Starting a business is never easy, but growing your business to the next level is the most daunting task, a task which is indeed challenging and tricky. Every business has a unique history and a different story to tell. Their development path, the strategies followed, organizational structure, management styles and the thumb rules they used for their evolution and growth differs considerably.
Business growth is always good, but startups and smart entrepreneurs should strive for a controlled and sustainable growth. If not properly managed, it can lead to the demise of your business. Growing businesses brings plethora of opportunities as well as a wide array of challenges. Recognizing and overcoming the challenges and choosing the right opportunities will help enhance your business growth. More processes, controls and people are involved with business growth. . Hire smart by hiring the best people who are hardworking, ambitious and help add value to the team and customers. A close knit and relaxed workplace will boost productivity and improve business performance.
When your business grows, you have to grow too. To effectively serve your customers you have to rely more on your people. Effective delegation empowers your people to take on greater responsibilities. Provide them the right level of coaching and they will drive business success. "Never tell people how to do things. Tell them what to do and they will surprise you with their ingenuity." -General George Smith Patton, Jr.
Focus on your goal and choose a growth strategy that is most appropriate for your business. Dive into new technologies and introduce them in your business. Study the market and create products that appeal your customers. Once the new product is ready, strike the right market at the right time to achieve the growth. As the saying goes “Customers are the king”. They are the key to your business success and you are responsible to provide them excellent services. Keep your existing group happy and provide them with great customer experience. Word of mouth and referrals from your happy customers can bring in more business. Networking is crucial for the success of your new venture. Building a strong and trusted network will help your products reach the right market and of course the right people. Always build a genuine relationship and quality connections that will bring real value.
Growth is a continual change. Businesses must learn and adapt to these never-ending changes and keep upgrading. Growth is the natural law of business. In this competitive world, if you wish to continue in the business, you have no option but to keep growing.
"Growth is much more than a strategy. It is a complex change process that involves the right mindset, the right processes, experimentation, and an enabling environment." -Edward Hess.