Rome wasn’t built in a day, and neither are most businesses. Organizations tend to grow at different paces — it often comes down to direction, circumstance, and ambition.
But while growth may not happen instantly, there are ways to help expedite it. If your goal is to expand your business fast, using certain service providers and strategies can get you there. Let’s look at four ways to jumpstart your company’s growth.
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1. Go Global
Venturing into new markets is a strategic move business leaders use when existing sales reach capacity. It’s also effective for jumpstarting growth when there’s a demand for your company’s solutions outside your current territory. These opportunities could be close to your backyard, but don’t be surprised if they’re overseas.
Going global is a chance to expand sales quickly. At the same time, you might find the prospect intimidating and logistically challenging. One of those challenges is hiring employees native to an international market. On the one hand, you need a few locals to help you navigate uncharted territory. On the other hand, you likely don’t have enough resources to get up to speed with another country’s labor regulations.
Using an employer of record service can help you easily assemble the international teams you need to expand. An EOR hires employees on your behalf, becoming the legal employer on paper. Your new hires still work under your direction, but the EOR handles the paperwork and compliance with local labor laws. You also don’t have to spend time setting up separate legal entities in each country where you wish to hire people. For all these reasons, an EOR partnership allows you to move into global territory more quickly.
2. Use Referral Marketing
People usually take a couple of steps when they hunt for a solution. They search online, take note of businesses nearby, and ask others in their circles of influence for recommendations. Those “others” might be neighbors, friends, or relatives. Potential customers are looking for validation that they’re about to make the right choice. Nowadays, no one has time to waste on products and services that fail to meet their expectations.
Word-of-mouth advertising is behind $6 trillion of annual consumer spending, representing 13% of aggregate sales activity. Consumers tend to trust what others they know say about a business’s products over a company’s own advertising. About 75% of shoppers don’t have faith in what paid ads say. However, 90% find recommendations from family and friends credible, while 70% believe consumer reviews.
What does this mean for your company’s rapid growth plans? It means it’s probably wise to invest more of your marketing dollars in referral campaigns versus traditional advertising. Rewarding current customers and their referrals for bringing in new business can give your company the edge it needs. And in markets where doing business with a handshake is the norm, referral marketing could become a differentiator.
3. Try an Omnichannel Approach
Today’s consumers want more than one way to shop. They also expect businesses to provide multiple customer service avenues. The street that gets them to their desired destination fastest is usually the best. Whether it’s picking up products curbside or resolving a service issue via social media, consumers value convenience.
When companies offer those conveniences, customers vote with their pocketbooks. Consumers spend 20% to 40% more with businesses that respond to service requests on social media. If your company isn’t using the full power of digital channels to reach people, you may be stunting your growth. But expanding your company’s marketing and service channels can do more than boost sales. It can help increase customer retention, a significant factor for rapid growth.
The caveat is your company’s best omnichannel approach will depend on your market’s preferences. It won’t behoove you to be on every social media platform if your target audience is only on one. You might also consider the service needs of your various buyer segments. Does one demographic lean toward online forms while another tends to use instant messages? Finding additional, efficient ways to serve your markets will swiftly extend your reach.
4. Empower Employees
Sometimes business owners can stop growth in its tracks by holding onto the reins too tightly. They’re hesitant to give others added responsibility and access to data. Even if their companies are past the startup stage, some founders continue to operate like solopreneurs. They’re still attempting to do all the critical tasks themselves, neglecting to build the leadership abilities of those they hire.
It may not be intentional, but shutting employees out of key duties and decisions can prevent progress. Your staff needs a reason to show up and drive the company forward. Often, this means tackling meaningful assignments. While each worker’s motivation triggers may vary, commitment to a company will be low if staff members don’t feel empowered. To achieve growth, you want employees to be as excited about the business’s success as you are.
Empowering them and listening to their ideas can get your business over its development hurdles. Involving employees in operational decisions also ensures your company has a succession plan. As you’re building your organization, you should be creating new leaders. Most successful businesses don’t advance without the contributions of many. A single person only has so much capacity, but a motivated team can accomplish more in less time.
Going Full Throttle
So you want to grow your business at more than a snail’s pace. There’s nothing wrong with being ambitious, but it’ll take workable strategies to achieve your goals. Great cities and companies don’t rise overnight. They achieve renown because of shared efforts and ideas. Expanding your business at full throttle is possible as long as you have the right people by your side.