Today’s economy is a turbulent one, so the task of guiding your organisation to and through its next level of growth phase can be a daunting one.
Before we delve into potential avenues for growth, it is important you have a well thought out business model and plan. A business plan aims to not only minimise risk but help guide decisions that will have a positive impact on your business. A business plan will also help monitor expenses, define your strategy and benchmark your progress.
With that in mind, here are some tips on how you can successfully guide your business into its next growth phase.
Explore new ways to sell your product or service
Exploring new sales channels for your offering can help diversify your brand and attract new customers. Just like a high-street retailer could consider selling its products online, your business should explore other avenues too. Could you sell more via social media? Have you considered affiliate, targeted or influencer marketing? If done right, expanding your sales channels will no doubt increase your bottom line.
Take into consideration the quality of the technology – equipment, machinery, or computer software – in your business. Efficient technology can streamline your processes, run operations more efficiently and save on your long-term costs.
Automating administrative and non-customer facing processes can also save time and money and allow for scalability in a growth phase.
Where possible, add value
Can you add value to your product or service? Can you offer a limited edition product that can entice customers? Consider the exclusivity route by rewarding customers with a loyalty program or offering them a first chance to buy a product or service before it is made available to the public.
Make your customers a priority
Taking your business to new heights isn’t just about acquiring customers. It’s about keeping them too. The difference between successful businesses and underperforming ones often lies with their customer service. The top performing organisations – measured by their growth, profitability and customer satisfaction – understand that customer focus is key.
Focus on marketing
A solid marketing plan that encompasses social media, content marketing and SEO is an absolute must. A staggering 71% of consumers who have had a good social media service experience with a brand are likely to recommend it to others. Meanwhile, customers are 6x more likely to purchase a product if the page includes pictures from social media. In short, a brand doesn’t really exist online if you’re not represented online and across social media channels.
Employ and delegate
Last but not least, a huge part of next level growth planning is having the skills to back you up. This means hiring the right people, in particular, senior members who can take your business forward.
The act of delegating cannot be overlooked. By delegating tasks to key staff, you can focus on other key areas of your business’s development.
The term “Next Level” represents a position at which your business has never been before. Ensuring you have a solid business plan that encompasses the above-mentioned elements, will allow you to grow with as few headaches as possible.
BDH Leaders have a team of experts with the right advice to help your organisation grow to the next level.