Growth Ideas for Traditional Businesses
Staying ahead of the time is something every business wants to do. Each type of business is required to take care of various aspects on a recurring basis. These aspects are nothing but different things that businesses should be working upon for survival and growth. Traditional businesses face this problem more often as to what they should do for continuous growth and survival in such a dynamic environment. These businesses always have the question of what to do next.
The following are some answers to ‘what to do next’ to keep your business running and growing.
1. Knowing your industry: This point is about gathering the complete idea of the industry you are in. You should know about the trends, major players, most profitable products, most saleable products, major investments, business strategies of competitors, and many other things. Being aware of these factors will instinctively make you take more effective decisions.
2. Planning and goal achievement: As rightly said by Koontz & O'Donnell, “Planning bridges the gap between where you are and where you want to be”. Proper planning and goal setting along with a deadline will always keep you up and motivated to do work. It will also keep you posted about what is to be done next. As planning includes back-up plans for forecasted problems, therefore, it will serve as a guide in case of downfalls.
3. Increase your product line: This point is directly connected to growth. Introducing new products in your portfolio will not only increase your revenue but will also attract various new customers, markets, and industries. Further, it will help you increase your reach, while indirectly marketing your other products.
4. Go online: E-commerce might be your biggest competitor, but imagine having a merger with it. Going online will open a whole new world of opportunities. It’s not only about listing yourself on amazon or any other e-commerce website but there are also other ways like having your own website, Instagram page, or an app. Either of the things will help you in marketing, reaching out to new customers, and staying connected to them whilst also creating a brand value.
5. Use software wherever you can: Softwares are a true gem. Switching onto one would not only ease out your tasks but will also help you in keeping everything organized and recorded. Traditional businesses avoid spending on software to keep their costs low, which definitely is strategic and smart but unfortunately not realizing that you are the person taking the burden of everything. All-in-one management software is enough for traditional businesses to start with. Usage of software at the end of the day will add a little more time to your business hours, making you more productive, along with increased efficiency.
6. Work with top minds: “What matters is the quality and not quantity”. This quote applies here as well. You should recognize and hire the top talent around you. Good education and knowledge are a must for a traditional business as there are a lot of opportunities for the business to explore, and a person who is good at his function can really change the complete outlook of the firm.
7. Start manufacturing: Manufacturing is more of the future than trading is. Though seeking a huge investment in terms of time, money, and efforts, this is a long term strategy for advancing in a particular business. Getting into it will allow you to create your own brand, give you full control over inventory, and will help you provide better quality products. It will also make your cost-effective and would give you an edge over other competitors due to their inability to produce. Also, it would be comparatively easy for you to sell as you already know your customers due to your trading business.
In this world of Globalisation, staying ahead of the pack is crucial. The above points will help you make your game plan stronger by giving you an upper hand over your competitors in all ways. With the above ideas, you cannot just survive international trade but could also grow from the same.
