Making a success of a business in the long term means having a strategy for growth. Without such a strategy, there’s a risk that you’ll expand in the wrong way, and have to go to the hassle and expense of a restructuring later on.
So, what features might comprise an effective strategy for growth? Let’s take a look at some of them.
Acquiring businesses
When trying to grow your business, whether it be nationally or internationally, acquiring and merging businesses can be a very effective strategy. Especially when companies operate in similar fields that compliment each other and thus result in greater financial strength as well as add to market share.
Hiring and retaining quality employees
The people who work for your business will determine its success. Hire talented, dedicated, industrious workers, and install them into the right positions, and your business will have a chance of thriving.
A good recruitment policy should have clearly-articulated procedures for vetting potential recruits. But in most cases, it’s easier to retain the staff you already value than it is to recruit new members of the team.
Offering incentives to drive recruitment
Your would-be recruits will be drawn in by a generous salary. But there may be other perks you can offer to tempt those high-value candidates. You might offer them the ability to work from home, as well as flexible hours. Many workplaces have demonstrated the productivity advantages of four-day work weeks, for example.
If your employees are expected to do a lot of driving, then a company car is a worthwhile perk. Offer high-value vehicles, and you’ll have a better chance of appealing to high-value recruits. You can protect your company asset with insurance products such as GAP insurance. You may ask yourself: Is GAP insurance worth it? That will depend on the kind of car you’re insuring, and the extent of any future depreciation.
Database Management Tools
The larger and more complex your operation, the more difficult you’ll find it to manage with traditional notebooks and spreadsheets. A customer relationship management system might help you to clarify and organise your customer data, and ultimately deliver a better experience to your customers.
You might install a similar solution to deal with your HR needs. The more employees you have, the more difficult your HR department will find it. Providing your team with the right technological tools will minimise stress, and drive productivity at the same time.
Prioritise the right areas
It can be difficult to know instinctively which areas of your business will benefit the most from investment and growth. Consider which channels are going to offer the greatest return on the investment. Make predictions, and then reflect later on whether those predictions have been vindicated. Based on this information, you’ll be able to make changes to your growth strategy going forward.
Automate in the right way
Automation is a process that will free up human workers to focus on the jobs that they’re good at and save untold amount of operational costs. It’s critical that your automate your processes in the right way – which in practice means proceeding with caution. While the right kind of automation can be a productivity boon, the wrong kind can do more harm than good in the long run.