As with any worth while venture, growth in business is very important. Someone has rightly described starting a new business as child-birth. Our natural expectation of a baby is that they should consistently grow because we all were once little cute things like them. Now we have grown and developed so much capacity in many different areas that we now do and take previously complex things for granted.
Human growth is similar to business growth in some ways. We as business owners sometimes need a guide to navigate our way toward substantial, sustainable growth. It is also good to note that business growth can be done in any kind of economy; slow or fast economy, growth is always possible. We can all aspire to increase our gains in revenue, gross profits and net profits. This is a common denominator for all business sizes.
Let’s talk about 7 Strategies To Creating and Sustaining Business Growth.
1. Making Our Destination Clear
I personally think one of the simplest steps to growing is telling ourselves where we want to go by simply setting a goal. This is one of the things babies use to grow, howbeit they do subconsciously. When a crawling baby see an adult walking, that ability to walk instantly becomes a goal for the baby, soon enough, baby “cutie” starts to practice standing, walking and finally running. When we set our goal clearly, this instantly starts revealing the path to achieving it. Also remember to set metrics you will use in measuring your goals e.g. Number of sales, net profit, number of new and retained customers etc.
2. Since Our Destination Is clear, It Is Time To Go There
One thing I found interesting about toddlers is there willingness to always demonstrate faith. Baby “cutie” want to be able to walk after seeing dad, then he starts by practicing standing, then he falls but he doesn’t give up because he has a goal. In business, we must go after our goal once we set it with faith that we can achieve it. Like baby “cutie”, we must be willing to standup if we fall in our attempt to achieve our goal. Since we know the destination, let’s keep moving towards it without giving up.
3. Willingness To Change and Accommodate Growth
One of the beauty of growth is the fact that it brings out the best in us. But it won’t happen if we want to hold on to the old ways, change is inevitable. It is a known fact that businesses are made up of people, which means, from the leadership to all the members of the team will have to accommodate change both personally and holistically. Baby “cutie” will soon realize that for him to achieve his goal to be able to walk like daddy, he will have to change the way he takes his steps and adjust his stands to maintain balance on 2 legs. Transitioning from all fours to 2 legs is the change he needs to achieve his goal of walking like dad. One of the best ways of initiating change in a business is through learning and development plans, check out below video valuable nuggets on this.
4. Taking Retention Serious As Much As Growth
To sustain growth, we have to keep the growth that we have already earned through coaxing customers into complex relationships that make it a hassle for them to switch to competitor. Then tailor our products/services using data gleaned from our customers giving us an advantage. Proactively managing customer defections will help us anticipate and pre-empt them. Bonding with customers wherever emotion is tied to an interaction is another great way to retain them. If we serve our customers/clients better that anyone can serve them, retention becomes easy.
5. Spotting New Opportunities Early
Showing up where growth is going to happen by spotting it early is another useful habit we must develop as business owners. This can be done by watching the industry for shifts in buying criteria, product or service innovations, and population trends. We must be able to spot positioning opportunities to make the most of them by continually using a systematic approach to the process.
6. Let’s Move Into New Markets
Before moving into a nearby market maybe another city, town, state, country or continent. Deciding whether it offers significant long-term growth and profitability is key. Determining whether we have an advantage over a competitor, and ensure we can match or surpass its standards of quality and value. This will give us opportunity to spread out our reach and increase capacity to create greater value for more people.
7. Let’s Invest In New Lines of Business
Investing in new lines of business can be scary for some business owner, just like when baby “cutie” is growing new tooth, its discomforting. But it can be a very rewarding effort. However, if we want to take this approach, it is important to start out small in that new line of business, and grow big. We should find simple strategies instead of complex ones, or partner with a business that is already winning in that industry. This will give us leverage and save us cost. This strategy is great because it helps us diversify our portfolio and create new streams of income into the business.
Although a successful growth plan might not include all 7 of these strategies, it should include more than one of this. Only a balanced growth portfolio can keep an organization growing when the market shifts dramatically.
In closing, I really hope this has been a good read for you. Have a pleasant weekend and always remember to rest ahead of a new week.