3 Building Blocks of Business Growth
Starting a business can be one of the most challenging aspects of a person’s life. It takes creativity, planning, determination and a tireless effort, but once the doors are open and the business takes off, it can be one of the most rewarding moments in life.
However, a successful entrepreneur cannot be content and just stop there. Now that your company is up and running, you must continue to improve and grow in order to achieve any meaningful level of success. Even if your company is already thriving, the business world moves fast, and those who are not getting better will quickly be left behind. Your competition will always be right there with you, and you cannot afford to be satisfied with mediocrity.
In a sense, a business is like a living organism. It must continue to grow and evolve, or else it will deteriorate and die. If you take the right steps and care for your business properly, it can continue to grow and reach its full potential. With that being said, there are three essential building blocks of business growth:
By understanding and utilizing these elements, you can help your business achieve the highest levels of success.
This building block is the foundation on which your new business was built. It is the expression of your creativity and the incarnation of your ideas. Innovation is what led you to the first moments of starting a business, and it is what helped you get off the ground. However, it is also what is necessary for your business to grow. Even after the initial innovation that led you to develop the unique product, service, or technique that makes your company special, you must continue to improve upon it.
Let’s say that you are an auto enthusiast who decides to open a car dealership. There are certainly other dealerships in your area, but your innovation is what must set yours apart. Perhaps you’ll develop a way to streamline the buying process. Or maybe your salespeople will be more focused on customer service, teaching them the specific benefits of a car, guiding them to the right purchase for their needs and even helping them purchase enough car insurance to be properly covered.
This element is essentially the quantification of your innovation. It is where your business can be broken down, measured and accurately gauged in order to make improvements. In almost every case, the best information for proper analyzation comes from customer feedback. Listen to those who purchase your product or engage your service and identify what is important to them. Find out what they believe is best for your business and what could use improvement.
Now that your innovation has helped get your unique car dealership up and running, analyzation is necessary to take it to the next level. Aside from the traditional numbers of sales, profits and other key metrics, you need to learn specifics on how to improve.
You could send emails to buyers in the weeks following their purchase to ask for feedback. You may also use social media polls to ask local drivers what is most important to them when buying a new car. Also, do not forget to get feedback from your employees, as those on the ground floor often have the best ideas for getting better.
Once you have the quantifiable information from your customer feedback, combine it with your innovative ideas and implement them accordingly. This is the step in which it all comes together and your improvements are put into action.
As you combine the key metrics of your car dealership with the input provided by customers and employees, you should be able to develop strategies for getting better. This is where theory meets reality, as the results of your innovation and analyzation will be put into action with new ways to do business. It could be a slight adjustment to how customers are approached on the lot. Or maybe you need to make major changes to your pricing model.
Whatever the case, the implementation of your well-developed improvement strategies is the most important thing of all in terms of growth. With the proper combination of these three building blocks, your business will continue to grow and thrive for years to come.
We hope you found the promoted article as entertaining and informative as we did!