Whether your business is a startup or not, the growth of a business is always at the forefront of the mind of an entrepreneur. While shortcuts can be tricky to navigate, there are safe ways in which a business can grow at a faster pace. We’re breaking down the parts of your business where the growth opportunity is at your fingertips.
The aim is to grow fast, but that doesn’t mean that one can skip the planning phase. In fact, this is critical for you to avoid the dangers of growing so quickly that your business efforts then crash after the peak. You’ll want to be clear about what your business's vision and mission is - essentially, you need a sense of direction. Refer to the stories of other businesses by consulting case studies with successful growth models - Dropbox and Airbnb are both great starting points.
Another aspect of planning is in resource management, as you’ll need to be able to allocate and delegate as your business expands. While you roll out your growth strategy, ensure that everyone records the progressions your business makes with a paper-trail to analyse in future.
The fastest way to grow is to look to your current and past customers. Build on your relationships with them, as this requires far less investment than acquiring new ones. This is your community, a niche base if you will. These customers can help grow your business’s sales by shopping with you more frequently and/or purchasing more. In order to achieve this, your business may need to up-sell. Encourage loyalty with clubs and email marketing to your customer database.
In the case of an aggressive marketing strategy to grow quickly, customer retention will outweigh customer acquisition. By building this network of customers, you will also be inadvertently securing your future business for the period after the peak when business stabilizes.
It all starts with a great product (or service). Fast growth is possible when you have an exceptional offering - something that fills a need and/or want. Finding the product market fit is key, so your business needs to avoid duplication and have a clear unique selling point. The perception of value throughout the customer’s journey will elicit appreciation and repeat purchases. On an industry level, this can also be beneficial as you’ll be seen as a leader for people to turn to.
Apart from your core product or service, consider how you can extend other value to your customer base. This can be in the form of free content, such as an e-book for signing up to receive emails. Alternatively, you can offer free products or services, which can either purely be an added bonus, or a promotional offer in exchange for referring others to your business.
In order for your business to be able to grow quickly, it needs to be operationally sound, with the right people in place. With incoming expansion, the team will need to be prepared to take on more work. Your business may need to consider hiring additional staff in order to meet the demands. During the hiring process, it is important to consider these placements post-peak.
A company culture that is geared towards expansion will make a big difference to the boosting of your business. Hire people based on their attitude as well as their skill set. This will also reduce the turnover costs in the long term. Once you have the right people in place, ensure that your managers are knowledgeable about your vision and capable of delivering leadership that will affect growth to the highest possible degree.
An intensive marketing strategy can increase your sales and help you expand exponentially. The goal of this is to increase your leads and generating more sales opportunities, exposing more people to your brand. Social media is a highly effective means of achieving this, by ensuring that your business has a presentable presence - one that people want to associate with, share with and ultimately refer others to. Treating every transaction and interaction with your customers will be essential to drive this online community. This can also be a cost effective means of marketing with the plan on retaining customers. Building an online community, however, takes time, so it is wise to capitalise on existing communities where possible.
Meet and engage with your customers in groups and on platforms. Finally, the aspect of marketing that can grow your business quickly is in its perception. The perception of value is what will drive sales. The ultimate fastest way to grow your business online is no easy feat and requires creative thinking. If you’re able to create a viral campaign, your business will enjoy instantaneous success.
It is possible to grow your business in a way that is fast and healthy. Analyse the areas in which you could improve your business - the opportunities are endless. It all comes down to how you perceive your business and lead your team towards success.
Get in touch with us at Nexa. We’re here to assist the growth of your business and have a 15 year track record.