Knowing about your projected growth and how you’re going to achieve it is vital to a business. It shows that you know what’s going on in your company. It shows leadership and skill. Without a proper plan for growth, you’re just another garage start-up on their way out.
Knowing what you’ve got to do to grow is key. Growth rarely happens for no reason. Business is a big game of cause and effect. To blindly try to grow is just a recipe for disaster.
So let’s take a look how you can grow for sure.
With staffing, you’re either looking at an over or under situation. What is meant by that is that you are either overstaffing or understaffing. With overstaffing you are wasting your money on surplus employees. With understaffing you are hampering productivity.
A balance is hard to strike. What is for sure is that you cannot plan it down to the last employee. You will either be over or under in some area at some time. However, an efficient workforce can free up money to be invested elsewhere.
It could be you don’t have enough business in the first place to sustain you. If you’re in a niche market that could explain things, and downsizing will become a requirement. If not, then you need to take a look at your leads situation.
Growing a company with leads is a very common thing. You acquire some leads and go through them trawling for business. It’s like searching for metal on the beach with a metal detector. You don’t always get a hit, but you will at some point.
The leads can come in many forms. Postal addresses, phone numbers, or email addresses. If you’ve ever gotten unsolicited ad mail or cold calling, they got you through a leads package.
Expanding your services or product line can help your business grow. It could be you just aren’t selling enough because you aren’t offering what competitors are. Aside from improvements to the core of what your business is about, diversifying the range you’re offering can help.
It is important not to overwhelm the consumer with the choice though. Give some distinct products or different pricing structures. Do not baffle them with the amount they have to pick from.
The purpose of a diversified range or pricing structure is to open the product up to more people. Not everybody can afford your top of the line product.
If nothing else is managing to stick, growth can be induced by buying a smaller business or expanding into new markets. The smaller business can add a lot to the value of your existing business, provided it’s the right one.
Expanding into new markets is difficult, but worthwhile if you have something to bring. Don’t pointlessly stick yourself in areas you don’t understand.
You will not only be at a massive disadvantage, but it could hurt your core business too. Not to mention ruin your brand.
