Business Growth is one of the most critical factors for any business. As it is said that if something is not growing, it means it’s dying. Hence Business Growth is not “Good To Have” but it’s “Bare Minimum” requirement to exist in this fast-changing world. Though the majority of the companies are finding it difficult to get the desired business growth. Hence below mentioned are Key Business Growth Strategies that can help you to grow your business.
- Niche is Nice: In today’s world, large players are entering into all the markets that were earlier covered by small players only. In such a scenario, small players are always struggling to get the business as they are competing with large players having huge capital and resources. In this case, finding your Niche can help you turnaround your business. This may sound as saying “NO” to other business but this would also create strong brand positioning in your niche. Also one should choose the niche after studying the market well.
- Constant Innovation: Innovation is a very broad term but it has immense potential to create a unique-selling-proposition for your company. To imbibe innovation as a skill, you need to make it a regular practice to innovate instead of waiting for the client’s requirement to deliver an innovative product/service. Hence for every project that you deliver, ask yourself what innovation have you applied in this project? This consistent desire to innovate will open up many ideas and avenues to innovate further. Innovation can be applied at various levels. For example, companies like Flipkart and amazon applied innovation in the way products are delivered on-time. Just think more and you will start getting more ideas.
- Deliver What You Truly Live: It is a common observation that companies are so busy servicing their clients that they don’t put the same efforts on building their own brand. There are website designing companies who are not having a properly designed website for themselves, there are digital marketing companies having very poor social media presence and engagement. For example, an event and brand activation company, can ask itself that what have you done to activate your own brand?
- Constant Learning: One can deliver all these things once they have the constant learning attitude. As someone said that learning and blaming can not co-exist. To make learning a regular activity, you can follow this principle Invest 10% to Become Top 10% – Vikas Jain (one of my principles in constant learning). Based on my research on growth strategies, one of the growth strategy to become the top 10% in your industry is to invest 10% of your income on your Real Education. In the beginning this may not be 10% but still you should keep a predefined amount of money that you would spend on your “Real Education” on a monthly basis. To start with, Identify a skill/knowledge which can have maximum impact on your business growth. Once you have identified the skill then find the best way to develop that skill & knowledge. These skills could be public speaking, time management, negotiation skills and more. Over a period of time, you will understand the importance of this habit in your life.
- Find Your Why: Once you have strong enough why you will find out How. Hence to sail through tough times, one should find their reason for whatever they are doing. Whatever those reasons are, list them down. Ideally, as you read those “whys” it should give you goosebumps. When Starbucks was having a tough time, Howard Schultz took back control of the company and turned it around. And he wrote the book Onward: How Starbucks Fought For Its Life without Losing Its Soul. And soul of the business is their why. Similar thing happened with Apple. After Steve Jobs took back control of the company, he stressed upon the “Why” of Apple, which is “Innovation”.
- Brand vs Commodity: In today’s world, becoming a brand is much more profitable than remaining a commodity. Let me explain the difference with an example of soap. If you go to a store and ask for a good soap and you don’t care about the name of the company then it’s a commodity. But if the customer approaches the shop and asks for “Soap of XYZ” then it’s called Branding. Companies can take advantage of becoming a brand. Just review, how much effort you are putting in building a brand. There are 3 types of branded items which I come across
- Really got products with related Branding where customer can have a certain value and expectation from the product/service
- Regular products marketed through “brand”. These are regular products but the company position itself as a brand through marketing
- Commodity: Regular products without Brand
Once you master these business growth strategies you can read my other growth strategies to excel further in your business as well as life.
During my talks and workshops, I help the participants, dig deeper into all of these business growth strategies which can further help businesses achieve desired growth. I also customize the talk and workshop based on the client’s Industry as my why is to contribute as “Catalyst of Change for Businesses and Individuals”
I will further update this article with new information.
Very good blog article. Really thank you! Awesome. VISIT- Motivational Speakers in Delhi