The Five-Step Process for Growing Your Company
Now that you’ve made sure your company is prepared for growth and that you’ve selected the best personnel and resources to help you achieve your objectives, you can get to work on expanding your operations.
The seven stages of business expansion are outlined below.
1. Evaluate Your Present Setup
When you’re trying to get somewhere in business, a system can be a big help. This establishes a procedure that ensures the smooth operation of essential business processes like accounting, invoicing, and advertising.
Such an evaluation is necessary for the effective and long-term operation of any system.
The effectiveness of your system can be measured in many ways, for example:
- Conclusions of Purchase
- Average margins of profit
- Costs, like those incurred by hosting your business
- Behaviors that can be expected to occur repeatedly
- Planning is an integral part of any successful business system. You can make a more sensible strategy for your company if you forecast its future development, including sales, new customers, and monthly income.
Your business can save both time and money by using a centralised platform to manage your clients’ various online presences.
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To add, if you set up a solid business system, you’ll be better able to satisfy customers and find solutions to their issues. In addition, laying a firm groundwork for your company is possible when you are familiar with its most important assets, such as its mission and values.
2. Determine your end-state
When expanding operations, it’s important to keep sight of the big picture and steer the company in the right direction with a clear objective. The SMART acronym stands for “your goals should be specific, measurable, achievable, and time-bound.”
- Be as specific as possible, and stay away from statements like “I want to invest in my product.” Put your efforts where they will do the most good, into developing the product’s distinctive qualities.
- Specific – aim to increase your revenue by a certain percentage or dollar amount.
- Check to see if your aims are feasible within the context of your field. For instance, if you want to know if a certain feature can be added to your website, you should talk to web developers.
- Make sure you have the time or money to accomplish your goals, and be realistic about your timeline.
- Limit your plans in time and make sure to stick to it.
- It can be helpful to divide your business objectives into short-term and long-term targets before you commit to any of them.
In addition, you can use the OKRs system (objective key results) to monitor your progress.
Let’s say you’re aiming to offer unrivalled delivery service. Then, the most important outcomes will be getting feedback from 100 of your best buyers, conducting interviews with 200 of your former clients, and achieving a satisfaction rating of at least 4.5 out of 5.
3. Expand Your Group
With an increase in customers comes an increase in the number of tasks that must be completed by your team if you intend to grow your business. Therefore, calculate the manpower requirements. When looking to expand quickly, it’s important to staff up with talented people who can take charge.
In addition to adding staff, you should assist the current workforce in becoming more productive. As a result, your current staff will be better able to onboard and train new hires.
Also, foster a culture and atmosphere where employees are inspired to perform at their best. You can motivate your staff by, say, praising their efforts or providing incentives for exceptional performance. As a result, they will feel valued even more so.
Keep in mind that trust between you and your staff can be fostered through honest and open dialogue. Allows you to avoid micromanaging by making it simple to delegate tasks. Thus, even when you’re not around, your staff can keep the business running smoothly.
You can also hire a company or a freelancer to help you speed up the process of expanding your business.
4. Give the Buyers Top Priority
Provide excellent service to your customers; it’s one of your company’s fundamental principles. By focusing on that area, you can increase customer satisfaction and earn their loyalty.
Referral programmes like Koodo can help you find new customers and boost your revenue. With this programme, your most devoted customers can earn benefits like special pricing and even free items.
Koodo’s Refer-a-Friend programme home page, Choose Happy
Businesses often offer special discounts and deals to attract more customers. Constructing bonds with customers is a great way to learn more about their wants and needs. That way, you’ll know what kinds of goods and services to focus on creating.
Likewise, give attention to enhancing the service you offer and the satisfaction of your customers. Providing customer service around the clock is one way to speed up the problem-solving process. In turn, this will lead to a rise in both new and returning customers.
Customers are often the top priority for many major corporations. One example is Amazon, an online store that offers a wide variety of products, simple navigation, and free shipping.
5. Streamline Business Procedures
Improving business operations is a great place to start if you want to increase productivity and revenue.
Care for products, services, and people by honing your operations management skills.
You’ll have more time and energy to devote to making sure the final product is of high quality. More customers and their continued devotion to your brand are the result.
Use business software, like FreshBooks, which provides an accounting solution to help you manage finances more efficiently, to simplify and streamline the tasks necessary to keep your business productive.