People often think of business growth as expansion, but sometimes business growth involves deepening your roots (which can’t always be seen as growth on the surface) or increasing your yield rather than expanding your product. Here are the 10 Golden Rules of business growth that will help you not only expand your company but build it strong enough to survive expansion.
1. First impressions matter, so make sure your website is making a good one
In the digital age, there may be no more important tool for businesses than your website. According to a recent study from the Missouri University of Science and Technology, it takes less than 2/10 of a second for a user to form an initial opinion of your brand based on what they see on your website. It also only takes another 2.6 seconds for them to focus in on specific details that reinforce that first impression. With interactive and informative content in your service and product pages, you can keep your customers glued to your pages which can, in turn, boost your business growth.
2. Strategize your business
Growth can certainly happen whether you plan on it or not, but sudden, unexpected growth can often do more harm to a company than good. The best growth comes through careful, strategic planning. That being said, you can’t always predict growth but that doesn’t mean you can’t be ready for it when it happens. Too often, businesses try to grow or expand before they are ready. This can bring cataclysmic results. The best thing you can do to create growth that will not capsize you is a plan and prepare for growth and then wait for just the right opportunity to make it happen.
Here strategic approach becomes necessary, a business should try to set strict KPI’s for measuring the growth of the company. If selling products, one can go for barcode solutions to keep the track of products sales and profits. Internal goals should be set and a good marketing campaign should be created to nourish the profit digits.
3. Marketing and Ads
There are many companies that must market themselves better because they do not currently have an audience. You will find that you may market yourself well if you have ads and promotions going at all times. You may use domain extensions to create new pages, and these pages will ensure that you have a place for your customers to land. You can market your business using blogs and also provide offers & services during festive occasions and events. For instance, if you have a cruise company then you can promote your services online with events that you provide service for like Halloween theme cruise service or for New year occasion etc.
4. Listen to your consumers
Steve Jobs was infamous for saying that customers don’t know what they want – and he was right. But that doesn’t mean you shouldn’t listen to them. Conversely, however, you have to learn how, when and where to listen to them. While focus groups can give you a great deal of information, people are also infamous for being influenced by those around them. They often wait for someone else to express an opinion before they form one. Figuring out what your consumers really want is a science that you shouldn’t be too quick to think you’ve got all figured out.
5. Create good collaboration
Turn on almost any radio station and most likely within about 10 minutes, you will hear a collaboration between at least two or more big-name artists. Marvel and DC Comics are just two companies that also understood the power of collaboration by forming the Avengers and The Justice League. What is true in the arts and entertainment world is true in business. Good collaboration makes you stronger.
6. Take care of your employees and they will take care of your customers
Very few managers or corporate executives will ever interact with their customers or consumers – that’s what employees do. But you can certainly manage the quality of the interaction by how you treat your employees. Just think of your business like a supply chain – what you inject at the top, eventually ends up coming out the bottom. There are various ways you can keep your employees happy. To name a few, you can provide gym membership or you can even partner with companies to provide home insurance. Taking care of your employees can certainly boost your business.
Business growth covers a wide range of avenues. Growth doesn’t happen by simply expanding your market or opening more stores. In some cases, that kind of growth can actually be the death-knell for some companies. Growing a business involves not just constantly exploring new avenues of growth, but choosing to invest in the right kind of growth at the right time.