Business growth is what every company seeks. There may be varying perceptions why it is important, but it remains the golden goose that offers to lay golden eggs indefinitely. Some business owners and CEO’s diligently pursue growth strategies as indicators of success. Even if it is an increase only in the monthly revenue, many business leaders are mistakenly mesmerized by the larger numbers. However, the longer term success of a company depends on growth of other numbers, such as the client base. The growth of a satisfied client base increases the power of marketing by word of mouth, which is unarguably the strongest form of advertising. At UBD we prefer to use the size and increase of the client base as a primary indicator of a thriving business, that also has a bright future. The following are additional factors critical to success in business growth strategies.
Business Growth through Management
As you grow your business the quality of the management team becomes more important to the stability of the company and to achieving its goals through a growth strategy. Without management team development the company is merely assuring a maintenance of the status quo, which is challenging only in a downward turned economy. Otherwise, it is the easiest aspect of managing a business. The real test of a manager is how he handles growth of the business.
Protocols and Processes become the manager’s best friend during periods of intense growth. Protocols are the templates for making decisions in predictable circumstances. They ensure sound decisions are made every time a process reaches a fork where a decision is required. Protocols allow the same solid decisions to be made regardless of the individual making them, if the protocol is followed. Processes, on the other hand, are the actions of business. They are defined and predictable as well. However, every process reaches points where it branches at a decision fork and has the potential of spawning two or more other processes. This is where protocols assist to produce the right decision, spawning the processes necessary for achieving the goals set by the business in its growth strategy.
Business Growth through Marketing
Marketing is the second arm of a business, along with Management. It encompasses many areas that are often mistakenly considered as separate in their own rights. You find this espoused by those who do not think either broadly or deeply enough to perceive the larger context of marketing in business.Marketing includes such areas as Public Relations, Advertising, and Sales. PR involves Brand Management, which means Brand Awareness, Brand Reputation, and Brand Reputation Repair. Brand, here, means at all levels of the company. The company itself is the largest level in Brand. However, product lines and products themselves can be seen as Brand. Advertising does affect Brand Reputation, but it is not the chief purpose. Advertising is the presentation of an offer by the company to the target demographics with a target message intended for them. Sales is the application of that offer to particular potential and actual clients.
Factors Critical to Success in Growth
Business growth is often attached to the success of Marketing or more specifically Advertising. However, with an unprepared management team business growth cannot happen. Not only will growth not happen, but the company will lose business if their management team is not trained for the growth the company is trying to achieve. This is why at UBD we examine both Marketing and Management when estimating the cost and speed of growth.