United Kingdom’s Office for National Statistics reports that about 6% of firms with a turnover between £1 and £2 million every year in 2011 grew to achieve a turnover exceeding £3 million in 2014. Many other businesses successfully scaled-up their operations as well, but the growth was not as strong. Overall, the growth has been strongest in Scotland and England. The highest proportion of fast-growing firms are located in Scotland, South and North Lanarkshire, followed by London.
The business growth data is satisfying, but there is a lot of room for improvement. Businesses have to find new and innovative ways to grow in a changing marketplace. There are opportunities everywhere. It is important to identify these opportunities, develop growth strategies, and decide the right time to step-up.
Growing the Business and Taking It to the Next Level
This report published by Inc.com says you should increase your operations if the business is profitable, you have a loyal customer base, a strong team, if your market is growing, and when you have a good cash flow. According to Corporate Business Solutions, the correct time for scaling up is different for each business as it depends on a lot of factors. Consultants can carry out a deep audit, analyse the strengths and weaknesses and market conditions and come up with the right strategy of taking the business to the next level.
Top Ways of Growing the Business
- New Ways of Selling – By developing new sales channels, you can diversify the brand and attract more customers. Use technology – the web, social media, and video. Maybe even the television, newspapers, magazines, and billboards. Diversify and strengthen the sales and distribution networks.
- Introduce New Services and Products – Add new products and services that add value. Perhaps items, which will complement what you are already selling. You will generate new leads and also improve customer satisfaction.
- Reorganise the Business to Serve Customers Better – Strive for excellence always. Think of new ways of how you can make your customers happy. Give that ‘WOW’ feeling by improving every task, from how you answer phones to how the collections are handled.
- Reduce Business Costs and Expenses – Cut unnecessary costs so you can spend the saved money in more productive areas. See whether you can find suppliers that can save you money, without compromising on the quality. But remember, it won’t be wise to reduce costs, just to increase your profits. This approach will never work in the long-term.
- Expand to Other Geographies – The world can be your market if you are up to it. Find cities and territories where there can be a demand for your offers. Come up with a strategy to introduce your products or services. The right plan and approach can give you good dividends.
Keep a keen lookout for economic signals within your industry. A smart business should be able to detect them and formulate a plan to grow. Often, as a business grows it is wise to invest in data analysis software from reputable companies such as CAMO, as it will allow you to cope with the increase in marketing data received. Also, the service offered by business consultants can be extremely valuable for businesses. They will help you detect the areas of growth, make your business ready to leverage the opportunities and formulate strategies best suited to your market and organisation.