How to grow your business faster?
Its difficult to grow your business if you don’t make right decisions. Knowing the basic to extra business knowledge will help to improve your business. We will be giving information about this in this post.
There may be numerous ways to get along with your fledgling venture. They say, “There’s no only once sauce to add up to the recipe for instant results.” Because not everything is guaranteed. Also,you need to mix and match several sauce to get up to ideal and desired venture.
Customer focus is cornerstone of any growth.
Pareto’s 80-20 rule: 80% of sales come from 20% of customers.
Yes, this is definitely true. Knowing the customer is core of any venture. Without proper knowledge of customers, all the exhaustive effort is just reckless.
Knowing the customer and catering the sales process according to the need of the customer is critical to any business success. After having knowledge of the customers, helps you design the strategies, and allocate budgets in other areas of the business.
Also ignoring customers and ultimately sales, adds up peril to your business. The foremost goal of any business is to know establish sustained growth in their business. Therefore, it is important to have clear idea about customers and sales of the business.
First of all, many business entrepreneurs are baffled about where to go after reaching certain height. They do not know how to move beyond their current status.
We are here to help you move through expansion process:
1) Physical expansion:
This may not seem to be best action until any research is done to get committed to the research process. Make your new location worthwhile. And also be sure to focus on every critical trends happening around your business environment (May it be internal environment or external environment). As well as you may look at your budget before making the decision but also focus on objective of your business.
2)Consider making different business plan:
Based on the research you’ve conducted earlier, make separate plan for your anticipated business.
3)Prepare for International expansion/Global expansion:
There always comes a stage where any business to sustain in the growing industry must focus on international expansion. And you may choose any of the expansion strategies (exporting, franchising, licensing, turnkey operation, green field investment etc).
4)Forming an alliance:
Many business fail because of poor alliance. Be sure that your partner’s and your goals match with each other. And efforts must be made to escape from conflicts and problems that may arise because of improper M&A and alliances.
5)Choose your strategies:
In this phase, choose the general two strategies for your business. Choose amongst the two strategies: Diversification or conglomerate strategies that you are going to follow.
- Think ahead of time: No start up can have expeditious growth. It is always necessary anticipate all the possible scenarios and plan out the contingency strategies. If you are a start-up stay ground and safe to secure your business.
- Take good care of your employees: Retaining employees is essential if you are planning to grow. Instead of eliminating current employee and hiring new ones, try to retain existing employees. Provide necessary training to employees, motivate them to work hard and provide satisfying compensation to them. Also instead of eliminating employees, eliminate tasks and add value added activities to engage and retain every employees in the organization
It is said that highly satisfied employees returns in delighted customer satisfaction. Therefore, it is necessary to retain employees.
- Manage your finances: Many business fail because of their lack of enough finances. For best result, manage your sources of revenue and plan out your budget.
See: What Buffet has to say about it?