10 Amazing Secrets Of Business Growth – Unveiled!
Sustained business growth is something most entrepreneurs and proprietors dream of.
It is a phase in a business’s life cycle that involves increased profits, asset growth, and expansion opportunities – vertical and horizontal.
A jump in demand, a need for additional outlets, or a surge of traffic towards your webpage. All these are small, yet significant signs of business growth. These can, in turn, lead to expansion into new businesses, acquisitions, a potential Initial Public Offering- all elements that propagate further growth.
These signs are the strongest indicators of an entrepreneur or a proprietor taking the correct steps towards their business’s health.
Why Is Business Growth Important?
Business growth acts as both a positive reward and an important lesson. It shows that you’ve been doing things right. It gives you important data so that you can double down on the experiments, techniques, products, and services that have succeeded in the past.
Business growth also serves as a reminder to not rest on your laurels. The worst thing an entrepreneur can do is take it easy after experiencing a bout of success.
Business growth helps the company move steadily towards its creators’ vision. Amazon, for example, rode the momentum afforded by its ebooks growth to expand towards other goods and services, and eventually throughout the supply chain.
In this article, we look at 10 secrets of business growth.
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The 10 Secrets Of Business Growth
The truth is, these aren’t secrets at all- at least to those who experience business growth. Oftentimes, the most enlightened answers are also the most obvious ones. Here, we list these ten ‘secrets’ out. These situations, factors, techniques, and teachable moments are all contextual when it comes to business growth.
1. Pay Careful Attention To Your Data
A business without data is like a ship without a rudder. Data should serve as a pillar of your business’s decision-making. Without data, most of your decisions will either run on intuition or a shot in the dark.
Both are risky and, without data, can lead to the downfall of your business, potentially quicker than the time it took to start it in the first place. Business growth cannot happen without numbers.
Market research, consumer information, sales, and financial numbers, these are extremely crucial for business growth.
2. Observe Your Customers, Always
There is no better indicator of how well your business is doing than by observing customers and consistently proving great customer experience.
- How many clicks have your page gotten?
- What is your customers’ perception of your outlet?
- Are they satisfied with your products?
These and many more customer-centric questions need to be answered in order to experience business growth and take your company to the next level.
3. Brace For When The Business Growth Stops
Business growth is temporary. Entrepreneurs who make future predictions based on temporary growth charts are often disappointed.
Much like a product, business growth has a life cycle. The spike in sales will calm down once your product stops being relevant/ new. Your aim should be to lay down the tracks for future business growth, at best.
If not, your aim should be stabilized prosperity. The former can be achieved by innovating more and exciting your target market. The latter can be doubling down on what you have already and making it better year on end.
Ideally, you can achieve both.
4. Make Active Efforts To Retain Your Company Culture
Experiencing business growth as a small company can often create identity challenges. To cope with increased demand, for example, a small business may begin hiring to the point that it isn’t small anymore.
The influx of new hires, divisions, and roles can often lead to discomfort amongst employees, especially the older ones who are used to the small business culture. This is where HR and organizational culture plays a big role.
Retaining the inner values of your organization, while hiring new personalities can be challenging. This is also why a ‘culture round’ during interviews is vastly important.
At the same time, including a culture session during orientation and hosting town halls often can retain that feeling of being a small organization, while growth happens.
However, this is temporary. Eventually, most successful organizations mature, and that ‘small company’ feeling transitions away.
5. Reevaluate Your Marketing Efforts
While it was still the underdog in the 2000s, Apple’s advertising focused on making it appear like it was better than the ‘big guy’- Microsoft.
Their Get A Mac campaign is a prime example of that. However, once Apple became the ‘big guy’ those ads stopped. Current Apple ads focus on, well… Apple!
Similarly, as your organization experiences business growth, your marketing strategy will have to change. Maybe your problem at your product’s nascent stages was to make people aware of your product.
However, post a bit of business growth, your marketing strategy may involve trying to explain why it is better than its competitors, etcetera. You may also have to delve deeper into digital marketing and consider marketing automation to scale your efforts.
Moral of the story: with business growth, your marketing will also grow, in a different direction at least.
6. Deploy New Job Roles Within Your Organization
As mentioned above, the influx of new hires is directly proportional to business growth. At the same time, don’t limit it to new hires for existing roles. New roles should be created to support your business growth.
A new ‘business development’ role or a role that focuses on business expansion can help you ride the wave of temporary success into continued maturity. These roles can also help entrepreneurs align their current business with their larger vision.
7. Invest Heavily In Research & Development
Don’t underestimate the value of R&D. The next phase of your business, after you experience growth may involve new and improved products and services.
This is where R&D plays a key role. All the data you collect from your customers and consumers is useless if there is no one to act upon it. Your research and development team is a core stakeholder for that data.
They, along with your business development team act as the architects of your company’s future and growth.
8. Hunt For A New Office Space
This is one of the most overlooked aspects of business growth. However, with the global lockdowns in place, this may even seem trivial, if thought about.
But office space, or lack of, can greatly affect your company growth. For example, 46% of WeWork members credited the office-space company for helping them enter new markets in 2019.
On the flip side, not having enough desks and chairs to house your employees can become an unneeded HR issue. It is easy to overlook the little things when your company is experiencing massive growth. However, it’s important to be mindful of these little glitches and fix them on time.
9. Preempt & Evaluate Buyout Offers
Business growth for a small company can put it on the radar of consumers as well as the big guns. Facebook tried to do the same with Snap, multiple times. Zuckerberg and Co. failed but came up with competing features on their own platforms.
The answer to whether or not you want to sell your business lies completely on you. It depends on your vision–the clearer that is, the better your answer will be.
It is impossible to outprice and out-tech the big boys. They simply have more resources. However, a clear vision and a knack will help you expand your business onto other areas that can keep you competitive, even if new, wealthier competition arises.
10. Reward Your Employees
This is sort of a no-brainer, bonus point. However, you need to know that your business growth was not a one-man job and your team made it happen. From the people making the larger calls to those on the field–everyone acts as part of a well-oiled machine to generate business growth.
An offsite field trip, a day (or two) off, or mid-year bonuses. Recognition never goes under-appreciated.
Business growth is akin to a mandatory checkpoint, or even a rite of passage, every successful organization goes through. It acts as a reward for all the hard and smart work you’ve put in, as well as an opportunity to do more of that in other areas.
There aren’t any well-kept secrets to achieving business growth, or what to do when you experience it. However, this article consists of some insights that can help you get closer to business growth and ride that wave smoothly if you ever come by it.