5 Strategies to Boost Your Business Growth

by Startacus Admin

The nature of markets and the business environment is ever dynamic. Therefore, there is a vital need to ride on the wave of these changes and create strategies that would move the business to the next level. 

Businesses fall out these days, overthrown by competitors because they failed to strategize. Coming up with viable business strategies could be challenging, we know. That is why we have prepared these five go-to strategies you can adopt to accelerate your business growth. Dive in!

1. Analyze your competitors

This doesn’t mean a swift scan of what their social media pages look like. You have to gather random consumer insights to make smart decisions about the next plan of action for your brand. 

It helps you think ahead, gain valuable insights, and outwit your competitors. You should always do an in-depth study of your competitors. Find out their strengths and weaknesses and leverage on it. Afterward, you will see clear opportunities to improve your business campaigns and product offerings. 

Here are some questions you can ask. Why do your competitors have more sales? What marketing strategies do they employ? When you track the competition, your business will achieve growth.

2. Consistently analyze income growth

It is important to have an eagle’s eye to gauge how much revenue growth you are experiencing. The percentage change in the amount of income your business achieves monthly or in a given period is the revenue growth. It can be negative or positive. There is a revenue growth formula that you can use to assess revenue growth: 

(Period A Revenue – Period B Revenue)/ Period B Revenue

You can only calculate accurately if all your sales invoices are available. Make sure to be organized and sort out every invoice to aid your revenue growth calculation. If you analyze your revenue often, you will be able to make smart decisions about product pricing, hiring, and packaging to improve customer experiences.

3. Form strategic collaborations and partnerships

A strategic partnership is an alliance between two businesses to partner together in order to benefit mutually. Partnerships can be significant arrangements like getting another business’ franchise. It can also be minor agreements like collaborating on campaigns.

Regardless of whatever business you are in, it is always a good idea to have an ally. This is because it fast-tracks growth and benefits your business in the long run. The truth is that you cannot do everything by yourself. You have to outsource sometimes and leverage strategic partners.

According to a PwC CEO survey, 72 percent of CEOs said that partnerships are vital to their businesses. This shows that strategic collaboration is an important part of growing your business.

4. Build a digital presence

We are in the digital age. We cannot neglect the importance of social media in our business strategy. Social media helps your brand increase awareness. It also enlarges your customer base and boosts sales.

You can utilize social media to create a brand persona. However, it is vital to condition this to suit your customers’ interests. When the content on a business’ social media platforms is compelling and coherent, it improves the revenue generated.

By employing the right social media strategies, there will be more leads, a boost in sales, and improved customer loyalty. Your competitors most likely use social media every day for brand building, so don’t be caught slacking. 

5. Test, measure and improve

“When performance is measured and reported, the rate of improvement accelerates.” 

~ Thomas Monson

When you test and measure the business’ result from time to time, you will improve its return on investment. 

You should track and gauge website traffic, social media campaigns, and other PR campaigns. Also, it is crucial to assess your employee’s performance to be sure they are achieving the business’ goals. You can make use of a performance review template for this.

Also, utilize analytics on social media platforms to analyze trends and generate insights. Afterward, use results to make changes and always repeat the process.

In conclusion

All these cannot happen in the blink of an eye. It takes time, consistency, and commitment to follow through with this. Whether your business is just starting or has gone a long way, the implementation of the strategies mentioned above is sure to launch your business to the next level.

Written by Lydia Iseh from Outreach Humans.

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Published on: 22nd April 2020