5 Factors that Affect the Company Growth
Stellar products. Top-notch customer support. Competitive pricing. These are essential ingredients behind company growth. However, there are several abstract factors, the absence of whom hinders the growth of your business.
These factors are:
#1: Loyalty of your customers
In most business strategies, nearly all the focus is laid on bringing in new customers. While increasing the customer base and building brand awareness is important, your existing customers should not be ignored. Explore avenues that help you win their loyalty. Leverage the potential of add-on sales, referrals, and consumer loyalty reward programs to keep your current customers engaged.
#2: Using technology smartly
Technology acts like fertiliser for businesses. You can tackle more tasks effortlessly, save additional labour costs, and streamline processes by using the right technology. When in doubt, turn to technology to make your life easier.
#3: Employee upskilling
Business growth is not a solo attempt. You must put in efforts along with your team to achieve desirable results. For this, your employees must have a standard baseline of knowledge that they cultivate for their own growth. When your team grows, your business grows automatically.
#4: Social responsibility
There’s no direct relationship between social responsibility and the growth of your company. But think of it this way, you reap what you sow. When you adopt policies of social responsibilities, you create an impact in your community. This sends out a positive message to your customers. For instance, June 5th is World Environment Day. Plan a tree-planting drive, especially if you are a millwork company. This way you will give back something meaningful to your community, and your customers will be proud to do business with you.
#5: Leadership
The flowers that you see blooming in spring did not grow overnight. The growth started way below the surface, during bleaker months. Think of your company as a flower. The roots need to be strong in order for it to bloom to its fullest. How your employees perceive the top management and the mission of the company determines their motivation to assist you in meeting your goals. A leader must pave the way for everybody’s success.
An organisation with a balance of these five factors, great products, and excellent customer service will succeed during both high and low tides.
