Continuous business growth is critical for every business to thrive. However, often it becomes very hard. In the first place, business might stop growing. Due to fierce competition or economics changes. While there are many ways for a continuous business growth. Each business is unique. Hence, following steps are indicative only.
Finding the Next Growth Area
• First option for continuous business growth might be to expand into new markets. Selecting the right market is critical here.
• Second way is to expand vertically, which means businesses can extend their service or improve their product.
• Third, horizontal expansion can be the answer to continuous business growth. That is, introducing new product or services.
• And continuous business growth can be achieved by boosting revenue. With increase sales.
• Including increasing the profitability of the operation by minimizing costs. This can be the way to contentious business growth.
The Hidden S-curve
According to Harvard Business Review, in today’s economy and ever-changing market trend, a continuous business growth lies under three hidden S-curve.
• The first one is the basis of competition, which means the way winning occurs in the industry. analysing this curve, business can shift their competition long before the actual success of a business might peak.
• The second hidden s-curve is called the distinctiveness of capabilities. In other words, finding the uniqueness in the marketplace.
• Finally, the third s-curve is Talents! When business starts to grow, often companies overlook nurturing the top talents. As a result, talent starts to wear out, much sooner than the actual business peaks. That disrupts the continuous business growth.
Keeping Growth in Check
In the first place, business starts generating more sales. It can be tempting to spend more money. This may be on increasing resources. Such as hiring more staff to handle the new business growth. The growth phase that should have resulted in higher profits. Indeed could easily turn around and cause a cash flow problem. In the instance if the business growth is not in check.
Be a Leader
The leading companies across businesses have leaders who lead the way. Sometimes change in leadership is the answer to continuous business growth. A change in leadership can bring the right leader. Therefore, a new leader will asses the degree of risk and failure associated. And will implement necessary changes to keep up with current trends. Thereby bringing innovation to the business.
What is the secret to Continuous Business Growth ?
The secret of continuous business growth in today’s economy is:
- “Listening” to your customers or clients.
Your most precious assets are your clients or customers. They are the reason your business exists.
The Importance of Listening?
“Listening” to your customers or clients is important. For the simple fact. You may be pleasantly surprised by what they tell you (i.e. feedback).
The type of feedback you receive can be any or all of the following:
- They will let you know if they like dealing with your business. By the same token, they will tell let let you know if they don’t like dealing with your business.
- Secondly, they will give you their feedback. If they consider your products or services don’t meet their specific needs.
- Further, they will tell you the level of satisfaction they have with your competitors.
- Moreover, they may provide you with important information. That can contribute to the overall success of your business.
Remember: You can make it easier to achieve your business objectives. If you “listen” to your customers or clients and “understanding their needs”.
Seek Your Customers or Clients Point of View
It is vital to the success of your business and its growth. That you take the time to seek your customers or clients point of view.
This means “talking“ to them and asking some questions. The most obvious questions to ask are:
- Firstly, what is the main reason for doing business with us?
- Secondly, are they happy with your products and services?
- Thirdly, what are you doing “right”?
- Finally, what are you doing “wrong”?
Seeking your customers or clients point of view involves:
- Firstly, talking to them via Customer Satisfaction Surveys.
- Secondly, talking to them via Social Media Monitoring (i.e. FaceBook, etc).
- Thirdly, talking to them each time they call your place of business.
- Including, talking to them each time they arrive at your place of business.
- And talking to them at the time they decide to “stop doing business with your firm“.
How to Understand Customer/Client Satisfaction Surveys
Customer Satisfaction Surveys. If they want feedback from their customers or clients. They are a very good way of gathering feedback from your customers or clients.
Keep in mind these types of surveys don’t allow for any interaction. However, the insights they offer you and your team. Can be incredibly valuable.
If you consider conducting surveys of any type. In general, you should target your past and present customers or clients.
Effective use of your surveys should give you:
- Feedback of how satisfied your customers or clients are. With your product quality and your customer services.
- Feedback as to what motivates your customers or clients. To continue buying your products and services.
- Specific feedback from your customers or clients. That you can turn into a suitable action plan.
- Objective feedback rather than just good feedback.
- Reasons your customers or clients continue to do business with you (i.e. the whole point of the survey is to get honest responses).
It is important to remember. However, your surveys should establish:
- What additional products or services your customers or clients “want“?
- Do your current products or services satisfy their “needs“?
Reminder: Your Customer Satisfaction Survey. Is important. Many business owners and business managers. View the survey as being the lifeblood of their business.
In summary. You can complete the Customer Satisfaction Surveys yourself. Or you can “hire” an expert business consultant to do the surveys for you.
Moreover, successful business owners and business managers “listen” to:
- What their customers/clients or prospective customers/clients want;
- The time they want it; and
- How they will pay for it.
Contact Us Today
If you need help with conducting Customer Surveys. Please call our “consultants” today on 1300 4 SINGH, or simply click here to send us your question.
DISCLAIMER: This blog post is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.