2020 has been a landmark year for many reasons. Businesses around the world have faced extraordinary challenges and changes which affect operation and growth trajectories.
Fortunately, most entrepreneurs and business leaders started their companies to overcome barriers and grow beyond existing obstacles. You, as a business owner, faced down challenges when starting your business, and you can conquer the roadblocks you are facing now.
We are here to help you achieve your growth goals in 2020.
Ten Business Growth Strategies
Many companies have focussed on sustaining business as they move through 2020. This is not enough. Businesses need to build and grow to thrive in any economy.
Here are ten strategies for growing your business no matter what is happening in the world today:
1. Pivot based on market need
Many businesses that are seeing stagnation right now do not focus on what their customers need – just on getting back to normal. Get out there and find out what your market needs. Companies of all kinds have been branching out and creating new products and services based on market needs.
Some examples include:
- The home design company that began selling video classes and Zoom consultations instead of in-person design services.
- The distillery that turned their alcohol into hand sanitizer.
- The stores with safety measures firmly – and very visibly – in place to keep customers and employees healthy.
These are just a few examples. The question is – how can your company pivot to fill the needs of today’s market?
2. Get organized
Many companies are either scrambling or are operating in the routine they fell into a couple of months ago. Either situation requires reorganization and the establishment of effective processes and procedures that match your current situation.
3. Reinforce your business’s foundation
Now is a great time to reflect on the purpose of your business. Why did you start the company and what are your goals going forward?
Once you have this in mind, examine the products and services your company provides – along with how it provides them – and ensure each action reinforces these goals.
4. Keep promoting
Some companies paused their promotional and marketing activities when they moved online or remote. Others reduced their promotional actions. If this matches your respose, we encourage you to start promoting your company once again. Effective marketing and sales will help your business grow through this time.
5. Hold your lines of communication open
With so many businesses operating remotely, it can be challenging to ensure your teams are talking to each other and to perform quality control on customer interactions. However, it is also vital that coordination, effective communication, and excellent customer service continue no matter where your business operates from.
Examine your communication methods and make sure employees are talking effectively, and customers are reaching the right people within your company.
6. Determine and operate on the right metrics
It’s pretty standard for companies to operate off of metrics like income or sales. However, you may need to reexamine this broad strokes approach and keep track of narrowed statistics to catch a potential fire before it starts.
Take a look at all of the metrics that you track or could track, and determine which would most benefit the smooth operation of your company. This will help you to control the day-to-day activity and prevent issues from coming up.
7. Take care of your people
“Your people” includes both employees and customers. You can support and care for customers and employees in different ways, but each action that you take will have a measurable impact.
Here are a few things you can do to help customers:
- Provide free webinars for customers.
- Offer additional resources to customers who are struggling.
- Give customers masks and provide hand sanitizer if they need to visit your business in person.
- Offer more online or no-contact options for customers.
- Create affordable products that reach out to and support a variety of demographics.
- Donate to charities about which your customers care.
- Sponsor online networking or convention opportunities that connect customers with your employees.
- Work with neighboring or complementary businesses to create a comfortable experience for shared customers.
Here are a few things that you can do to care for employees:
- Provide social moments for employees.
- Support increased training.
- Create online networking or convention opportunities to connect employees with experts and potential clients.
- Give employees opportunities for flexible work hours.
- Find childcare options that may work for a few or all of your employees. Even if you cannot provide any type of childcare, you can see if there are educational apps or remote learning opportunities that you can pay for or subsidize which may keep children entertained while parents are working.
- Try to create virtual opportunities that match with opportunities you would typically provide if your employees were physically in the office.
- Set up workspaces for in-person employees that follow safety protocols and also make the employee feel safe.
- Review the benefits your company provides employees and see if they can be improved.
- Send care packages to remote employees to help them get through the day or week.
- Donate to charities that are important to your employees.
8. Improve processes and procedures
While your company has many established processes and procedures, they may need improvement or modification to include adjustments for remote workers. Additionally, as you make alterations, it may be time to review and improve these processes and procedures.
9. Capture every opportunity
No matter what the economic or social situation, opportunities abound if you know where to look. Continue to network, do sales calls, market, stay active on social media, manage groups, create stories, send out press releases, and more.
Capturing opportunities is an active process, so ensure your employees, sales staff, and management stay on the lookout as you continue to push your business forward.
10. Make a growth plan
2020 has been a year interrupted, with many growth plans stymied due to lockdowns and new regulation. Instead of throwing your hands up in defeat, be sure to make a growth plan for the rest of the year.
Your business can and will grow if you manage things correctly, stay on your toes, and capture opportunities.
Are you ready to grow once again? Contact Business Success Consulting Group for a free consultation!