Growth is a steady process. A business mogul needs to stay aware of each foothold and a loose stone to make it to the summit. One small error can cause an established business to stumble. Business upscaling is a crucial process, and one needs to follow the checklist before opting for the same.
What to do When Your Business Faces a Significant Growth Phase?
Over time, a business will see significant growth.
However, attaining growth is easy, whereas retaining growth is difficult. As a result, scrutinize the foundation of your business. Contemplate your business values. Growth leads typically to the hiring of new employees and new partnerships. Therefore, sit with your team and state company values that need utmost attention.
A business owner of a successful firm should act as a leader
- He should effectively decrease complexity in the processes.
- He should foster communication in the company.
- He should also have a well-communicated vision of the firm’s goals and lead his employees towards attaining that vision.
- He should willingly choose to change course when a specific past strategy turns unhealthy and not offering any positive results.
Mike Giannulis Explains Complexity in a Successful Organization
The creeping effect of complexity hampers a business. Complexity evolves as the product lines grow and business strategies change. When a company looks for expansion and leveling up, different processes and changes will occur, giving rise to complexities. In light of this, Michael Giannulis suggests taking actions on time to simplify the working is crucial to maintain sanity in the organization.
The complex actions also incur more time. It requires refined communication with the partners and the customer involving more resources in the workflow. Such a situation becomes tedious for the company’s finances, hindering the growth for that particular period. It creates more cogs in the machines and inhibits any positive behavior.
Delight Your Customers
Anticipating the needs of your customers and operating in the way of fulfilling them is essential.
In other words, stay with them beyond the point when they make their first purchase with you. This is a necessary aspect of retaining your customers. Customer service and post-sales surveillance play a significant role in creating the company image in the customers’ minds. You can also empower your employees to stay more proactive about the customers and continuously surprise them with subtle deals, offers, and even inspiring words.
Your company should treat a customer right, and when he walks out of the door, he will sell for you. This holds valid even when the person did not purchase with you. Know that people believe more in trust-earned media. They believe in consumer opinions and reviews, coupled with the personal recommendations from their near and dear ones.
Let them know that you invest more in the offerings than on unnecessary marketing deals. For instance, if you run a food company, you can subtly pull off the message that you invest more in the food quality than a great location and place and hi-fi décor.
Follow the above checklist, and modify your strategies to increase your organization’s value in the market space.