How to Grow a Business?

Learn business growth with the Altman family!

Case breakdown: Movie This is where I leave you:

The scene that you just saw shows 2 brothers having a conversation about growing a business. One of the brother is seen convincing the other one, about how beneficial  he can be for the business. While the other one is seen as being angry and disappointed with him. He is trying to tell his brother that he’s a people’s person and he can help him grow his business through marketing, expanding into different locations and networking.

Forecasting:

It is important to forecast the needs and trends in the market. Market would encompass the industry you operate in, competitors and customers. This allows one to have awareness of the changing markets, economy and trends. Changes in taste of the customer have a strong impact on the business. Forecasting gives you an understanding of what kind of trends will be followed in future. It also gives you an understanding about your competitors behave and what kind of strategies they are adopting.

Understand you customers:

One of the most important way to grow your business is to understand the needs and desires of your customer. There are some critical questions that a business owner needs to address are:

  • What is the challenge customers are facing and how can you solve that problem?
  • How can I solve this problem in the most cost effective manner?
  • How can I create more value for my client?

These questions are important to begin with and for growing one’s business.

Improving Customer Service:

Customer service is one of the keys for retention of customers. It is important customers’ have a great experience with the company. It is imperative they become happy with the care they are offered after purchasing the good or services. This creates customer delight and they in turn talk positively about the product or service that you offer. Hence, focusing on the quality is of utmost importance.

Digital Marketing:

In this day and age, if you are not digitally marketing your product or service, then chances of it surviving are low. Importance of having an online presence cannot be questioned. Platforms such as Instagram, Facebook, Twitter, Linkedin etc. helps you create advertisements and target your audience seamlessly. One can target different segments through various platforms.

Networking:

Similar to what the scene mentions, networking is a crucial step for growing a business. Making quality partnerships and building relationships helps in growing business. Strong networks lead to good opportunities and a fitment can be found. This helps the business to create value for the customer.

Spend Wisely:

Spending money wisely and not overspending is the key to cut costs and improving the bottom line of the company. This is a way to grow one’s business by spending and investing money wisely. Investing in advertising and marketing may not show an immediate effect but will reap benefits in future. Investing in right employees is also a wise decision that can be made by the company to help it grow.

Measurement:

To measure the effectiveness of your business, it is important to set organizational goals. Quantifying these goals and checking their conversion is important when measuring growth. Changing what’s not working or changing the way to work is crucial. Conducting webinars or social events and measuring client conversion is important check.

Business growth does not happen in a day. It takes efforts and persistence. Updating business plans, forecasting on continuous basis would help you understand the cash flows. This would help you know if your business is viable and if growth is necessary.

Written by : Ms. Gitika Chandra

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