Before we dive into Business growth tips, let’s first understand what a real business growth means at a corporate level.
If you are a startup or an Entrepreneur, you must be well aware of the difference between sales growth & business growth. As the name suggests, sales growth represents the proportion of the increase in overall sales in a given quarter or year. On the other hand, Business growth means the overall growth in the brand, recognition, sales, and overall value of a business.
In this article, we are going to talk about business growth tips which you can implement in order to grow your business fast & in a right direction.
New startups and business owners have plenty of goals & dreams like vast growth & recognition when they are starting out. But as somebody has said true, nothing can be built overnight, not to talk about businesses in this era. You need a creative approach, a strong passion & of course patience to achieve success.
“Overnight success stories are just myth”
Each business has its own model and hence one business strategy might not fit better for others. So, it is therefore always important to understand your business and take a right approach and proper strategies for a better business growth.
Even before you think about your business growth, you need to make sure that you are equipped with a solid team of staffs.
When you are starting out a new business or just been into it, it is most often that you don’t have much capital to burn or any high investor to backup. So, Hiring right people is extremely important at this stage.
At this stage of your business, hiring the best candidate can be expensive for your firm. Instead, you can hire a better than average employee who has a right attitude and passion about the work. Later, you can train them to be the best one.
For a startup, hiring 5 skilled professionals can be a good deal than hiring 2 highly skilled professionals.
However, you can’t compromise when it comes to your core business areas.
“Hire the right one; not the best one”
Whether your business is based on products or service or something else, Project management is one of the most crucial parts of any business growth. Every business has their own sense of the project. In case of service-based business, you can consider each service or client’ s work as a project.
On contrary to this, Each transaction or sales occurred can be considered as a project,
It is therefore important to define your project and manage them accordingly.
Project management’s various phase includes:
- Allocating the right staff for their relevant tasks
- Divide a project into different modules and allocate a team leader accordingly.
- Project development
- Conduct short meetings (weekly or monthly) to evaluate the work done and plan onwards.
- Risk analysis, & management
- Project delivery
Once you have allocated your staff to a certain project, it is now time to evaluate the performance periodically.
Let us consider your project goal was to achieve 1000 sales in 6 months and you have planned the things accordingly. You never know where you are if you don’t evaluate the project & performance with respect to plan.
It is thus important to analyze the performance of your time. By that way, you can determine where or not your project is in the right direction. In the latter case, it is performance analysis that enables you to take right approaches & strategies.
Importance of Performance analysis:
- Measure the efficiency of work at a given period of time.
- Get an idea about the performance of overall sales & business
- To make sure you are going according to the plan.
- Develop new strategies & methodologies for business growth
Outsourcing or Business contracts refers to a practice of forwarding specific tasks to a third party or contractor in order to reduce costs, manpower and increase efficiency.
It’s not necessary to hire in-house staff for each and every task. There are some tasks which occur occasionally or could be done in a commission or contract basis. In such instance, it is wise for startups and small business owners to Outsource those tasks at a reasonable cost rather than hiring a full-time team.
Example of such works includes Delivery team, legal works, outdoor advertising, and marketing, etc just to name few of those.
By that way, you can get your job done on time and in a cost-effective manner. This also creates trust, reliability among local vendors & hence a good business environment.
Apart from these, some of the importance of outsourcing includes:
- Controlled Cost & Increased efficiency
- Reduces Manpower cost
- Reduces Risk
- You can focus on your core business
- Less burden
Focus on Amazing customer experience
Returning Customers are very crucial for the business growth of startups & Entrepreneurs. As someone has said it true, “Returning customers are loyal customers”. New visitors or customers just come to get the taste of your product & service. Once, you can convince them with your product or service, this will create a good image of your brand in their subconscious mind.
As a result, they come again and even refer their close ones to you. This is how the business grows. Word of mouth marketing is the best form of marketing one can achieve.
Your products and services are just showcases of your business whereas marketing and advertising add a flavor. In the real scenario, it is just customer satisfaction that can lead you to startup success. It can not only help in increasing conversion rate but an overall business growth.
In this competitive era, Doesn’t matter what business you are at, you have always a list of competitors. In order to compete them locally, customer retention can prove as an asset to any organization. Customer relation management should always be the crucial part of your business.
As we know, customers are king, Some of the steps that you can follow to manage a good relationship with your customers are as given below:
- Connect to your customer both Online (website & social network) & offline
- Listen to what they have to say.
- Show that you care for them
- Communicate with them on a regular basis
- Surprise with new products & offerings.
- Reward your loyal customers. Give them a reason to talk about your business
- Stay Consistent
Affiliate & Referral Programs
Referral or Affiliate program is a marketing method in which you have to pay a certain percentage of commission or incentives to a third party for each sale that they make for you. This is as simple as it sounds.
Hike messenger, which was launched in Dec 2012, was able to cross 5 Million users by Apr 2013 in just 5 months. And it was their aggressive approaches on Referral program that made it possible in such a short span of time.
Hike is the not only one that has used referral program in the past. Even giant companies including Facebook, Uber & even Amazon have played this referral game in the past and why not when it gives you a better ROI.
In Nepal, Referral programs have been used by Tootle (which gives Rs60 balance for a reference) and Kaymu which provides you a referral amount when any of your friends downloads the app from your reference. There are many others who are getting a good success with Affiliate & referral programs all over the world.
Each business has their own list of competitors, either direct or indirect. Competitors can greatly affect your business environment and how they react to changes in the market can either favor you, or put you at a disadvantage.
You can’t stay long if you don’t spy your competitors these days. In order to survive in any industry, it is important to be aware of each move from your competitors. It will allow you to uncover their strategies and know what they are into.
Advantages of Competitors analysis for business growth
- You can get a sense of existing business environment.
- You can understand the business competition in your niche
- You can uncover your strength and weakness of your firm as well as those of your competitors.
- This can help you take a better approach & decision
- Competitors analysis help you formulate new plans & strategic decisions.
Developing new strategies
No strategy is perfect or idle for a business. One strategy that worked for one business may not work well for others. So, it is important to take a note of each of your strategies and implement only after concluding all the pros & cons of that particular strategy.
Only half of the startups survive five years time and less than one-third of them make it to a long run. So, what is that one thing for success or failure of a business? Yes, It is the strategy that businesses implement during the various phase of their development. As I said, No strategy is universal. It is important to execute, test, analyze and then decide whether it can be beneficial or not.
A growth strategy is all about bringing the best results from the least amount of risk and effort.
Adaptability refers to a state of attitude or personality that enables you to change with respect to time & environment.
The nature of business always changes with respect to time & development. Risks are uncertain and you never know when it can attack you. So, it is important to be ready for any risks & insecurity and adapt your business accordingly.
Never stick to certain conditions or environment, Just go with the flow.
Walmart, The biggest chain of stores in The US could not have succeeded if they had not adapted Online methodologies after the invention of the web.
Amazon is such a great example of the company which adapted things, went with the flow and today is known as a giant in Tech business.
You must be aware that they started just as an online bookstore where you could purchase a book online. They didn’t launch to compete with eBay or others. All they did was tested things up, analyze their performance, adapted to the existing industry, discovered new opportunities and implemented the right strategy at the right time.
Advantages of Adaptability:
- Respond to changes
- Not afraid of tweaking, testing & analyzing new strategy with respect to the business environment
Collaboration & Expansions
When it comes to business, you can’t do each and everything alone. There are certain situations where it is clever to collaborate with a third party rather than doing em’ alone.
As far as an open mind in business is concerned, it is very crucial for both sharing economy & your business growth.
On one hand, where Expanding a business can be a great step for a business growth, It is equally important to analyze whether a business expansion is really necessary.
With the rise in technology, sharing economy & globalization, it is no longer necessary for you serve at a particular place all the time. Through collaborating with other vendors that provide services that you don’t, or has certain capabilities that your company currently does not, you can definitely reduce a large cost in Manpower & resources.
However, there are certain things that you must take care of collaborating. This includes:
- Is your collaborating partner really for collaboration. Research each & everything about their business before stepping forward.
- Define a clear goal for the collaboration
- Set a defined incentive or commission among the Collaborators.
Business these days are always subject to evolve and As a business owner, you should always be aware of your niche industry, competitions and have an open-minded approach towards any approaches and strategies.
These were the top 10 proven business growth tips that you can implement for Startups & business owner in this competitive era. What do you think about these points? I would welcome anyone who would like to add anything to the list.
Comment your valuable words & suggestions in the comment box.