Are you a business owner, small size firm owner? Still in doubt if your company could grow? Or do you lack the knowledge about what it takes to grow your company? This is the answer to your fears.
Many business owners today before launching their business or company once had a thing in mind “Growth’. Yes every business owner always plans to grow his business in the near future but was faced with the challenges of stagnation. Maybe some stagnant businesses never thought of what the word Growth means. Whatever the case maybe every human has the tendency to grow. So realizing that you are not growing, you have to learn how to get growing, maybe take in good nutrients, fruits, meat dieticians as well as growth hormone injections. And at the end even if you will not look as grown as the normal growing man yet you must have grown to a certain level. This is what happens with businesses, sitting or staying behind and waiting for your business to grow is no help, and hence making your business a growth handicap.Many small companies have also had things in mind like “I am waiting for an investor who will invest in my business and hence make it grow” For sure many companies and businesses need investors but do not always expect to have an investor so imminent to help the company grow. To have one such investor requires a lot of work than maybe how much work you planned before even starting your own company. If you really need to get into the business or Entrepreneur success book, it is your turn, take the risk on improving your company or business measures and for sure you will certainly screw the tables.
Let’s get to find out more points on how what business or company growth is as well as how you can grow your own company to a talking world.
One big reason why many small companies do not grow is because many fail to understand what a business is all about. Many people thing a business is all about owning a shop or company and filling it with goods and waiting for consumers. On the other hand some think it is all about providing services to consumers. Of course such thinkers are right in one way or the other but in other senses; they are wrong, yes I mean wrong because maybe you can add customer needs to grow. Every business or company has the right to grow, and there is only one way out whether you are concern with providing services or products. There is only one way out, yes of course just one way and that is to dive into a better market realm; that is fore thinking, develop an objective in order to have a FOCUS point.
Many small companies usually have very limited resources which in many cases are due to their poor use of time. These small companies forgo planning and analysis of their business and rather prefer their guts. So how do they want to grow? Gut instincts is the road to poor planning of every company or business. The business plan is really important in the effect that it reports all researches and findings and for sure the main reason or reasons why the company hopes to grow. The plan of any business helps the owner of the business to think about the aims, the competition it might face from its competitors if any, the financial need as well as the company’s profit. It is wise saying that NO business plan, then more Risk hence no growth or failure, with a business plan, there is lesser RISK and hence growth.
Note that when a company comes to making profit, then it is company growth and nothing less than that.
Let’s go with an illustration.
Thinking of making your company to grow? Then, why not think of taking on a charity shop maybe around your company’s community or your locality where you maybe well-known while preparing to expand your charity scheme in future? Many small companies like this idea. They always want to get to the top before thinking of a charity scheme. For this reason every company must have enterprise skills as well as planning skill. It is all about BIG THINKINGS- FOCUS POINT. Thinking big lets you wining big.
Every great thinker controls the world around him, growing your company requires this BIG THINKING. For sure you must be hurrying to know the Focus point from my point of view about charity. It is PARTNERSHIP; yes I mean to say this is the Focus point in the case of charity scheme. What next is to plan how to carry on the partnership such that it benefits your company? Many people as well as companies will not understand why this should be called a partnership as it will only require them giving out their goods and services. Of course you will never understand until you think big. Considering you start up your charity in your company’s area where maybe you have two or three competitors in which you are the least. As soon as you startup your charity shop with the local community, indeed after about one to two weeks, you will soon realize that the local community prefers buying from you than from your competitors. Why because they feel you are generous. Already you are gaining popularity. Try a bid harder, lay a helping hand on charity firms around you and for sure they will somehow demand to partner with your company. Isn’t that partnership? It is. Wanting to still expand your partnership with other charity firms far away from your company? Then do not hesitate, just go ahead. I know many will not agree with my idea because they think charity is all about giving out for free-no gain as the called it a nonprofit motive organization. They are absolutely wrong. There is no organization without profit motive. That name nonprofit is just to under mind its workers or employees. Until you get to partner with such organizations, you will never know it do make profit, I mean grow. After a certain period of partnering with such organizations, you can go on make challenges unto them by making your goods and services more competitive and sell at a more than cover cost price.
Summarily, small companies can grow in three major ways;
- Organic or internal Growth which requires that the company or business hires more staff as well as more laborers and equipment to increase its output maybe sometimes to infinity. Every business man knows that increasing the work force of the company means an increase in the rate of production and hence an increase in the profit of the company. As such the company turns to become price influencers as well as market price setters.
- External growth which requires merging up (partnership) with some other organizations or companies as well as gaining control over other companies or businesses.
- Franchising into many branches across the country or even internationally.
There are some benefits of growing your company
There are possibly two benefits for growing your company.
They turn to be price influencers as they gain advantage over their smaller rivals. This is so because; they are big enough to set up market prices for their goods and services.
Also, such large companies usually enjoy economics of scale. This is to say that they have a lower or smaller unit cost as a result of their large sizes. They can buy raw materials in bulk at a smaller prize and sell at higher amounts either as finished goods or as raw materials. This is the major source of advantage for the larger companies. Company Growth Strategy
It is usually not easy to break into the market and grow so fast. It takes a lot of time to get to where you want to be. Many small companies usually assume it so imminent to grow and hence falling instead. By statistics, only about 1/10th of companies make it upward annually. In order to grow your company well, it is best to envision a long term success. Let’s get forth looking at the realm of a business strategy.
- Creating a value proposition; In order for your company to sustain long term growth in an environment of competition, it is wise to note why customers come to your company for its goods and services. By doing so, you can use the answers to persuade other customers on why doing business or consuming your products and services will be best for them.
- Identifying your ideal audience or customer is also a very good strategy. Remember many business men got into business to solve a problem. In this case where you have got an ideal customer, why not identify him in order to bring in all necessary forms of solutions to his problems thereby reverting back to him.
- Identifying your key indicators is another way forth. As soon as you are able to identify the indicators which affect or can affect the growth of your company, it will be wise to say you dedicate money as well as time to that part of it.
- Identifying the company’s revenue is another way out. identify the potential of new revenue streams, get it going to see if it can be sustainable in the long run because in reality many great ideas and some products do not necessary have a revenue stream.
- Get a look at your competition; getting on with the competition from competitors around you could be excelling such that your company is struggling. You have to get going looking at similar businesses making new alternative ways to succeed in order to inform your own growth strategy. You can also ask for advice. In the business world, there is no shame, keep going and asking and surely you will get to find better solutions to your own growth strategy.
- Focusing on your strength; focusing on your strength can help improve your growth strategy in some cases than trying to improve your weakness. In other words, it is sometimes preferable to reorient your strengths in the field of gunners and build upon them to grow your company.
- Investing with lots of talents; this is a big way up for your company. Usually, it is best to hire few employees and pay them well to carry on well with your company’s duties. In some cases faithfuls will keep doing the job of your company even after a cut in their pay resulting from company lost.
The Fastest Growing Businesses in today’s World
In our world today, they are lots of companies really progressing in terms of growth. Amongst them are very few which are fast growing nowadays. This is so because of what we earlier discussed above- the result of competition. It is worth noting that without competition growing your company may seem quite simple and easy and hence making the business world less valued.
In the world today, with lots of goods already consumed by many individuals who had once before desired to consume such products, it’s not surprising that their taste for such products is declining and hence paving the way for most service companies especially the social and entertainment companies coupled with high technology. Typically speaking, investment companies are the fastest growing businesses nowadays.
Some of the top growing companies include, Facebook, Dave and Buster’s Entertainment, Mobileye, Lumentum, Essent as well as Inogen and GrubHub with lots of profit makings.
You have got to hear this; “the sleeping son never wins”. It is your turn to rise up and take a focus point in your company and for sure you will screw the tables.