We know there's light at the end of the tunnel after a tough couple of years with the pandemic. So, the chances are as a business leader, you want explosive company growth. The last few years may have thrown you one curveball after another. But the future's looking up, and you're learning how to master the pivot. Now that things look better, how can you achieve immense growth?
Problem: Growth is like a shot of espresso in the morning. One shot, one cup. To have a healthy, sustainable business, you need to ensure that your company is constantly growing.
Opportunity: Growth means finding new ways to reach out and engage with your audiences. That includes marketing content that resonates with them. And it means creating internal systems that allow for growth.
Resolution: Company growth isn't something that just happens. It requires a systematic and disciplined approach. It also takes an understanding of the activities that underpin growth. The following are quick critical tips for achieving massive growth for your company.
What is Growth for your Business?
Growth is an essential aspect of any business, but it's especially vital for those that want to be sustainable. Your company has to grow to find the right customers and keep them coming back. Growth can take many forms, but it has one thing in common. Company growth strategies and activities help you create a strong base of loyal customers.
As a result, when you experience massive company growth, you beat the competition. For instance, you could expand into new markets or hire more employees. You could also develop new products or services, leading to tremendous success and revenue. Moreover, today's business leaders are fierce in competition, and you have to be the same.
How Does Your Company Grow?
A good rule of thumb is to adapt to the changing market continuously. Growth can take a lot of different forms, and that's what keeps your company moving forward. Many ways exist for company growth. However, the key is finding the strategies that work for you and your company. What may work for you might not for someone else. Meaning, there’s no one-size-fits-all approach to growth, but there are certain consistent fundamentals. Those elements are part of the following 8 quick tips. Master a few of these well, and you’ll experience explosive company growth.
1. Build Your Business on a Single, Connected Technology Spine
To continue to grow, your company needs a reliable and efficient technology backbone to support its operations. A common way companies establish a consistent technology backbone is by building upon a single connected technology spine. It ensures all your software and hardware is compatible with each other, which makes it easier to manage the growth of your business.
For instance, you can begin building integration by implementing a single core such as Hubspot. It’s not just a CRM (learn ‘Why Go Hubspot’). One core system allows you to create an efficient data infrastructure that helps drive company growth. In short, you take away the friction created by multiple platforms that might not integrate well with each other.
2. Create Real-Time Feedback Loops with Data
One of the most important aspects of growing your business is gathering feedback from customers, your team, and the public. You must implement a system that allows for real-time feedback loops to make changes and grow your company. A great way to do this is by creating a system that allows for real-time data collection.
It means ensuring you have systems and processes where your various audiences (including your team) provide feedback on what they like and dislike about every aspect of your business. Feedback loops allow you to understand your business and market better. It also allows you to quickly respond when something isn't working as well as it should.
3. Spend Lots of Time with Customers
You might think spending time with your leads and customers is an easy task. It’s not always easy, and it could even be challenging. Still, one of the most important aspects of working with a client is building a relationship based on trust and reliability. But it takes time. So, the more time you spend building relationships, the more likely you will gain confidence and loyalty.
Spending time with your customers not only helps you establish trust. It also makes your company growth stronger. You find out what customers want and need. As a result, you know better how to market to them. You also have a deeper understanding of their goals and concerns to create content and products that resonate with them.
4. Focus on New Growth Opportunity Creation
When it comes to company growth, opportunity creation is critical. When you try to grow your business, one of the biggest mistakes is being content with what you have and not looking for new opportunities. Remember, the market of today is highly competitive. And it doesn't matter if you are a small business, mid-size company, or corporation. The competition is fierce.
Therefore, focus on creating new opportunities to reach your customers. Create awareness about your brand. Learn from the people who already engage with your company. Doing so helps you stay a step ahead of the competition. Moreover, the information allows you to sift through the data and spot new growth opportunities.
5. Manage Pipeline Velocity
If you want to achieve massive growth, it's essential you successfully manage your pipeline. The rate at which new customers turn into repeat customers is crucial for company growth. One way to take your current customer base and grow sales it is by asking your existing customers what you need to improve on as a company.
This information gives you insights into exactly what your customers want and where they might get frustrated. From there, you can come up with a plan of action. Another strategy for achieving massive growth is referrals. By creating an incentive program that encourages clients to refer others, you'll see an increase in the number of new customers.
6. Evolve Your Products and Services Around Your Customers
It's essential to keep in mind that growth isn’t just about advertising and marketing (Hate marketing? Learn how to overcome it). Company growth happens when you provide something unique and valuable to your customers. If you do what everyone else does, you'll get left in the dust. So, to grow your company, you must focus on what your customers want.
The key to growth is about providing value and finding ways to make your products or services more appealing than the competition. It's vital to understand what customers want (not what you want)? How can your business offer them something different? Growth will naturally happen when you find new ways to improve your product or service.
7. Automate As Much as Possible
To grow your business in a quick, efficient manner, you need to automate as much as possible. Automating marketing and customer service processes is challenging, but it’s necessary for success. The more automated functions you include in your company, the more streamlined your operations become.
One way to automate is to use technology for routine processes. For example, if you sell products directly on your website, it's easy to have an automated process that sends out a notification of a sale as soon as it goes live. It allows you to offer deals regularly and reach new customers simultaneously.
8. Create a Culture of Learning and Growth
A key component to company growth is content that resonates with your audience—including your team. As we know, we live and work in the digital era. As a result, technology and data underpin the frame for business success. And with the immense changes in tech due to artificial intelligence and machine learning, your team must stay up-to-date.
Therefore, it’s vital to create a culture of learning within your company. You need to hire and retain the top talent. Further, you want to ensure that you have people on board who are intellectually curious. They have to be flexible and have high emotional intelligence. The workers of the past excelled because of consistency. Today’s workers excel because they know how to navigate shifting sand.
In sum, the best way to get ahead in business is by looking forward to the future, not just at what you do now. Instead of focusing on what you already have, always strive to achieve more. If you master even a couple of these tips for company growth, you’ll experience explosive revenue and sales growth.
Ben Stroup is Chief Growth Architect and President at Velocity Strategy Solutions where he helps leaders design, develop, and deploy smarter business growth strategies. Ben is a futurist, disruptor, and data champion. He leads a team that takes a structured learning approach to business challenges, which allows them to assist leaders in bridging the gap between ideas, innovation, and revenue—taking ideas from mind to market.
Velocity Strategy Solutions is an on-demand, next-generation business strategy and management consulting firm which provides clients with a relentless focus on data, execution, and results that positively impact the bottom line. Velocity delivers integrated people and revenue strategies combined with a disciplined approach to growth architecture that elevates the capacity of leaders, teams, and organizations to succeed and win more.