How to Achieve Business Growth
Business expansion is hard work. Even the most successful organizations face constant pressure to increase production, hire more employees, and expand their market presence. But for many small businesses, growth isn’t a matter of when but rather a question of how.
What is Growth?
Growth is the increase in the size of an organization or business over time. It can be measured in various ways, including revenue, the number of employees, and the area under the revenue curve. However, the most common way to measure growth is via market share. Every year, the sales of a company’s products or services try to increase, and so does the organization’s size. If the products or services aren’t selling well enough to keep up with the increasing demand, the company has enough growth to succeed.
Why Is Growth Important?
Growth is often the result of innovation and changes in business strategy. Companies that can maintain their growth through innovation can achieve more tremendous success than those that don’t. By adjusting how the business is run, a company can increase its market share and increase the amount of money it earns. A growth-certified business will be able to maintain or increase its sales by improving how its products or services are issued or sold to customers.
Jordan Sudberg is an expert in business growth and international expansion, having spent most of his career working with large corporations and international business entities.
As an entrepreneur, he incorporates economic principles into his personal and professional life, teaching the importance of starting small and working hard to achieve success.
How to Achieve Growth
A business must find ways to generate more sales and profits to reach growth. To do this, a company must:
Have a transparent scheme for growing your business.
Have the right products or services to sell in the market.
Have the correct pricing and availability of your products or services in the market.
Have an effective marketing plan.
Banish The Myth of Immune Businesses
The media loves to throw the term “immunized” in connection with business, but what exactly does it mean to be immune from changes in the market? A company is either immunized from shifts in the market, or it is not. If a business exists in a state of constant change, then it isn’t a real business but just some random people sitting in a room together forming a company.
What Are The Benefits of Growth?
Increased revenue: More customers means more revenue, leading to more profit. This can happen even when the market grows slowly or negatively. It’s important to note that profitability does not necessarily mean “more money.” Profitability can also be defined as having “a good day.”
Increased productivity: Companies that grow have more employees, which means they’re more productive. This means that their products can improve the overall amount of goods or services created by all of their employees.
Increased customer satisfaction: Customers of businesses that grow are more satisfied with the products and services that the company provides. Therefore, they may be more willing to continue using the products or services of that business if their demand remains the same.
Increased sales – growth can lead to increased sales by increasing the difficulty of the sales funnel. At the same time, it requires the sales representative to put more effort into their sales presentations and try to close more deals.
Increased brand awareness: Brand awareness is how the general public recognizes a company’s products. It results from many things such as advertisements, company blogs, and podcasts. A high-growth business will have a large enough market to generate enough brand awareness to achieve rapid growth.
Conclusion
Jordan Sudberg believes that growth is just as essential for a small business as for a large company. The most important thing a small business can do to achieve growth is a growth-friendly culture. Employees who actively support development will dramatically improve their performance reviews and company-wide morale. Additionally, having a growth-friendly culture helps attract the right people and can help you attract more clients, potential employees, and customers.
