Growth is crucial for every business, irrespective of size. With the change in size comes a corresponding change in revenue, significant for both stakeholders and employees. A company can grow in the number of employees, capital base, or expansion across the globe. All forms of growth are encouraged, and every management must have a metric system for checking that constant growth (no matter how little) is recorded yearly. Growth and expansion are deliberate, and there are strategies to employ to record them in an organization.
● Customer Conversion and Retention
The success of every business is solely dependent on the size and quality of the customer base. Every organization either sells a product or service and the only way to make money is when people are willing and capable to make payments for these services. Any organization will record growth when it can steadily increase its customers by converting new ones or retaining old ones and ensuring repurchase.
Most companies direct a chunk of their marketing resources at converting new customers. While this is a great strategy that can bring about growth, it might be too costly for start-ups and small businesses when converted customers are not retained. A smart approach would entail paying more attention to existing customers to maximize their potential. A lot more sales can be recorded when old customers purchase more frequently. To hire a salesperson would prove helpful to this as they would assist in dealing with your old customers. If your existing customers are satisfied, you can get free advertisement and promotion through referrals.
● Cost Management
To record growth in capital, your revenue must outweigh your expenditure. This is where the need for cost management comes into play. You must be mindful of what you spend on as an organization. Any spending that will not directly or indirectly lead to more revenue is not a wise investment. Periodically, you should run an audit of your accounts and review your expenditure. For instance, if you are a property management company it is recommended that you check your spending and cut down operations that are not being productive.
● Outsourcing and Partnership
Growth and expansion come with an increase in the size of business operations. As each department’s responsibilities and demands increase, you might record a reduction in efficiency if you do not have an adequate labor force to take responsibility. If this continues, it begins to tell on the quality of your output and can ultimately stunt your growth or set you back years. When you are faced with such circumstances, it indicates the need to increase your workforce. You can either do this by employing more labor or by outsourcing some of your operations.
If you are having a busy year, constructing a hiring process might not be a good idea. More employees also mean greater responsibilities on the management teams and human resource department. To solve this problem, you can partner with professional organizations that can take up a crucial part of your operations and deliver excellent jobs.
Either you are willing to conduct a recruitment process or outsource some of your departments, Professional Employer Organizations are the best for you. These organizations help in the recruitment and management of employers and all their activities. For instance, if you happen to be located in Canada, you can choose the best Professional Employer Organization Canada that can record considerable growth and comfortably expand your business.
● Market Extension
Have you been concentrating on niche marketing strategies? Do you limit your sales and marketing effort to your immediate environment? Are you always reluctant to make decisions that involve investing in creating a new market? If you answered all these questions with affirmation, then you have been going about it all wrong.
While we cannot ignore the enormous demands of creating a new market, the advantages are enough to take the risk. Getting comfortable with niche marketing can be limiting to your growth. You should project your products and services to a larger audience. Employ new marketing strategies aside from traditional marketing like digital marketing, SEO marketing, and content marketing. The more people you reach, the greater your chances of converting more customers. People have to be aware of your products and services before they can decide to patronize or not. Diversification of products and services is also an excellent strategy to increase your market and bring about growth and expansion. When you have a variety of products and services, you have greater chances of meeting more people’s needs. You will almost always have something for everyone, and this is what you get on the journey of establishing your brand as a household name
