Visionaries actively seek and pursue ways to grow a business. There are a number of different roads that lead you to a point of growth, where reach and presence on the map are increased. In this article, we’ll be discussing various ways you can expand your business and importantly, where to start.
Business Growth: Where to Begin
Before we begin, it’s important to note that there are no quick fixes for business growth - so avoid the hacks. Growth is driven by a commitment to making ongoing efforts, which means you’ve got to be prepared to be in it for the long haul. It is key for the whole business to have a growth mindset. When the team is motivated and geared towards the envisaged future, rapid progress can occur.
The starting point is in the numbers. Assessing where your business is currently not only identifies the opportunities for expansion but also helps you to create realistic goals. Businesses should set KPIs that detail what they’d like to achieve. Your strategy will detail how you aim to achieve this, and reporting will ensure you’re on track.
At the starting point, you also need to ensure your business is set up to scale. Without this, you’ll struggle to cope and this could harm your brand. Therefore, the business needs to have the technology and resources available for growth to occur. This could mean having access to more products if you’re growing by expanding your product lines or using a CRM system like HubSpot that is primed to scale in line with businesses.
Growth Strategies for Businesses
Below, we’ll discuss various techniques that drive business growth.
Workflows refer to specified paths to take. These should be pre-determined for both internal processes and externally in the form of sales funnels. When you plan out the steps for customers to take, you can better serve their needs and direct them towards sales. It also means you’ll be able to offer standardized service and automated actions which can help you grow faster.
The platform your business uses can be monumental for business growth. For this, we suggest a customer relationship management (CRM) system. This can help businesses of all sizes to grow at scale by utilizing technology to automate processes and manage the business from one centralized platform. To learn more about this and how it can benefit your business, consider using the world-leading CRM solution HubSpot.
To detect patterns and insights about your audience, the market, and competitors, you’ll need to conduct thorough research on an ongoing basis. Growth occurs when you’re better able to spot, identify, and understand - and then react swiftly and accordingly. The easiest way to see results is to hone in on new opportunities.
Build a Community
Growing your audience grows your business, too. You can achieve this through various forms of online marketing, with the goal of building an online community. By having a bigger database to cater to you, you’ll have more customers and more opportunities for online word-of-mouth marketing to further extend your network.
Some of the most successful business ventures take off to new heights through strategic collaborations. Consider which partnerships could form the basis of a mutually beneficial relationship. This could be in the form of another business or working with influencers to grow your network. Consumers today also appreciate community involvement, so partnering in community projects and non-profits can help grow your business’s exposure.
Improving sales is a surefire way to grow a business’s revenue. A business can also expand its sales points for customers. Examples include online selling, social selling, or hosting pop-up stores. Another option is joining a global platform that may also work for growing your business - for example, joining booking sites if you’re in hospitality or marketplaces for eCommerce retailers.
For specific growth strategies tailored to your business, you can refer to a growth agency or consultant. They’ll be able to assess your business, make informed recommendations, and apply the strategies on your behalf. If you’re short on time or resources, this may be the best option as they can handle the expansion on your behalf.
Business expansion often begins from within. By this we mean, investing in your employees and the company culture. This will expand the skillsets of your staff and grow your employer culture. Having satisfied and qualified employees can take your business to the next level.
That wraps up the various ways you can begin growing your business today. The best way forward is to pick one or two aspects and focus your efforts on them. Ready for your business to grow? Speak with us at Nexa to devise your business’s plan of action.