A good business can sometimes be compared to a healthy tree. A tree is solid, it has roots that provide a good foundation, it provides a home and a food source to other life forms, and a tree grows. But a healthy tree grows steadily and consistently.
Your business should have the same pattern of growth. While you might notice some leaps and maybe some bumps along the road, it shouldn’t be extreme and it should have a certain trend. So, how can you maintain consistent growth with your business, especially when you deal with other businesses as clients?
A business plan is a necessary part of any company, and you should have one in place before you even start trading. A plan is also required if you want to take out a business loan or bring investors on board to fund your business in the first place, but it shouldn’t only be an initial step of setting up your business.
In order to grow your business, you need to set achievable goals and work towards reaching them. A bad example of a goal would be to “earn a million dollars in profit”. This is too vague and, depending on your business, might take a long time to achieve, especially because there aren’t any steps to this plan.
So, break the big goals down into smaller ones and work out what you need to accomplish these goals. This makes them more manageable and allows you to track your company’s progress. If possible, set dates on these goals as well, so you know when you want to achieve them.
This doesn’t mean that you have to have a rigid path to success. Things happen in life and in business, and your plans might have to be changed or they might be delayed. A flexible business can roll with the punches so it doesn’t fall by the wayside.
For example, when the Covid-19 pandemic struck in 2020, many businesses crumbled and failed. However, many businesses also survived and were able to change their tactics to cope with the situation or, in a few cases, even thrived. Zoom, for example, became a household name and still outperforms its competition.
Sustainable Growth vs Uncontrolled Growth
One of the best reasons to make these plans and to still allow for a measure of flexibility is to make sure that you’re growing sustainably. Not all growth is good growth. If you think back to our tree analogy, one thing that was mentioned was good roots. Some plants, if they’re less healthy, can grow very long stems without having as strong a root system, which makes them weaker and more prone to collapse or breakage.
Sometimes your business might get a sudden burst of interest. You might go viral, which may lead to more sales than your company can handle. This can be an opportunity, but it can be dangerous as well.
You may hire a lot more staff quickly to deal with the increased demand. You might also invest heavily in your production line for the same reason. But once the trend peters out, you are left with a business that has much higher operating costs than you can handle, and that hasn’t grown in other ways.
So, try to build from the bottom up. Only take on significant costs if you know your company can handle them for a longer time. Ride the waves of trends rather than letting your business get drowned.
Hiring and Outsourcing More Talent
As your business grows, you will need to hire more people to take on the extra workload. But hasty hiring can be a mistake. The best hiring practices start well before the interviews. First, you need to define the role you need to be filled by your new employee. Then you need to do research into what qualifications and skills you need, as well as the market rate for someone in this role.
At this point, you can put the description out to find candidates. You should be upfront so people know what they’re applying for and you don’t get candidates who aren’t right for the role. You can use an AI to screen candidates if you have a lot of them, so you can get rid of people who don’t have the necessary skills.
From there, you need to look at the applications yourself and create a short list of people who you want to interview. You can then interview them to get to know them better and consider a trial period or probationary period where they get settled in.
It’s much better to take your time hiring than to grab the first person who comes along and hope for the best.
Another option is to outsource certain tasks and roles, which is better if you don’t need a full-time employee, but still want professional-level services.
Making More Sales Through Lead Generation
Speaking of outsourcing, one great service to consider is appointment generation services. This basically means that your sales team can focus on sales, while another company finds potential leads for you. This allows you to find more clients to work with, growing your customer base.
If you have more options, then you can choose clients who represent more profits. This, in turn, allows you to grow your profits and invest back into your company. Sales are incredibly important for the survival of your company, and even more so if you want to grow.
Maintaining Professionalism and Customer Support
As well as the initial sale, you need to make sure that your company provides a great service. Be transparent with your customers and provide them with good customer support as well as your initial deals.
This means that you’re more likely to retain repeat customers, rather than having to constantly find more to keep your business going. This is cheaper, easier, and much more effective when it comes to consistent growth.
