Businesses of all sizes must go through periods of growth in order to remain competitive. Without growth, companies can stagnate, fail to attract new clients, and find it hard to compete for acquisitions, contracts, and employees.
Only 35% of businesses are still operating after ten years. Implementing effective growth strategies, such as the ones explored here, can optimize your workflow and ensure your business’s long-term survival.
1. Review Objectives
Before you launched your company, you created a business plan that identified your key objectives. These objectives must be modified and updated after your business launch, and implemented into an ongoing capacity as you scale your company. Identifying your company’s goals and priorities can streamline the decision-making process as you prioritize projects, prepare budgets, and allocate resources. You can avoid misallocating funds and resources into low-priority projects when you have a clear vision for your company’s future.
2. Manage Assets
Companies can save time and money with asset management software which allows staff at all levels to monitor and adjust assets in real-time. Asset management software is an ideal asset management solution because it enables your management team and frontline staff to add and remove assets as needed. A company will likely have a range of tangible assets, such as hardware assets and licenses, which all need to be tracked. With an effective asset manager, you can store relevant data and software assets together, including warranty information and software licenses. Instead of investing in the procurement of unnecessary supplies or looking for an asset used or sold months ago, your entire staff team can have the latest information about available resources. When a work order comes in, staff can refer to your asset manager to determine what resources are available and use those resources to improve productivity or implement new operational strategies. Retail companies can also use asset management solutions to track, stock, and locate products for consumers.
3. Ongoing Research
The market needs to change over time. Continue the market research you performed before you launched your company and use it to set objectives and make operational decisions. Use market research to track changes in demand and identify unmet needs so that you can continue to be an in-demand merchant or vendor in the space you plan to occupy. Ongoing research is an effective way to ensure your company develops new in-demand products and services, expands the functions of existing products, and distinguishes itself with specialized goods and services.
4. Review Prospects
Resources such as Matchlist identify suspect businesses that may have financial issues. Creditors—such as Visa, MasterCard, and American Express—use Matchlist to identify business applicants who have defaulted on a high-ticket merchant account in the past. These businesses, and their key staff, are banned from opening merchant accounts as long as they remain on the list. It’s important to know if someone you’re considering hiring or a company you might acquire is listed because it could affect their ability to secure credit. If they are listed, there are steps to take to get MasterCard to remove them from the list so that they can qualify for a new high-ticket merchant account.
5. Use Effective Visuals
Companies need to effectively present relevant data in a simple format that’s easy to understand. Your business can do this by using victory JS with React technology. React can be used to create user interfaces, web apps, and mobile apps. Victory JS are charting tools that can integrate data with the React chart library, enabling staff to produce useful visual apps efficiently to provide an optimum user experience.
6. Prioritize Customer Service
Businesses can’t survive without clients. Customer satisfaction ensures new clients become repeat customers. When you prioritize customer service, you convey how much you value their business. Secure multiple payment options through Visa, MasterCard, and other credit card companies. Make sure you address client concerns and needs. Create an open communication system that allows customers to address complaints or requests effectively. Implement a customer reward program that promotes consumer loyalty. When people have positive experiences with your business, they will be more likely to leave positive reviews and recommend your company to others.
7. Use SEO Marketing
Search engine optimization (SEO) marketing plans raise your website’s domain rating (DR) score. When a person enters a search term in a web browser, the browser lists the most relevant sources with the highest DR scores first. Companies that establish high DR scores drive organic traffic to their websites and raise their company’s profile. SEO marketing strategies include promoting visitor engagement on your website, and one way to do this is by posting informational videos that teach people how to use your products. Establish yourself as an industry expert and boost your DR score by presenting informative material that visitors will engage with, when visiting your site. As an industry expert, you can give interviews for news articles, increasing the number of referrals to your site from reputable sources, which will also increase your company’s profile and boost your DR score.
8. Focus on Employee Retention
Customers notice when a business has a high staff turnover rate. Staff turnover can affect the quality of service they receive. When you create a positive working environment, your staff team will be committed to your company and strive to achieve company goals. Ensure that your team receives the support and resources it needs to succeed. Heed staff concerns and work to address issues. Invest in employee training to ensure your staff feels valued. A committed staff team can help ensure your company thrives.