There has always been a lot of talk about business growth, you must grow your business and you need to grow your business. Business growth is great, we want you to grow, we want your clients and business relationships to grow as well but does it come from? Now I’ve not worked for many businesses but those I have, there have been several key elements; Routes to Market, Customer Interactions and Key Performance Indicators have been the 3 fundamental factors in business growth.
Routes to Business Growth
Businesses have products and services that can do wonders for their audiences that benefit them, you know this but do they? One factor that can impede on business growth is the lack of understanding from your audience. This can be a feature not being explained clearly or it’s dull. How can you make it sound more interesting and understandable to your audience? Overcoming this challenge can bolster your routes to market.
Understanding how you interact with your customers and how your customers interact with you is key. Obviously, you want to interact with customers at all times, that’s how you’ll make the big bucks. But your customer base might only need to purchase your product or service every now and then or they need to buy from you every week. Learning this is key to success; can you meet the demand with the supply? A great example of this is toilet paper, yes toilet paper. It is something that every home needs and is purchased weekly by every home. Brands like Andrex and Charmin have to meet the supply of their customers and have to produce lots of stock because they have to interact with their customers frequently.
Key Performance Indicators
Is your business doing well and how do you know it is? Set Key Performance Indicators (KPI’s) to assess whether your business is doing as well as it should be. The most common forms of KPI’s tend to be:
- Increased profits
- Decrease of expenses
- Increased customer satisfaction
But you can make up your own to achieve your own business growth goal. You can use KPI’s company-wide or in a specific department, you can use them to track how departments or the business is doing to fine tune and achieve the best results.