4 Factors That Influence Business Growth
The first month of the new year is just about finished. And if you’ve been putting off seriously contemplating new business growth initiatives, now’s the time to get started. There’s no time like the present to renew your commitment to growing your enterprise.
But, before you launch headlong into your strategy, take a look at the following four factors that are guaranteed to influence business growth:
As the business owner, your attitude, behaviour and personality impact your management skills and leadership style. These, in turn, affect the way your employees perceive you, their subsequent performance and output, as well as your company’s ability to retain top talent. Taken together, these things affect employee motivation and productivity, and your business’ bottom line.
So, take the time to assess your capabilities and leadership style. If you think you can do better, or there’s data to back this up (even better), commit to participating in management training. Choose a training program that’s designed to improve your leadership abilities, so your employees are motivated to help you achieve your business objectives.
2. Human capital investment
Career growth is the reason training and development are key considerations among candidates. This is something everyone aspires to, after all. Besides, companies implement training not only to attract candidates but also because they need to ensure their staff and executives are up to date with the latest industry trends and best practices. Consistent knowledge transfer is also necessary for each employee if they are to have a clear career path – something essential to job satisfaction, employee retention and productivity.
3. Customer goodwill and loyalty
Aside from focusing on bringing in new customers for sales growth, work to increase sales potential within your existing customer base. Tap into the possibility of encouraging them to participate in new deals, loyalty and referral programmes, and add-on sales. Be responsive to requests, complaints and enquiries. Work hard on retaining their loyalty. Remember, along with the popularity of online reviews and social media, there’s nothing like word-of-mouth to make or break a business.
4. Adoption of new technology
One of the smartest ways to improve process efficiency and productivity is by investing in the right technology. Properly aligned and business-relevant technology is designed to help you achieve both short- and long-term business objectives. A good example of this is SAP Business One, as it enables you to:
- Better anticipate customer requirements
- Be more responsive to market demand
- Improve decision-making capabilities
- Generate customised reports
- Access critical company data from one source
So if you’re in the market for some technological enhancements for your business, get in touch with us so we can assist you in growing your enterprise.