What is Business Growth Tips For Planning
Growing is a fundamental aspect to remain as a company over time because it makes it possible to have new clients, acquire better talent, more technological tools and possibilities of expansion to other markets.
Growth within the company can be a great challenge, however the benefits that this action entails are many, for example having new business opportunities, expansion and better response to customer demands.
What is business growth?
It is a process in which organizations implement a series of strategies, tools and changes designed to improve internally and achieve the proposed success according to the goals set and the objectives to be achieved.
To put business growth into practice, a series of phases must be applied for its success. In this way, progress can be made faster and evaluation processes will be carried out for continuous improvement.
Let's see what these phases are:
Presence: in this phase you should focus solely on customer acquisition and sales. In this aspect there are always few involved and on many occasions as the owner you must take charge of this process. This phase can be difficult but it also brings advantages such as the freedom to explore new alternatives and possibilities.
Subsistence: your organization has enough customers who are satisfied with the products/services you have in your offer. At this point you must begin to better project and plan the flows that will allow you to be more efficient and deal with contingencies that may arise.
Flight: it is the phase in which you seek to take off, expand as a company to other markets or possibilities. Within this phase you require new hires, create new work areas and new production systems. Efficiency and productivity are tested during the flight and this is where the needs for management and acquisition of technological tools begin to be important.
Success: as a company, in this phase you are already known in the market and have a secured client base. You have the departments within the company that work and manage each of the tasks and your bet is to continue growing. Although it is one of the best phases, the risk is not continuing to bet on business growth . Let's remember that change is constant and that markets evolve so we must be prepared for that.
5 tips to plan your business growth
If it comes to planning your growth as a company, you will notice that there are many factors that influence the process, such as fear of change and uncertainty. To minimize these effects, it is important to be clear about how to develop a plan. Here are some good tips in this regard:
1. Specific objectives: the best way to start a good growth plan is to have well-defined goals. This allows us to draw up strategies that are aimed at achieving these goals. To achieve these objectives we must not also leave aside change management and the tools that intervene in it.
2. Draw your strategies: once we have the basis, in this case the objectives ready, it is time to draw up the strategies to carry it out. You must identify in its development where the new clients or prospects you want to target are, you must think about what needs they have, their ages and tastes, allowing you to reach the solution to their needs in a more direct way.
3. Investment cost: no plan - whether for change management or to help grow your business - can be started without first considering the cost that this may entail. Making changes means that you will need more resources, be they software or people, so you must consider this and make a calculation over time.
4. Contingency: it is necessary to consider the possible risks and problems that we may face as we design and implement the growth plan. So within your design you must take into account these cases and the way in which you can solve them.
5. Monitoring the situation: the plan must be monitored and evaluated so that it can work. It is necessary to monitor all tasks and progress in order to correct those things that are not working well.
The importance of technology in business growth
Technology provides important added value to companies and drives them to offer increasingly competent and efficient work when it comes to offering customers solutions, products and services.
Technology allows processes to be streamlined and, as a consequence, time is saved that can be invested in other aspects, making tasks more efficient and allowing the company to perform more.
With the use of technological tools you can grow as a business, but it also promotes this change management that helps move organizations and seek new markets.
