By Julia Mitchell Career & Finance Writer 8/23/2021
Now that your company has been in operation for some time, you may be ready to take it to a new level. Growing your business needs to be a holistic process, however. It’s not just a matter of finding new clients — you need to expand and enhance your company in ways that will support these clients. And growing your business isn’t only about duplicating processes on a larger scale — you may sometimes have to make some managerial changes to keep growth sustainable.
Think about growth.
There are different ways companies can grow, expand, or develop. According to the Ansoff Growth Matrix, a business can expand in terms of either product or markets. This means, on one hand, you can think about how to develop or diversify your product, or on the other, you can focus on expanding your market demographic or reaching deeper into your existing target demographic. This latter is generally considered to be the least risky growth method. When it’s time to grow your company, consider which of these approaches might be best for you. This will depend on capital, location, competition, and demographic, as well as on shifting global or local demand.
Have the right team.
In the earliest days of a startup, you probably hired professionals who were equipped to do the tasks needed to get your company off the ground. Now, it may be time to reassess your organizational structure if you’re going to take your business to the next level. This might mean promoting employees to management positions, expanding some teams, and taking on additional hires.
Moving forward, your team should be made up of individuals who all communicate with and support one another and who are invested in your company’s mission. Having the right team is crucial to business growth, so take some time to be sure you have the right people in place.
Evaluate your marketing.
The marketing plan that got your business from the idea phase to the reality phase might not be the same one that will get you into the growth phase. You may need to invest more capital to achieve a wider reach, or you may need to consider different media platforms, depending on which clients you are trying to reach. You may even need to hire a new marketing manager or contract with a marketing consultant.
Maintain customer relationships.
While expanding your marketing is crucial, earning ongoing loyalty from existing clients is no less important. In fact, the enduring success and profitability of a company often depend on business from returning customers rather than new ones. Follow customer service best practices to keep your clients happy so you can build a long-term relationship. Also, get comfortable using Salesforce or other helpful customer relationship management (CRM) software so you are able to track the customer lifecycle and be aware of important data.
Upgrade your tech.
This is another area in which growth may require an overhaul. Tech and devices that worked for a smaller company may not suffice to carry the project load of a larger one. Consider investing in software that will streamline your processes, too. Communication and organizational apps and software are essential so you and your teams can all be on the same page and together maintain a big-picture view of the company’s status. Having systems and software that can be integrated with one another will also help keep the big picture in view. Consider investing in sales and accounting software, too, to avoid errors and stay organized.
Other changes to your business.
Sometimes, as your company grows, other changes are necessary. You may need to upsize to a larger brick-and-mortar space. You may even need to change your business name, depending on shifts in products and offerings. Don’t forget that whatever alterations you make need to be noted in your annual report. Failure to do this could lead to steep penalties or even to being shut down.
Company owners taking care of documents and paperwork can access various notary services via American Notary USA, so make sure to learn more. Don’t forget: Your business is a lot like an organism. This means growing in one direction will depend on your capacity to sustain that growth across your business. Thinking about it this way and maintaining that big-picture view of all these components will give you an advantage when it comes to achieving your new goals.