5 Strategies to boost business growth
In recognition of competence and employee efforts to champion the cause of business agenda, managers need to clearly strategise the visions and missions to catapult the business to the levels they envision.
The need to assess and understand the rapid and constant changes in the business environment, the need to refocus visions and targets and the accuracy with which strategies are to be knitted to produce the needed growth and development of the business must come up from a well-motivated management staff who are bent on achieving results.
The tendency for most businesses to fall out in these days of ever-changing twists and turns in every endeavour, underpinned by stiffer competitions, under-cuttings and ambush marketing, have necessitated the need to strategically place enterprises on the appropriate pedestal so that impacts such as market leadership, brand growth, sustained demand and production, as well as higher turnover may be felt.
There is, therefore, the need for managers to always strife to strategically introduce programmes that can benefit the organisation and ensure its growth and development.
In so doing, managers must also understand that whatever that may come up in the plan must first and foremost involve all and that, a bottom-up approach is the best to adopt.
Consciously, management can adopt these five strategies to boost the enterprise’s fortunes in its chosen market.
Product/ Service Differentiation
Efforts in realising the distinctive competencies in producing particular product and services must be supported. Having a unique product or service that differentiates itself from others in the market will help an enterprise take the lead in the market where it finds itself with similar supplies.
Features, designs, operating systems and span of durability all separate a particular product from others on the same market. The end result is a unique brand that satisfies customers’ demand and also rakes in the needed profits.
In addition to carving a product niche, managers ought to figure out which potential customers will be demanding particular goods and services. With that, a tailoring of the supplies to meet relationship should be employed.
This, in the nutshell, is a way to scan through various markets and focus on a particular group out of the whole spectrum of an entire market arena. Management can now focus on a particular market with special needs of goods and services that resources can actually produce to fetch the profits for the business’s growth.
The Cost Centred Strategy
To be a successful growing company, owners must find ways to cut cost. That does not mean compromising on safety and quality, but by producing at a lower unit per output in the market. This is done first by identifying where cheaper sources of raw materials could be acquired and siting the business nearer there.
Second, is by employing the minimum or the maximum number of people management can hire within the limited resources. These should also be employees who can execute tasks within the demand targets to ensure profitability and growth.
Further, adopting the easiest way of transporting and distributing finished lines falls under this perspective. This can be implemented by courting the services of a transport and haulage company and paying for only the services rendered in this regard. The end result is the alleviation of the burden in acquiring fleet of trucks every now and then doing away with service charges anytime trucks get unworthy on the roads.
The KYC Concept
Knowing your customers (KYC) is the sure way to estimate how much you are getting from them on a daily, monthly and yearly basis. A data base or profile will tell how much your business is growing and if you want to grow more and develop, the best is to keep them as well.
Management must keep them by way of discounts and sales promotions, rewarding loyalists and being interactive with thank you phone calls and letters.
Acquire/Merge or Form Partnerships
Businesses grow by joining forces with others. As resources are pooled, economies of scale result in less cost per any unit of output and this enhances production to meet demand. The long run effect is super normal profits that can equally be enjoyed.
Finding easy platforms to expand operations through buyouts also ensure supernormal normal profits that translate into a well-developed structured company.
Bolstering growth efforts and strategies entrench businesses in their markets and or industry and this allows for greater expansions and development. Managers must, therefore, scan through their strategic skills and carry out their plans and implementations well along what has been offered here.
By J. E. Crenstil Jnr/Graphic Business/Ghana
The writer is a Business and Financial Analyst
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