Growth is fundamental for any business`s existence and survival. According to a study conducted in 2017 by IBM Institute for Business Value & Oxford Economics published in Forbes, around 90% of Indian start-ups fail due to lack of innovation, technology, and unique business models.
Although these numbers are more or less the same across most industries, the data highlights the importance of a growth strategy in a business.
Check out 7 key business strategies that will help you grow your business:
Bring PPT in Repeatable Business Model
If you think PPT is an abbreviation for PowerPoint, think again. PPT here stands for People Process Technology. Every successful business has a competent team that is process and technology-oriented.
- a) PEOPLE- A successful company makes a profit with the help of an efficient team that is a process as well as technology-oriented. Hence, hire people who work on processes and are technologically driven.
- b) PROCESS- A business strategy that is accurate, consistent, and efficient is required to run any organization smoothly. Your business model should give accurate results, persistently at a rapid speed.
- c) TECHNOLOGY- As technology is getting advanced with each passing day, constructive use of it can take your business to a large scale. A technology-driven business strategy can help you achieve your goals at a great speed with less manpower.
Make RBG Dashboard
‘A dashboard needs to be in the light, focused on K`s in the Key Performance Indicator (KPI)’. Make a dashboard to review the performances of every department in your company. Ensure that every employee in your department is aware of his job role and goals. This business strategy will help you keep a record of every department along with their performances.
CGP Safety Trinity
Cash, Growth & Profit! The combination of these three factors can help to grow your business. Hence, it is very important to see the CGP data for the current month, last quarter, and year to date to come up with a successful business strategy.
Form a CEO`s Team
It’s never a 100 meter-dash, running a business is a marathon. When there are multiple things on your mind, it is hard to focus on growth. Thus, pick up your key performers and make a team that can manage the office in your absence. They can attend meetings, do planning, resourcing, and can also manage the workplace. This way, you can focus on growth, make innovative strategies, and come up with future business opportunities.
Invest in a Good Productivity Tracker
A productivity tracker is an excellent way to keep track and boost the productivity of your employees. It detects and analyzes distractions that may interfere with work.
Reports generated through a productivity tracker can help identify potential productivity issues, increase productivity, employee performance, and allow real-time monitoring.
Main thing v/s Multiple Things
Multiple things take away too much time and can push you off the main goal. Thus, create a ‘things-to-do’ list with important things placed on top and less important things at the bottom. A successful business strategy is to stay focused on the main activity, execute the plan, and finish it on time to drive results.
Restructuring the Business Model
Passive income is a must, because you may retire, but your money will never retire! Passive income will help you generate business from anywhere and anytime. Hence, restructuring your business model is important to grow your income.
Many businesses do not sustain in the long run in the absence of a successful business strategy. If you want to grow your business read about our problem solving courses that are available on our website.