How to Create Grounds for Growth in Your Company
If your company wants to grow in terms of size or profitability, there are several steps to consider taking. Some are simple, while others involve risks. But all are exciting and dynamic, laying the groundwork for future expansion and increased earnings.
Strategic plan.
Every organization needs a long-range strategic plan for three to five years. Some companies update their plan every year, but this hardly provides enough time for implementation and evaluation. The plan should be arranged simply with goals or objectives supported by practical action steps. Company leaders, along with employees if feasible, should have input to the plan, since it concerns everyone.
Quality control.
A company-wide emphasis on renewed quality control is beneficial. Each department should evaluate its processes and outcomes to see if anything can be done better, faster, or cheaper. Chances are there are ways to reduce costs and improve efficiency.
Budget trimming.
Each year the budget should be reviewed by a committee or the financial director and any needed changes recommended to cut costs. Then it should be presented to the president for approval. Cost-cutting steps might include company perks, especially those that are not often used, as well as any overspending on supplies or equipment. The hiring of additional employees can be weighed against the cost of outsourcing certain jobs to see which is cheaper.
Customer service.
A survey for customers to complete onsite or online can help to identify problem areas. For example, if customers are dissatisfied with the company restrooms, which reduces the amount of time spent at the business, this could indirectly impact profits. Any negative customer experience may be transferred by word of mouth to others, costing the business potential new customers. High quality customer relations can significantly impact the rate of success.
Community outreach.
Company managers should make the effort to connect with the community. This can be done by joining civic groups or business organizations like the Chamber of Commerce. Sponsoring youth sport teams or presenting company-related presentations at schools and stores can help to spread good will and promote the business locally. Participating in festivals, fairs, and trade shows are more ways to establish a visible presence and build a professional reputation, all of which can attract more customers.
Company growth does not require an expansive investment of time or money. Thoughtful planning, company evaluation, and customer outreach are relatively easy to conduct with potential growth-oriented outcomes.
Jonah Engler is a successful entrepreneur, investor, franchise owner and coffee lover who hails from New York City.
