The Top 3 Secrets of Business Growth
Achieving business growth during uncertain economic times is challenging – but possible, particularly when you fold these three ideas into your strategic plan.
Define Your Reason for Being
Beyond making money, what is the purpose of your company? What problems do you solve for customers? Spending time defining why you’re in business provides a North Star for your organization.It informs your product developers, helps your marketers create powerful brands, gives your sales teams a point of difference, and guides your HR department to hire people who align with your mission. When your organization is in lock-step with a clearly defined purpose, you’ll see better performance from your teams and stronger connections with your customers.
Focus on Customer Retention
The adage ‘it costs more to get a new customer than to keep a current one’ is supported by numerous research studies.New customer initiatives are important business-building tactics but increasing sales with your current customers provides a more predictable, cost-effective revenue stream.
Staying connected with customers from first contact through purchase and post-purchase support demonstrates your commitment to their satisfaction.Satisfied customers are more likely to make additional purchases, and importantly, are more likely to recommend you to others. These ‘brand ambassadors’ can build your credibility and your sales.
Collaborate and Adapt to Meet Business Needs
Your ideas and your drive launched your company, but business growth can occur faster when you bring in resources.Adding expertise to your team to help with outreach efforts – sales, marketing, product development – or for internal tasks like accounting, legal or finance supports your current customers and frees you up to continue finding new growth avenues. Working with business ecosystems, like-minded individuals and organizations in your sector, gives you access to ideas and capabilities needed for growth. Being willing to adjust your leadership style to fit the evolving needs of your team and your customers means you have the vision to keep the business growing.
Talk with our team at Revap Group Capital about financing options to support your business growth plans.