At any point in time, a company is either growing or shrinking. Business growth is not easy to achieve without mastering certain business functions. Competitive forces always impact an entrepreneur’s ability to gain market share. Serious business professionals who want to guarantee significant business growth must know their customers, drive a consistent marketing message, establish efficient HR systems, and analyze data continuously to make needed changes that accommodate a changing business landscape.
- Simplify your main marketing message
Inc. reports that a clear and concise message about what your business does is critical for business growth. If your friends and family members can’t succinctly explain what your business does, then you have some work to do to improve your central marketing message. If your prospective customers are unsure about what you do, then they will quickly move on to a competitor with a clearer message. In order to compete in this soundbite world where consumers lose patience quickly and scroll down to the next business listed online if they are confused, business owners and marketing managers must be able to focus on a one-sentence explanation for what their business has to offer. The message must be consistent on all marketing platforms to ensure that potential consumers respond.
- Establish HR systems
Having human resource management policies and procedures in place to accommodate business growth is key for business success. HR systems for small business are about much more than hiring these days. PC reports that HR professionals are also responsible for payroll, scheduling, certifications, and dispute remediation. When it is time to purchase HR management software, there are key elements that should be evaluated to ensure human resource management success. The review process should evaluate ease of use and integration capabilities that will significantly impact training time required and the overall utility value of the system. Features that should be evaluated are applicant tracking, benefits administration, online education, and performance management,
- Know your customers
Companies who do not understand what customers want are destined to create inferior products that will fail when competing against products that are perceived to be a better fit to meet the customers’ needs. The necessity of fully understanding customer needs and expectations can’t be overstated for business growth. Small Business Trends reports that the only way to ascertain this information is to communicate with customers via ongoing market research efforts designed to elicit honest feedback. Surveys and reviews are two of the proven ways to accomplish this goal. Customer feedback allows company leadership to make improvements and adjust to shifting customer demands and market expectations.
- Continue to analyze the data to see what works and what doesn’t
Savvy entrepreneurs focused on business growth recognize the importance of analyzing data so that changes can be made to address potential problems and make important strategy adjustments. Forbes recommends a thorough review of analytics and accounting reports for making these important decisions about the future. Consulting with a team of qualified advisers and team members positions a company for success. The truth can be found in the data. Comparative studies that consider past results with current performance are invaluable.
Entrepreneurs must learn to survive and thrive in an ever-changing business world where technology, competition and customer expectations drive the marketplace. It is easy to be left behind if a company’s systems and policies are incapable of anticipating market changes and how best to address future market demands. Identifying and collecting crucial customer and employee feedback is only part of the equation that leads to success. Professionals must understand how to use this critical information to pave a company’s way forward. Similarly, the promotion of an inconsistent and ineffective marketing message will make failure a certainty at some point in time. Astute business executives acknowledge these realities and plan accordingly.