Growing a business in this day and age is extremely challenging. Almost anyone can use the internet, artificial intelligence, and social media to start and grow a business overnight. However, anyone who is running a business is facing the same challenges. With economic instability, rising costs, industry and consumer changes, technological advancements, automation, evolving expectations, and huge global factors, actually growing and sustaining a business is going to be hard.
It is therefore vital that you know not only what you need to do in your business to grow and succeed, but awareness of common mistakes and things that you might be missing out on that could be effective in moving the needle in your business.
To help you on your journey, here are some of the biggest things your business is likely missing that you need for significant growth.
A clear strategy
A business strategy needs to be comprehensive, clear, and formal. This is a document that outlines your business goals, how it will achieve them, and the specific actions and milestones required to be successful and gain a competitive advantage in your industry. You need to have a clear direction so that staff, resources, and budget can all be allocated effectively. Your business strategy will inform all of your important business decisions that you need to make, will support you in adapting to the evolving market, and ensure that your business is and remains profitable. This framework will facilitate sustainable growth.
Efficient cash flow
Cash is vital in any business, whether you are just starting out or trying to grow your business. There needs to be an efficient cash flow at all times. This means that your business is able to effectively manage the money that comes into your business and the money that goes out to ensure there is a good balance, all bills are paid and there is a good profit margin. An efficient cash flow will enable you to invest in opportunities for your business, pay your staff, stay stable when the economy is uncertain, invest in innovation, and more. Efficient cash flow directly reflects the health and stability of your business and its operations.
Strong marketing strategy
Marketing your business is one of the key activities that you need to do to be seen and attract your target audience. This needs to be a comprehensive, long-term plan that outlines, guides, and motivates the promotion of your business to achieve your business goals. This could increase brand visibility through search engines and social media platforms. The marketing strategy first needs to detail your target audience, which will inform the rest of your strategy. This is because all of your marketing materials, messaging, and even the platforms that you advertise on, need to resonate with your target audience to effectively build trust and drive them to your business. Marketing will comprise brand awareness campaigns, as well as creating valuable and authoritative content on your website and social media platforms, to help position your brand as credible and a thought-leader in your industry.
Dedicated sales team
A dedicated sales team is a core part of any business that sells high ticket products or services. This is a team that is focused completely on the sales process and the customer journey. They are trained and highly skilled in meeting customers in the sales funnel, nurturing them and guiding them through to conversion. There are different stages of the sales funnel that need to be considered, and a variety of tools that sales teams need to be equipped with to provide excellent customer support and guide them over the finish line, especially if you are working in a b2b industry. Your business needs to not only invest in the right people and skills, but also the best tools for B2B sales teams to help them do their job to a high standard.
Market and customer adaptation
With a solid foundation, you will be able to adapt to the market and customers’ changing needs efficiently. As a business, it is your responsibility to ensure that you are aware of the changes and trends that are occurring in your specific industry, but also the economy in general. This will help guide your decisions, from your product/service development and pricing to marketing campaigns. Your business needs to be able to adapt in order to survive, let alone thrive, especially in such volatile market conditions. Make sure you can modify your products and services, integrate relevant technology to support your adaptations, and have a clear, strong, and flexible business strategy in place that can pivot at a moment’s notice.
Strong competitor and industry analysis
You will only limit your business if you have only conducted research on your target audience and neglected your competitors. You need to study your competitors thoroughly, not to copy them, but to learn about their strengths, their weaknesses, and what gaps they are missing in the market. This information can help inform your business, sales, and marketing decisions, as well as product and service development. You will be highly competitive in any market when you know the industry inside and out.
Outsourcing
Outsourcing is an important part of business growth. Too often that not, business owners make the mistake of keeping control over tasks within the business when they could be outsourced. When this happens, you are limiting business growth. It can be extremely cost-effective and efficient to outsource certain tasks to a skilled professional, so that your time is freed up for other important business tasks that can help push your business forward. This is extremely difficult for many business owners, but it is an important thing to learn. Start small, perhaps with a few administrative tasks, and write a brief on how you want it completed. Once you have built trust with your contractors, you can start to outsource more.
Starting and growing a business has many challenges. Don’t hinder your own growth by missing out on any of these key components. Follow these to thrive.
