GROWING A BUSINESS IS LIKE GROWING A BABY-WHY?

Managing a growing business

Referring to your business as your baby is not uncommon. In fact, many well-settled businessmen claim that managing a growing business is even more difficult than raising a baby. This comparison sounds far-fetched, as a business and a baby – a real human child are two completely different things. Comparing something which is meant to generate money with a human child doesn’t cut it. However, the reality is that managing a growing business is just as difficult as raising a baby, if not more.

Children need all the love and care in the world from birth to adulthood. Even slight neglect in the nurture of a baby might produce adverse effects on his personality. In the same way, from start-up to grownup, businesses require a lot of meticulous thinking and attention to make them thrive in a world full of competition and hardships.

Parents plan a lot of things from the start even before the baby is born. They make sure that the baby is well cared for and the environment it is going to live in is satisfactory; parents think of each and everything. The same goes for the business. If the initial start-up and growth of a business are good enough, it means that it can thrive better. You need to adequately understand the market research, funding, business structure, locations and government policies from the very beginning.

Tips for Business Growth

New businesses are often seen being devastated in the beginning when they do not see apparent growth. While luck is an important factor, the most essential thing in any business is applying intelligent thinking and taking hold of opportunities you see. Selecting profitable opportunities and attracting them your way is just as important as one needs to apply certain business techniques for growth.

There are many ways to increase business growth; here are a few tips:

1. Research, research and more research

For any new business, as well as old one, research can feel cumbersome, but this is necessary. Remember all the parenting books, YouTube videos, and parent support groups that you painstakingly went through before the birth of your baby? Even after your baby is born, the required guidance intensifies, and you need more books and help. The same goes with your business; whether it’s your marketing strategies or the competition, research well, and you already have leverage. It’s going to help you strategise and also plan your revenue accordingly.

2. Keep up with the times

In the era of technology, having a digital presence is as essential as having a physical office, if not more. There are endless examples of people running a fully-fledged business from the comfort of their homes. Without a digital presence, business growth is limited. Digital marketing ensures that your business reaches the people who require your services. If you have done it right, you can make your business reach unimaginable heights on a local as well as international level.

3. Decide your business model

You need to be really sure about your goals and aims. Do you want a widespread clientele and penetrate deep into the market, or do you want a few loyal clients who guarantee you a business? A lot of this depends on the type of business as well. Are you aiming for expertise or diversity? You must answer all these questions before starting your business.

Plan your revenue in a way that guarantees you minimum risks. You do not need to throw your investments in every opportunity that comes your way. Think out each option and analyse and evaluate it properly. However, overthinking can cause many good opportunities to lose charm; hence, making wise decisions at the correct time is crucial for growing a business.

4. Customer service matters

Whether you are a small home-based business or a large multinational company, your customer service should be top-notch. When a customer is satisfied with the interactions with your business, he becomes loyal to it. Even if he finds better products through some other sources, he’ll keep coming back to you just because of your customer service. Furthermore, bad customer service guarantees the customer won’t be coming back, even if your product is good. In addition, the bad review he might spread may become alarming for any other potential customer ruining your business reputation.

Is Organic Growth Good?

There are numerous business techniques for growth. Some business analytics say that focusing on organic growth is the way to go, while others claim that mergers and acquisitions work best in growing a business.

Many people claim that organic growth in a business, even though slow, has a better return on investment—the longer ROI guarantees better access to capital and a larger market share. Moreover, organic growth in a business is influenced by factors such as customer service, promotions and product lines.

In short, organic growth in a business requires it to be well orientated with its growth and revenue generated. While organic growth may take your time and expertise, it also strengthens your business in the long run.

Managing a Growing Business

Parents can testify that their social network grows tenfold as soon as they have a child. You now have your children’s and their parents’ various playdates as your contacts. Not to forget the endless list of teachers from their multiple grades.

In the same way, networking is an essential component of growing a business. One of the best ways to increase business growth is by having a networking system because it keeps a business updated with new trends and provides opportunities and insights. Networking makes your business ‘seen’; it gives you publicity, which is considered one of the best business techniques for growth. 

Foundation of a Business

From start-up to grown-up, a business requires fast-moving strategies and focus, which is at par with the moving market situations. Managing a growing business requires just as much work as the initial start-up, if not more. You have to make sure that you have achieved all the goals and aims that you have set up at the initial stage. The initial profits might take you overboard, but it is important to be grounded and make sure that receivables and payables are kept in check. So free up yourself  and get your business managed by availing  BP4u Solutions’ Business Support Services and let us do the job for you!