10 sign that your business needs growth strategy on priority!
Most of time entrepreneur struggle to grow their business. Sometimes they complains that their overheads are sky rocketing and competition is increasing but they are not able to sustain their profitability.
Widely accepted solution is grow your business. How ?
Profitability can be increase through
1. By increasing profit – You can increase product prices so your per sale contribution can increase.
2. By increasing sales -You can increase your sales through offers,bundling products etc.
3. By reducing operation cost-You can reduce the operation cost by automation,outsourcing etc.
To grow any business much needed two factors are a. Investment b. Acceptability by customers
You are reading this blog post it indicates that you want to grow your business and want to create something great for society for many years to come.
I am sharing the indicators that will help you to access the right time to know that your business needs the growth strategy on priority. You must have seen many businesses nearby that become history due to neglecting growth signals.
1.All-time High customer churning rates-Customers are preferring your competitors.
2. Profits are touching bottom-Your profits are stable or reducing.
3. Sales are going southward-Continuous decrease in sales.
4. Senior team is constantly facing Problems- Senior team is struggling to keep business running only.
5. Senior team lost Passion-Senior team is demotivated or loosing trust withing themselves.
6. Employees keep repeating the mistakes-Employees are repeating the same type of mistakes.
7. Competitors aren’t talking about your business-Competitors are nit feeling any threat from your business.
8. High employee turnover-Employees are leaving your company.
9. Investors are not excited-Investors are not considering your proposals.
10. Not able to launch new products- Your company is not able to launch any new product or improved version.
How you can develop growth strategy,what are the factors which motivate the team and excite the customers etc. To start with I suggest you to go for your business’s strategic operational audit to find out he drivers which can pull towards growth. In normal circumstances business growth can achieve through
1. Starting high growth business- Low capital high risk
2. Merging with existing successful business-Low capital,low risk
3. Purchasing successful business- High capital,low risk
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