The modern-day business environment is a very cut throat and competitive space. For every successful and flourishing business, the sad truth is there are countless others that have failed. The reasons for businesses failing are endless and range from poor management, poor R&D or simply not understanding the needs of the target audience.
As an entrepreneur, your ability to turn a bright idea into a profitable and sustainable business is a massive achievement. But, there is a big difference between the strategies used to bring the idea to market, and the strategies that will inform and guide its future growth and direction.
In order to maximise the potential of your business, take the time to formulate and implement a solid growth strategy. Put your business in the best position possible, by creating a smart growth strategy that is backed by the following.
Understand your worth
At the heart of every strategy, should be your business’ value proposition. Also known as a Unique Selling Proposition (USP), these are the features or benefits that make your offering stand out from the rest of your market.
The reason why this is important is due to the fact your value proposition should underpin every action you take. It is something that you should never lose sight of. Whenever you are looking to grow or expand, make sure you ask, how does this move impact my value proposition?
Remember, this is the reason why your customers chose you over a competitor, so all growth decisions should aim to strengthen your USP, not hinder it. Unfortunately, losing sight of their USP is a major reason why businesses fail.
Know your audience
A major part of understanding and sticking to your USP, is understanding your target audience and their needs. Failure to do so could result in dire consequences for your business.
However, we now have access to a number of channels that can provide accurate data on their audience. Whether this is website data, sales history, consumer engagement or personal reviews, there is no shortage of usable insights.
Once you have collected the relevant data, be sure to analyse it and create several relevant customer persona’s or segments. This is a simple way to differentiate your customer base and can be used to inform future marketing messages or project developments.
Define what success looks like
How will you know what growth looks like if you do not have clearly defined indicators that outline what success is?
For your growth strategies to be successful, you need to define what success looks like. While many entrepreneurs have a long-term vision of where they want to take their business, smaller goals are just as important. Make sure you clearly define KPI’s that you can use to gauge your progression.
Make these KPI’s highly specific to your business’ goals. For example, if you want your business to be a $10 million business in seven years, what will that take? Does it mean, bringing on 11 new staff in that time, or, converting 25% of all leads, or ranking number one on all search engine rankings? The more specific and attuned to your business’ operations and vision, the easier it will be to gauge success.
A natural part of growing your business is expanding your workforce. In fact, some may argue they are one and the same. However, the key is finding the right people to hire, and this is not always easy.
In any business, hiring someone comes with a certain level of risk. But, you are able to minimise the level of risk by putting processes and checks in place to not only attract the right people but also keep them. With the recruitment market becoming increasingly competitive, you will need to make your recruitment practices a major part of your growth strategies. This could simply be investing adequate resources into finding talent locally or tapping into the Filipino BPO industry with Deployed.
Take your time
Lastly, do not rush into anything, take your time. It is important to remember, business is not a sprint. A number of businesses tend to get themselves in trouble by trying to grow too fast or too early.
Make sure any decision to expand is backed by solid data and sustained results. Just because you’ve experienced a couple big months or secured a large client, does not mean you have the resources to splurge. Instead, wait it out and ride that wave of success and see if you can turn it into long-term success.
Growing a business in today’s market is not always easy. The road to creating a successful and sustainable business may be one that is filled with highs and lows. Despite this, if you design and employ sound processes and strategies, you will put yourself in the best position possible.
At Deployed, we are driven to help Australian and New Zealand businesses succeed and take on the world. If you have staffing requirements that need to be fulfilled before you can reach the heights you desire, we can build a team of skilled individuals you may not have access to back home; and for 40% less. To find out more, get in touch today.