In association with Avondale
Business development and growth is essential for all companies, particularly SMEs that may not have access to the wealth of resources that large companies do. But whatever the size of your company, growth, however you cut it, ultimately comes down to one thing: increasing revenue.
Here are some of the essential universal drivers for business growth, whatever your industry.
Strategy to accelerate growth
Every business needs a plan. Whatever your specific goals, a strategy must be in place to help you achieve them. Whether that be expanding into new industries or making a strategic acquisition. Your business strategy is the first key driver for growth, and the backbone for all decision-making and business activities.
The customer comes first
Whatever your realm of trade, putting the customer first must be at the heart of your operations. Whether it’s providing a superior product or top-quality service, your clients will determine your success – or lack of. If they are not satisfied, you will have a very hard time keeping them, let alone attracting new clients or securing referrals. In the same vein, take feedback from clients seriously. This direct feedback can prove vital to improving your services or products and contribute to growth.
Invest in people
An individual entrepreneur with a vision is often the driving force for a start-up company’s initial rapid growth. However, to continue growing sustainably requires a team of dedicated and capable people, with a range of skills. Without the right staff, a company will struggle to thrive and grow. The power of having a team of people with the requisite skills and loyalty to the company cannot be underestimated.
No matter how traditional you think your company is, technophobes will not survive in business for long in this day and age. Whether to streamline internal operations, manage customer data, digital marketing, or making sales via an online platform, technology touches every area of your business. Digital technology in particular can have a significant impact on your business’ reputation and customer base; utilise it to further fuel growth.
Manage risk and reporting
As your business grows, it is important to effectively manage the risks that will inevitably arise, particularly with very fast growth. Maintain controls to mitigate risks and implement high quality reporting, both internally and externally to investors and other stakeholders to maintain trust and credibility.
Engaging the services of an expert corporate advisor with a proven track record will help you achieve your goals
The views expressed in blogs such as the above are those of the author and do not represent the views of the Institute of Directors.
Avondale, the IoD’s preferred partner of business sales, acquisitions and strategic services, provides IoD members with the expert services to ensure you are fully prepared to reap maximum benefit.
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