Nowadays, most ambitious entrepreneurs are looking for ways to stimulate business growth within their companies. If you’re reading this and are eager to expand your own company, then you are probably an aspiring and hard-working businessperson, and might just need that little extra push to keep your business climbing that tall staircase of success and take it to new levels. The path to business growth is a simple one (business executives often overcomplicate their strategies and product lines unnecessarily, making things harder on themselves), and we’ve laid out 5 key points to take into account when evaluating what action to take in order to help your business evolve and increase revenue. Let’s take a look.

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 5 Key concepts to promote business growth

  1. Taking care of your existing customers is a crucial component of business growth. Basically, you’re not going anywhere if you don’t consolidate your already existing group of clients and keep them happy. Obviously, it’s important to branch out via market share and gaining customers, which we’ll examine shortly, but not at the expense of losing the customers you already have. If, for example, you were to gain a new customer through your marketing efforts, but ended up losing one at the same time because you weren’t paying enough attention to them, you would actually be losing money despite having the same number of customers – it costs a great deal more to acquire a new customer than to keep one you already have. In short, make sure your customers are satisfied before doing anything else, and you’ll be rewarded for it.
  2. You must diversify and develop your products to ensure business growth. Companies that want to grow must understand that in order to do so there is a fundamental need to demonstrate innovation by developing new products and services. Think outside the box and make your business more attractive. We live in a fast-paced society, and it really is a case of survival of the fittest, or, more appropriately, survival (and growth) of the most innovative.
  3. Target and penetrate new markets to set a course for business growth. There may well be a gold mine or an oil well just waiting for you to flourish from it in another market, but you’ll never know if you don’t investigate and find out for yourself. As discussed in one of our previous posts, it is imperative to take action, and you will always learn new things in this way. Think about ranges in age and how you might adapt your product to appeal to these different target audiences, for instance, or even check out the possibility of tapping into emerging markets in different countries and cultures. Do your homework first, of course, and be cautious when assessing the outcomes, but be sure to unleash your imagination and explore all the opportunities available.
  4. Customer referrals are an effective approach to business growth. This is a very handy technique, particularly as it addresses the issue raised in the first point we discussed. Whilst keeping your customers satisfied and content, you can effectively turn them into salespeople themselves by actively spreading the word about your company through them. Note the word actively, however, as it’s not enough to simply rely on the assumption that they are doing this efficiently; you must actively seek referrals. After making a successful sale, why not ask your satisfied customer if they know of anyone else who may be interested in your services? Another method may be to promote a refer-a-friend campaign, offering discounts or prizes for every other client someone brings to you.
  5. The delegation of tasks increases efficiency and leads to business growth. As a company grows, it becomes increasingly complex, meaning that the lines between each person’s responsibilities and duties amongst the workforce can become blurred. It often seems like people are doing other people’s jobs and vice versa – this is something every CEO and other leading executives have to address. The delegation of specific tasks amongst individuals guarantees increased efficiency within a business and will benefit everyone. And through delegation, the leaders of an organization can focus on the most pressing issues that require their undivided attention, facilitating the process of business growth.

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