Growing a business can be a difficult thing. Growing one in a sustainable way can be even trickier. If you’re devising a strategy for future growth, then you’ll want to make sure that you get it right – since a small mistake here could be difficult to reverse later on.
So, what sorts of growth strategies might you consider? And what do the best of them have in common?
What is a growth strategy?
A good growth strategy is about more than marketing. It is the basis for which you’ll be able to expand your operations while maximising profit in the long run. It should cover your hiring process, allowing you to bring in the right people. It’ll seek to identify risks and minimise them. Ideally, it should also offer room for adaptability. You’ll want to look back on your strategy over the lifespan of your business and assess where things could be tweaked.
Improve productivity
If you keep your operations transparent, then you’ll have a means of changing things along the way. This means being receptive to feedback from employees. They’re a valuable source of information on the problems with your day-to-day operations. Obtaining this feedback means setting up a space where problems can be raised, and a culture where productivity issues can be identified.
You can also help employees to stay productive by offering them training and giving them the support they need to stay healthy and fulfilled in their jobs.
Expand into new markets
Your strategy should incorporate any new markets you intend to spread into. You’re likely to encounter hurdles when you trade in foreign territory. Regulations and customs charges can impact your bottom line if they’re not anticipated. Your strategy should reflect this, setting out a timeline for expansion. You might seek outside advice to refine your strategy in this area, especially if you lack the expertise.
Invest in customer acquisition
If you don’t attract new customers, then you won’t be able to expand. Acquisition is the process of drawing in potential new clients. It describes the various things which turn visitors to your business into returning, loyal customers. Here’s where marketing comes in. You should refine your customer acquisition strategy to create engagement and improve conversions. This extends to social media, too.
Organisational restructuring
If you set your business up in such a way that it can’t be easily changed over time, then you’re certain to encounter problems as you grow. You’ll need to be able to respond to the changing demands on your business, especially if you’re in an industry that’s constantly changing. New members of the workforce, new ways of doing things, new hierarchical structures – they should all be considered. Foremost, of course, are the needs of your clients and customers. If they aren’t being met, then you don’t have a business!