7 Steps of Growth Ladder Every Business Should Climb

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Business

The world of business is a daunting and difficult world to traverse through and is full of challenges. All businesses face that difficult and confusing period of time where it looks like they will falter or where it just looks like you are stuck in a loop and there is no apparent way out. Even the beginning of the journey can be quite confusing. It is hard to determine the first step and the best way to kick off your business, the way that will ensure the maximum growth in the fastest time.

While growing a business is not a time friendly process as it can take several years at a time, however, ensuring maximum growth is possible if one keeps a clear mind and stay aware of a few important points and techniques.

  1. Make sure your business stands out

You cannot possibly expect yourself to be the only entrepreneur out there. The market is quite crowded and there is a good chance that whatever service or product you are providing, someone else is going to be providing the same service and product. So the question you ask yourself and the question the customer will ask you as well is, why should they choose you? This is the time when your company or organization should make a point of standing out from the competition. There are several ways to do that, it could be you providing an extraordinary service that goes above and beyond to provide the customers with what they want or it could be done by making an exceptionally powerful guarantee. For example, the company Zappos is a shoe company that offers a year-long return policy on their shoes. If you could buy shoes that you could refund for even after a whole year why would u go anywhere else? That is what sets Zappos apart from other shoe brands. This is an important point for any business unless it comes up with a completely original idea that no one has even tried to venture into, even so, once you do it, someone will follow, so stay on your toes when it comes to thinking of things that make you stand out.

  1. Financial stability

This one is a no-brainer as we all understand the importance of finances when running your own business. You could have it all planned out, have your ideas, your plans and all the homework done in your head but unless you have the capital your business won’t even kick off the ground let alone flourish. Even if your business is already up and running keeping a keen eye on finances and knowing what to do when the business finance is not doing so well, is an important point to keep in mind. Whether you’re starting your business or in the middle of a crisis, it is a useful tip to keep an eye out for services which can help you in funding your business. You can consider taking help of various business financing services which can help you manage your immediate fiance needs like invoice financing, credit line financing, invoice factoring etc.

  1. Build a loyal customer base

All great ideas, finances and techniques aside, the most important factor in the growth of your company will always be your customer. All big empire-esque companies today are spending a lot of time focusing solely on customer relationship. Providing excellent customer services, listening carefully to the needs and the pains of the customers, working hard to fulfil and eradicate them respectively. This builds a trust and loyalty between the customer and the company which results in a long-term commitment from the customer’s end which naturally results in more profit.

  1. Establish a formal referral program

When your customers will be satisfied with the services and/or product that you provide and will appreciate its quality, they will naturally refer your services to anyone else who has similar needs. Creating a formal referral program will allow your customer to become a brand ambassador and help your company to grow and at the same time feel more included, which will be just another medium to build a customer relationship with.

  1. Keep your employees happy

At the end of the day, no matter how great of a leader you are, you cannot run a company on your own. You need hard-working, dedicated employees who become the backbone of your company and in order for them to do that they need to be happy with their company, its work environment and their position in it. Providing a friendly light and positive work environment for your employees is key to a company’s growth. They put in all the work so you have to give back to them. One really popular technique for promoting a positive environment for the employees is hosting or arranging team building game shows with exciting games. It is an event that is held for large companies where the employees are the guests who participate in the game show and a complete LIVE T.V like environment is provided with buzzers and cues and scorecards and what not. This event format can be used for product launches, important company events or just a great end of the year party to thank the employees. Through this team building game show, a home-like and family environment between the company and its employees provide resulting in more dedicated employees.

  1. Expand geographically

When we speak of growth we can mean actual physical growth too rather than just profits and numbers. Your company will have to start in one region but you should keep an eye out for the steady and sustained growth of your company into farther geographical regions in order to tap markets that you didn’t target before.

  1. Expand services and products

Another form of growth that you need to focus on is the growth of your products and services. The needs of your customers will be continuously changing and if you do not keep up they will soon look for their needs to be fulfilled elsewhere. This is another important factor that affects customer retention.

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