6 Strategies for Accelerating Your Business’ Growth
6 Strategies for Accelerating Your Business’ Growth
February 26th, 2018
Earlier this month, WebMax proudly announced it recieved a Velocity 50 Award, a prestigious honor granted by the CEO Report recognizing the region’s fastest growing companies. Companies awarded the Velocity 50 Award expect to impact the Philadelphia region’s economy for years to come and provide an example of effective business execution. According to James McDonald, president and CEO of CEO Report, “Philadelphia is home to some of the country’s most innovative companies.”
WebMax itself has experienced exponential growth over the past three years and remains on a path to keep doing just that. WebMax benefited as more and more lenders transitioned to digital mortgages. Moreover, WebMax not only benefited, it impacted its regional economic landscape. In fact, since launching in 2015, WebMax quintupled its number of employees. This year, the company also plans to raise more than $2 million from investor funds.
In terms of business growth, if you or your company expect instant results from effective business methods, you may want to reconsider– success takes time. However, various business principles can ultimately catapult your business’ production. Here are some tips for accelerating your company’s growth.
According to a recent Bank of America Small Business Owner Survey, nearly two thirds, or 64%, of respondents said they wish they took better advantage of technology innovations to help manage their business. If a small business can identify a certain need, some type of technology more than likely exists to fulfill that need– both locally and globally. Not many factors stand in the way of an age where anyone with mobile phone can cheaply and quickly access technologies needed to execute their business model. For example, process automation is very quickly becoming a highly strategic enabler of business control and agility. Many benefits of the business method include reducing the number of tasks you and your employees do manually and the time in which a task is completed. Process automation is also cost efficient allowing you to accomplish more by utilizing fewer resources. In all, creating the right plan that correlates your business model and technologies can ultimately drive your company’s growth.
Successful startups often possess the ability to switch directions quickly in response to changes in the market. A quicker approach to development, both in terms of your product and your company, will help you grow more quickly. By allowing yourself to adapt and change quickly, you’re able to test different approaches and find out what works best. Many companies have found adaptability to be key in expanding its client base beyond its specific industry.
While agility is an important quality for a startup or any company, you base your actions gut feeling and instinct when you’re running a business. Planning your next step, even if that means anticipating all possible scenarios, acts as a great way to stay grounded and secure your business’ evolution. Set the foundation in place, water it and watch it grow. If you do the foundational work, when you experience growth, it won’t be that difficult to adjust, since the hard part is already done.
Focus on Your Customer Experience
Customers’ attitudes and opinions of a company can make or break a business. Deliver quality experiences and products, and they’ll quickly buzz about your praises on social media. If you mess it up, they’ll let the world know even faster. Fast growth depends on making your current and potential customers happy with their experience. Compared to large companies, small businesses are often better able to see, anticipate and respond to their customer’s needs. The most successful small businesses accomplish this advantage by bringing new, innovative products and services to market more quickly. They also do this by developing and nurturing long-term customer relationships.
Timing is Everything
To reach success, your product or service must be right in the marketplace at the right time. If you are ahead of the market, then you must possess the motivation and willingness to sacrifice and make that product or service work. Smaller businesses carry an advantage of being able to make choices and implement changes. This is because they can avoid the tiresome process of conflicting viewpoints of major corporation executives. You must anticipate your market and customers’ needs and constantly innovate to stay ahead.
Hire the Right People
Before you can consider your company’s growth trajectory, you need to have a solid staff to help you achieve it. With a small business looking to grow, it’s important to have the right players at the table. They need to be people who aren’t afraid to roll up their sleeves. The words ‘I’m too busy’ should not exist in their vocabulary. They must be dedicated to the mission. Hiring the absolute best employees you possibly can is a surefire way to ensure fast growth. Nonetheless, it’s all about having the right team.
Unfortunately, there is no guarantee for business success. It takes a combination of strategic logic and creative thinking to ensure your brand or business succeeds. However, the aforementioned strategies and tips will help alleviate some of the common misunderstandings that many businesses face as they strive for successful business growth.