BECOMING TWICE AS TALL: TIPS FOR BUSINESS GROWTH IN THE NEW YEAR

Holidays are fast approaching! The year is gradually coming to an end and entrepreneurs are trying to round up businesses for the year. This period comes with thoughts of how much your business thrived and how you can grow your business in the new year. Defining your business growth isn’t exactly easy as there is no single yardstick to measure business growth. This is because there are several areas in which a company can grow using various metrics. For instance, if there was an increase in sales and number of customers but not in brand awareness especially if most of their customers are gotten through word of mouth and referrals. This doesn’t mean the business didn’t grow.

The success of every business depends on how much it is willing to grow. Regardless of what area you are trying to develop this new year, here are some useful tips that can aid your business growth.

1. Measure your growth: Firstly, it is important to continuously measure your business growth. This helps to know what area you have improved over time.

Some of the ways you can measure growth can be;

• By checking your financial statement: One sure way to measure your business is by continuously measuring its growth financially. This helps to know if you are making a profit or loss.
• Keep track of your new customers: Knowing how many new customers you get is a good way to measure your growth. It also helps you predict how much you can grow as time goes on.
• Observe your customer’s satisfaction: If your customers are not satisfied with your service or product, they won’t patronise again. It is important to place priority on your customers’ satisfaction because this is what determines the success or failure of your business.

2. Analyse your competition: To grow your business, you need to study and learn from your competitors. Get to know what they are doing right and also what they are doing wrong. This helps you learn from their mistakes and as well know where to improve.

3. Identify opportunities: It is important to identify and seize opportunities when they come. Seizing opportunities can be as little as using a certain trend on social media to promote your brand or building on the weaknesses of your competitors. Whatever the opportunity is, it is necessary for you to identify and use it to your advantage.

4. Form strategic partnerships: Partnering with the right companies opens the doors to a lot of opportunities. It allows you to reach a wide range of customers quickly. Finding partners might not be as easy as it sounds but finding partners that complement your brand helps streamline your search and as well helps provide better services for your customers.

5. Develop a business strategy: When trying to grow your business, it is important to set goals in every area you want to develop. But it doesn’t just stop at setting goals. You have to come up with strategies on how to grow your business. This helps transform your goals into achievements. Your strategy should be developed based on the area in which you want to grow your business. Some of the areas you might want to grow could be more sales, higher revenue, number of customers and even brand awareness. Regardless of what metrics you want to use in achieving growth, a proper strategic plan is required. This can be referred to as the first stage of business growth.

6. Be consistent: Consistency is essential in growing a business. Consistency creates a positive impression in the minds of your market audience. You have to keep providing services in order to keep your brand in the mind of your customers. No customer wants to patronise a business that won’t be available the next time they need it.

Try out these tips and let us know how helpful it was in growing your business in 2022. Gracias!