run a business alone. Your employees will be your backbone and support in doing so. Thus, hiring the right team can make the difference between gaining success and shutting down your company.
Pick out qualified personnel for your company based on their practical skill set. A responsible and goal-driven team will scale your business to greater heights than you could have ever imagined.
Strategic planning in a business helps you identify your business goals and breaks them down into simple steps to attain the objective. Regularly revise and update your strategic plan. It will help you get a clear view of what lies ahead of you.
Invest in a business coach or a business consultant. Taking expert advice in the formative years is more rewarding in the long run than companies who invest in expert advice only when they enter a pitfall. It will help you avert the pitfalls and grow your business sustainably.
Your clients are your resources. Focus on the resources you already have rather than spending exorbitant amounts on attracting new clients. The present market is such that when you can satisfy your consumer, they will spread the word about you. You displease them and they will tarnish the reputation of your brand in no time!
Thus, to gain more prospects, build on your existing consumer base. Concentrate on building long-term connections. This will encourage repurchasing by the customer.
Be flexible at any stage of your business growth. That means you need to be flexible based on current market trends. Tweak your business goals and focus on products and services according to what your consumer wants. In the business arena, times and circumstances are constantly changing. Be aware of the policy changes and improvise as the need be. You have to go with the flow if you want to learn how to grow a business.
When your business is in its infancy, you will expect to acquire a lean profit margin or maybe none at all. At this stage especially, we recommend you invest this insignificant profit amount. But make sure that you utilise it for the right purpose and in the right place. These are the areas that you should put your business profit into:
It is important to future-proof your business. Plan well ahead of time to identify risks before they can wreak havoc. Always have a Plan B just in case you are unable to avert the risk. At least, you will be able to minimise it.
Research what your industry rivals are doing. Get an understanding of what is working for them and what isn’t. That way, you will get a basic idea of which strategy you should apply at that point in time.
Determine your strengths, weaknesses, opportunities, and threats. This will give you an elaborate framework of how you should conduct your business for maximum returns. Work on utilising your strengths and overcoming your weaknesses. Grab new opportunities. Minimise and eliminate threats.
BGES is the leading consulting firm in Sydney. We can help accelerate your business growth. Bges can provide a solid business model to serve as the foundation of your sustainable business growth.