Author: Widi Papan
Not every company expects to be the next high-growth startup that expands to half the globe and goes from three to three hundred employees in a year — but all business owners want some form of growth. Why wouldn’t you want to reach more people and make more money? How to grow your business?
Unfortunately, it’s unusual for a firm to experience a linear growth path — there’s almost always some kind of plateau or stumbling block along the way. This doesn’t mean you should give up, but it does mean that you’ll need to put some strategies in place to help you adjust. Here are five of our best recommendations.
1. Look out for complacency
When it seems like everything is working well, it’s tempting to sit back and let it continue in the same vein. You probably won’t notice an immediate slowdown in growth — but rest assured that it will come eventually.
A strong sign of complacency is employees who are disengaged, apathetic, and uninterested in taking the initiative. This suggests managers have overstepped the line and curtailed innovation. Look out for micromanagement!
2. Delegate work to others
An entrepreneur is someone who can “wear many hats” and is incredibly passionate about what they do. This is great when a company is just getting off the ground, but it can cause problems in the long run. Many business owners fall into the trap of believing they alone can manage operations — down to the most basic tasks.
Instead, firms should try to outsource and delegate everything they can, freeing up founders and executives to focus on the bigger picture.
3. Avoid customer churn
Retaining existing customers is cheaper and easier than always looking for new leads — yet far too many companies pour their resources into acquisition instead. If you’re not employing any strategies to keep current customers involved, you’re probably in the second category.
Luckily, you can turn the situation around by following up with your customers after they purchase from you, asking for feedback, and sending updates — or even wishing them happy birthday every year.
4. Seek out innovation
Listening to your customers isn’t just a way of avoiding churn — it can also help you embrace innovation. A certain product or service might have catapulted your company to success, but it probably isn’t all your customers will ever want. The needs of the market are always changing!
Make it clear to your customers (and even your employees) that you’re open to their ideas about new approaches. And listen to what they have to say — even if you don’t like the answer!
5. Stop relying on referrals
A common marketing strategy many companies follow is asking their current customers to refer new customers. While this can be a great way to acquire new leads, most businesses do it in a very passive way.
Instead of relying on your customers to do all the work for you, be proactive. Encourage organic referrals by asking for feedback, personalizing your customer service, and offering incentives to those who refer you.
How to return to growth
Realized your growth is slowing and accepted you need to take action? Bringing in a fresh pair of eyes can make all the difference.
At Gema Consult, we can give you advice on your human resources practices to help you cut down on complacency and skyrocket your growth. Why not get in touch with us to find out more?
Author
Successfully Managing a Fleet of Tourism Locations, A Legacy Forged by Mentoring Hundreds of Clients to Obtain Long-term Success
Widi Papan has recently been appointed to Senior Deputy Director at Gema Consult, a hidden gem among gems. A maverick at establishing modern administration styles in an industry relying on largely outdated practices, Widi brings a unique value to Gema’s approach with clients. With clear direction for short and medium-term projects and expert-level knowledge of accounting standards, he is key to establishing successful operations for our clients.
Widi is the operational foundation responsible for Gema’s overwhelming success. His proficiency in executing technology automation, business set-ups, budgeting, cash flow recovery, debt management, capital increase planning, and business process simplification is on another level. This expertise is applied to every one of Gema Consult’s clients.
May I simply say what a comfort to uncover somebody that actually understands what theyre talking about on the internet. You definitely realize how to bring an issue to light and make it important. A lot more people ought to check this out and understand this side of the story. I cant believe you are not more popular since you definitely possess the gift.