Five Tactics Followed by Global Companies for Business Growth
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It is said that 8 out of 10 businesses fail within the first few years of starting up. There are a lot of reasons that can contribute to the downfall of a business in the initial years. The primary reasons are, lack of proper market research, failing to have a proper business plan, having too little investment, and bad marketing can further contribute to the death of a business.
However, even if you manage to keep your business alive by covering all these odds, it does not necessarily indicate successful growth of your business.
There are many tactics and practices that businesses can undertake to bring growth. One best tactic is to look into the work practices of the successful businesses around the globe and examine what they are doing to bring constant growth year after year. No doubt, the big companies out there having lots of resources and capital to test and implement tactics that work well for the business, something with which budding businesses lack. But looking into the tactics of successful companies and implementing them on a scale that is feasible for your business can surely benefit in the growth of your business.
To give you a better perspective, here are the 5 business growth tactics that successful businesses follow to achieve high growth year by year.
Employee Satisfaction Should Be Your Number One Priority:
Employee satisfaction at the workplace is the single most important factor when it comes to the growth of any business. Even though the high salary is one way to satisfy employees, but it is not all that can be done.
Let’s take Google for example. Google does offer its employees with high salary and also provides a work environment that not only increases productivity but also helps employees to take care of their physical health and have some peace of mind as well.
Also, being a company that gives importance to innovation, Google also allows employees to take as much as 20% of their office hours to work on innovative projects of their own which again increases employee satisfaction by allowing them to bring their creativity and intelligence on to the table.
Consider Existing Customers is Your Most Valuable Asset:
It is important to consider existing customers, well, more than just customers. Happy customers are the best mode of marketing and happy customers come back for more. And more importantly, happy customers can help your company grow by offering pieces of advice and valuable feedback.
It is said that trying to find new customers can be about 5 times costlier than getting existing customers to come back and very few companies actually try to keep existing customers happy.
Out of the companies that do try customer interaction, IBM is a great example. The “Operation Bear Hug” was a popular tactic implemented by IBM where the top 50 IBM executives visited at least 5 existing customers in a week and reported back to then CEO Lou Gerstner. The objective was to find new product opportunities from existing customers and to keep a positive relationship with existing customers.
Get Fresh and Skilled Talent into the Company:
To succeed in today’s business world that is full of competition, skilled and fresh talent is super necessary. Having a talented and encouraged workforce and offering them the best working environment can take any business to a higher level of growth.
Take the case of HPM Chemicals & Fertilizers Ltd. the company is always open to bring fresh talent and the hiring of a new sales & marketing president was well enough to improve and further add to the already present 27% growth of the company.
Not just bringing fresh talent into the equation, but having an existing workforce that can adapt to the changes that a business may have to adopt in the long run is equally important as well. If the workforce in a company does not adapt to growing demands and responsibilities as a business grows, then the growth of the company will surely stall.
Be an Active Part of the Society:
Social interactions are as important as customer interaction. Being a part of social activities that promote the collective good of the society and its people will bring more interest and trust in your company which will benefit the business very much as it grows. Many global companies have for years invested part of their revenue to social causes.
For example, the Coca-Cola Company runs the Coca-Cola Foundation, which since 1984 has donated over $820 million for the sustainability of the communities worldwide and is committed to spending one percent of its yearly income for social donations.
Slow and Steady Innovation:
Talking about business growth without talking about innovation is not possible. The common mistake that most companies do is that they hurry in innovation in the process burn their existing business as well.
In order to successfully bring innovation that helps in the growth of the company, it should be made sure that enough time is given to properly design and implement the innovation so that it does not look hurried up and less interesting to both existing and new customers.
Apple is one of the best companies to talk about when discussing strategic innovation. The slow yet steady level of innovation is what makes Apple the most valued tech company in the world. A close look at Apple products makes it very clear that even though they take time to bring innovation than their competitors, the products are well-designed and serve well to both existing and new customers.
Properly thought-out innovation not only helps improve profits for the company but also helps in building a loyal customer base which is very much important in the long run.