5 Steps to take when your Business is going through a Growth Phase

0 35

Whether you are a new entrant or an existing business, you cannot escape the clutches of transition, especially in the field of construction estimating. Every decision you took, and every choice you’ll make shows your transition from one phase to another. Even your intent to switch from traditional TV to Spectrum TV packages is a transition for your viewing habits.

Transition can be overwhelming, especially for companies and businesses. No matter the size, every organization faces challenges. Coca-Cola losing $4 billion in mere seconds is a good case in point. And Coca-Cola is no ordinary company. It’s a beverages giant. The key is to develop a blueprint for both current and future scenarios.

That said, here are five steps you should take when your business is going through a growth phase:

1. Fine-Tune Your Business Model

You are way past the start-up stage. The one which seemed like the most difficult because your business was transitioning from the nascent stage into its current state. The growth stage means that you have garnered the attention of your customers. Sales are translating into revenues.

In order to maintain growth, you need to learn to reassess marketing and investing strategies. That doesn’t mean you should change them altogether. Fine-tuning involves making small modifications to existing strategies to see if the tweaks work. Analyze your key business/profit drivers, identify low-cost methodologies.

The growth stage comes with its own set of challenges. Many business owners during this stage adopt a carefree attitude because they see revenue as everything.  Since you have made your presence known, you are no longer invisible to your competition. Moreover, you should identify ways to retain existing customers in order to churn out profits.

2. Maintain Consistent Communication with Your Employees

Your employees are among your biggest assets. You can devise a communication strategy to ensure perfect coordination with your workers. Leverage employee management system to manage admin activities in an effective way. You can develop a workflow mechanism in case your workers are reporting from home. Communication tools such as WhatsApp, Zoom, Skype can facilitate in establishing an effective communication channel.

Adopting a lax attitude can affect the growth of your business. Make sure your employees know about their everyday responsibilities. Encourage them to communicate with you on a regular basis. Good managers ensure productivity by aligning employees with the right set of priorities. You should conduct performance reviews and seek feedback if you want to keep your employees motivated.

3. Utilize the Power of Social Media Platforms

The benefits of social media cannot be overstated in this digital age. You will be needing social interaction platforms throughout the life cycle of your business. Effective use of social media can help you identify challenges and opportunities for further growth. It can help you connect with your audience in a better way.

You have already defined your advertising strategies. Now is the time to implement them with full throttle. Explore multiple social platforms to advertise your products and services. You need to attract new customers in order to ensure the continued success of your business. And there’s no better way to maximize your reach than through social media. Leverage platforms like Facebook, Instagram to reach out to new audiences.

4. Cross-Promote

Cross-promotion involves targeting customers of one product or service with a related product or service. Burgers and beverages, mac and cheese, fish and chips, headphones, and gaming PCs. Cross-promotion aims to cater to brands that are not in competition with each other. The benefits of such a form of marketing include increased brand awareness, lead generation, and greater sales revenue.

Cross-promoting your products during the growth stage will introduce you to a new market demographic. You may have heard about Fortnite’s partnership with different soccer clubs as well as the NBA. These lucrative deals are seen to transcend non-traditional partnerships. The brilliance of the Fortnite marketing team is on full display here.

5. Prioritize the Needs of Your Customers

Your customers are your biggest assets. You can’t run your business without customers. It is important that you provide them with an effective communication platform. It is even more important that your customers feel heard and appreciated.

Don’t think of the growth phase as some sort of cushion or comfort zone. It is perhaps the stage where you have to be the most active. Your customers are expecting consistent services, your competition has begun to take you seriously. Valuing the needs of your customers and addressing their concerns timely can help you carve out a solid niche.

Read Also: An Overview of Utility Bill Auditing and Tips to Finding an Auditor

Leave A Reply

Your email address will not be published.