Companies and small business need growth to survive. In the startup world, growth is everything. Companies that don’t grow don’t survive.
So, if you’re an entrepreneur craving faster growth or at least constant growth, having a great product, teams, great customer service, and customer relationships almost won’t matter unless you are actually growing. Without growth fueling those fires of success, your company may not last long. Studies show that most businesses close their doors after about five years. The more saturated your niche the more competitive it is. The more competitive the industry, the more important growth becomes.
High growth is important. New cash leads to more new projects, talented hires and satisfied customers. Faster growth is especially essential in emerging industries, where the companies that hit the market first (with good products, of course) gain an advantage over everyone who enters late.
Here are a few ways that you can jump-start the company’s growth and build a great foundation that will last you for years to come.
1. Ensure the people you hire understand consideration.
Empathy is a primary driver, not just for romance, but for a successful team. For entrepreneurs, the implication is that empathy isn’t a feel-good luxury: It’s a necessity. When people within the company understand their peers on a personal level, they are better able to anticipate needs and improve productivity. Those faster, smarter processes inevitably lead to higher growth rates.
Top team members have been those who can negotiate, understand and revise their approach on the fly. The consider others and how the decisions of one can effect others. They’re not necessarily the best engineers or highest-performing salespeople, but they’re the best at understanding what it takes for all parties to get things done. This means deadlines are met and your team is substantially more effective. Consideration enables them to see from outside perspectives, evaluate others’ agendas and deliver something that meets the needs of all.
So, don’t hire a bunch of selfish high-performers and expect them to gel as a team. Ask questions during your hiring process to gauge their consideration of others to ensure that every new hire makes the company more than the sum of its workers.
2. Refurbish your data & re-evaluate your approach.
Data and analytics is the most important thing when trying to figure out who your customer is. At the same time, things change. When your data begins to say something different you need to translate those changes.
We have several developed tools that made data science simpler, you have to be able to figure out where the lines cross. If you arent using data to hone in on your customer, then you need to start doing so. Anyone can now use data science techniques, but businesses benefit the most from data and understanding how those techniques work This determines what their value is.
If you have no understanding of the data you are receiving, you could always do your own research but their are professionals who can help. You could hire data scientists to help your company identify its best opportunities. make sure your data science teams know how to connect information to business goals, this way your company can turn data from a necessary headache into a competitive advantage.
Machines and software are able to prepare and analyze data before visualizing insights. Analyzing data is necessary to identify pertinent questions and interpret the results to craft the right solutions.
3. Invest in relationships, not sales. A recurring customer is better than a new one.
Sales lead to revenue, and revenue powers growth, so you should sell all the time. Right?
Wrong. Audiences today can smell a sales pitch from a mile away, and most of them want nothing to do with it. Modern consumers crave authenticity, so they flock to brands that showcase their true, unique selves. It is also important to understand that you could be selling a product or service that wont have recurring customers. It will be more difficult for you because you will always be looking for new customers.
Don’t jump on the latest marketing craze because it works for everyone else. You want to reach the customer that wants what you have to offer. It would be great to find a way to fill a void that gives you an edge. Don’t try to run a funny Twitter account if that doesn’t make sense for your brand. What works for others might not work for you. Also if you notice, that when you see accounts with a certain niche that try to run ads for outside sources, there is far less interactions.
What you want to do is double down on the parts of your company that your current customers already love. Promote content on social media that doesn’t lead people to sales but does make them feel a deeper connection to the brand. Keep them coming back for other things except just a purchase. Remember, your brand should act like a mirror to your customers, showing them the best parts of themselves through a branded lens. When you become part of their identity, they tell their like-minded friends about you, and the growth handles itself. Even with the significant amount of social media we have access to, word of mouth still is the best type of advertisement.
Stagnating growth can be scary, but if you follow these tips and mix them in to what is working for you, stagnation wont be permanent. Put together a strong team and leverage your most attractive features to keep the growth growing.
The Black Enterprise| Thee Urban Business Platform