Growing businesses can often get weighed down by multiple tasks. Keeping things on track can seem hard especially when juggling between sales, development and marketing. And whilst the general advice that focusing on the essentials are what will increase the chances of success, just what does that focus look like? Here are four practical tips to help achieve business growth with limited resources.
1. Understand the needs of the customer
The first thing growing businesses need to do is to understand the needs of the customer. Most businesses generally have this as part of their start-up plan. However, this needs to be taken much more seriously when planning for growth since a failure to do so could see the wrong path being forged.
The great thing about this is that that businesses have a place to start – their existing database. By looking into and analysing their own database and by asking clients what they prefer either through a suggestion box or online surveys, businesses can better understand the needs of their clients and the plan and execute their strategies accordingly.
2. Hire the right and necessary people
In growing businesses, concerns over fixed costs can sometimes be overwhelming–especially when there may not be enough of a cash flow to allow for the investment into something that has the risk of not providing much in return. So, hiring the wrong personnel would be the worst mistake ever.
Consider if you are truly in need of a dedicated in-house asset in such a way that a freelancer or contractor cannot be a viable substitute. Outsourcing for some businesses may be costly in principle but in the long run, it can save money.
3. Customer service
Something that flows on from the initial point about having a customer focus – having the customer experience to go with it.
It is paramount to understand that a business owner, manager or CEO does not hold power in a business, the customers do. Customers are what brings in revenue and growth and are therefore the most valued assets of the business. Growing businesses therefore need to ensure that customers will keep coming back or referring new clients to a business.
For this, some strategic investment – not just in terms of money, but time and energy, as well – will be necessary to increase customer satisfaction and therefore loyalty. Consider forming multiple (diverse) channels of communication and always be glad to hear their feedback, especially the negative ones. Offer discounts, freebies, special offers, newsletters and anything else that holds the possibility of transforming a so-so view of a business into a positively unforgettable one.
4. Embrace the potential that technology can offer
Technology has become vital to productivity. For a business to stay relevant, it is important to incorporate technology into an overall growth strategy. For example, technology can:
• provide advanced business reporting and analysis;
• enable the monitoring of business productivity and progress of employees; and
• improve employee motivation through effective tracking of progress.
At vLinkD, our experienced business strategists use their knowledge to innovate and find cost-effective, logical and efficient solutions to achieve business growth. Contact us today for more information.