Every business follows the same growth path, moving from conceptualization to maturity. Of course, growth is never a guarantee. Only 25 percent of new businesses survive to hit the 15-year mark, according to an Investopedia report. Businesses falter due to several reasons, ranging from poor money management to lack of planning. The ones that succeed tend to have some things in common – a disciplined approach when it comes to growth, backed by a solid business strategy.
Here, SantPix offers suggestions – derived from the successes of established businesses – on how your company could achieve stable business growth:
1. Analyze market conditions and competitor plans
Growth involves finding market demand and satisfying it. That means consumer preferences and market conditions will make or break your growth plans. For the best results, research market conditions thoroughly, whether that’s your current market or a new one you’re hoping to break into. You’ll have to position your product or service to cater to customers – preferably cheaper, better, and more conveniently than the competition.
2. Set specific goals with a timeline and budget
For growth to be sustainable, it needs to be structured and directed. Experts recommend you set specific goals with a fixed timeline. This will help you to stay organized and allocate your resources optimally. You can have short-term goals that lead up to long-term ones. You should also, ideally, budget for every goal.
3. Diversify your product or service or acquire new businesses
Innovation and reinvention are crucial to long-term growth. This applies even when you have a popular product or service. Customer demands and expectations are constantly changing, and your business must change alongside. For instance, the VHS industry died despite being massively successful. To make your business future-proof, consider diversifying your product or service or acquiring other businesses that can complement yours.
4. Market yourself and build up a solid internet presence
Marketing is crucial. Every expansion initiative should, ideally, be accompanied by a targeted marketing campaign. You can use digital marketing strategies like PPC, content marketing, email marketing, and newsletters to build leads. Also, you need a professional business website, social media pages, and business listings. SantPix offers high-quality branding services that can make you more memorable and attractive.
5. Manage financials and eliminate errors with accounting software
Staying in control of your finances is, needless to say, essential. You need to ensure a steady cash flow to finance your expansion and leave enough for operational expenses. Accounting software can help in this regard. It gives you an overview of your finances and helps troubleshoot problems and avoid accounting or payroll errors. If you want to save money, you can use free software with basic features like invoicing and tax deductions without having to pay a steep monthly fee for an app.
6. Be more efficient with business process management (BPM)
Technology can make growth smoother and less costly. Business process management is a methodology worth looking into. It works by analyzing how people, systems, and data interact – and then automating and optimizing processes and workflows based on the analysis. The result is a streamlined, improved workflow and, often, the elimination of laborious work processes. When you create a BPM framework, it’s best practice to monitor the effectiveness and then take steps to improve the output. Enterprisers explains BPM in simple terms.
7. Complete a professional development course in project management
Knowledge is power - sometimes, the best course of action is to learn and build up your business skills to understand what you need to do to grow your business. For instance, you can pursue a professional development course on project management to pick up cutting-edge techniques like Scrum. This is a technique that allows teams to collaborate and communicate better on projects efficiently and skillfully. Professional development courses cover Scrum strategies and tactics and offer an assessment at the end to validate your skills.
Growth won’t happen in a straight line. There will be several obstacles for you to overcome, such as money problems, staffing shortages, and poor market conditions. The steps listed above – such as business process optimization, using business invoicing software, and acquiring extra knowledge through a professional development course – make it easier to overcome said challenges and find success.