Growing a business is hard. In order to grow, you need to pay attention to various aspects of your business, including marketing and sales, customer interaction, finances, employee satisfaction, and so much more.
Managing to juggle all these tasks can take you far, but in order to stand out from the competition and truly succeed, it’s wise to have a solid, long-term growth strategy in place.
So, if you are struggling to grow your business, don’t worry. There is a way to take your company to the next level and the following 6 strategies will help do it quickly and efficiently.
1. Prepare for Growth with a Business Plan
Planning is key to any business. A well-crafted business plan is important for many reasons, such as tracking your progress as your company grows, attracting new funds, allocating your resources, and more.
Your business plan should include an executive summary, a unique selling proposition (USP), your target market, sales forecast, marketing plan, and so on.
Continuous business planning means that you can monitor whether you are accomplishing your business goals. A business plan can be used to determine where you are now and in which direction you want your company to grow.
2. Focus on Your Employees
Employees are the cornerstone of any business. They are usually the primary point of contact with customers and as such, can make or break your brand and CX.
Employee recognition and reward programs have long been a workplace staple. Research has found that frequent recognition contributes to increased employee satisfaction which, in turn, results in greater efficiency.
If you have remote workers, be sure they feel like a part of the team in order to motivate them and boost their productivity. Ensure that there’s clear communication with them, that they have the tools they need in order to do their job effectively and even include them in team-building activities and company holiday celebrations.
You can check out these virtual holiday party ideas that help remote workers connect with far-away colleagues. This can help your entire team to get to know one another on a more personal level, which will boost morale and productivity.
3. Manage Your Costs
Cost management can help you reduce unnecessary expenses and increase your profitability. However, be careful not to cut costs at the expense of the quality of your products or services.
Start by assessing whether you can reduce the costs of raw materials, and see if you can streamline your production processes to cut labor costs. Next, think about whether you are getting the best deals from your suppliers. If the answer is no, consider if you could negotiate better terms or maybe even change suppliers.
The next question to answer is whether you’re getting the most out of your space? Is there a more efficient way to use your space? If there is unused space, is there a possibility to sublet it?
Finally, review your finance facilities to see if they are at the most competitive terms available. Think about whether you are using any overdrafts and loans effectively.
4. Consider Using Alternative Channels
One of the best methods of growth is utilizing new marketing channels. Currently, the top 3 marketing channels are social media, email marketing, and business websites.
According to statistics, 48% of small businesses use social media, 54% of them use email and 64% have their own site. Trends in recent years show that having both an online and offline presence results in optimum growth, so it’s worth considering these three channels as a foundation.
In addition to these three basic channels, consider using alternative ones, such as Google Ads (PPC), SEO, and content marketing.
5. Expand Your Market
Expanding into new markets can truly transform your business and, if handled properly, can significantly boost your profitability. However, entering new markets can be quite risky so be sure to start by carefully researching the potential opportunity.
Can you adapt your existing products for the potential markets? If so, this can bring new revenue at a low cost and is a great way to increase your profit.
You should also think about whether you understand who your potential new audience is, as well as why, how, and when they will buy your products or services. Use social media to do research and gain feedback and opinions from your potential customers.
If you are developing a new product for a new market, consider whether it is viable and if there’s demand for it. In addition, think about whether you will be able to develop the new product in-house or will you have to buy it in.
By creating a solid growth strategy, you can take your business to the next level and boost your profits. However, bear in mind that no business plan or strategy is the same; it’s important to determine what works for your company and tailor the plan according to your company’s vision, available resources, and the needs of your customers.