Financial gains. Acquiring new customers. Making your presence felt in the online market. Motive could be any of these, but the fact of the matter is that every business is looking to grow.
Client Success Manager. Customer Acquisition Executive. Business Success Experts. And, what not. Business invest heavily in resources getting resources to tame the wild beast called growth. Some succeed, others don’t.
But before you think of growth and success, you need to lay down a foundation on which the growth will occur. You need to have solid pillars on which the building of success and growth can stand tall. You need to have a system in place before you move fast and break things.
That’s is what I’m going to talk about in this article:
1. Apply the Basic Retention Mathematics
A huge mistake that businesses make with their marketing strategies is that they are focussed completely only on acquiring new customers. Well, they are not wrong in doing so.
But, the big lag here is that in doing so they forget to emphasize on what’s already there i.e. retaining the customers that have already been acquired. Just to give you an idea about how important customer retention is, I’d like to quote this statistic that says It takes more than 500% more resources to acquire a new customer for a business than to keep the existing ones.
Like the saying goes, all movement is not forward and all change is not growth. You need to focus on building sustainability first, before you start to move fast and break things.
2. Stick to What’s Working for the Business
Innovation. Thinking out of the box. Viral strategies. All these words sound like music to the ears of a business owner. But, the truth is that the risk involved in implementing these new ideas and strategies is too big for a young business.
If you are a small business, you cannot simply afford to give up on something that’s working only for the sake of trying something new. Big businesses are able to work with this philosophy of innovation because either they have surplus resources to invest in the new idea, while still maintaining the usual growth strategies. But for startups or business at small level, it would be like digging a hole to fall into.
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3. Have a System in Place for Everything
Last, but certainly the most important, thing that you as the leader of a growing business needs to keep in mind is to have a system in place for everything.
For instance, rather than sticking to emails for managing your teams and work, having a project management system can be of great help in not just saving time, but also bringing sanity in the team. Similarly, trying to automate things and make use of technology wherever possible to simplify the processes has to be on the top of priority list.
If you don’t have a system in place, when the growth will happen the things will scatter.
You can read countless books on leadership, growth, success and endless topics. But the fact of the matter is that before jumping on to all that stuff, you need to first of all build the basics. You need to have a strong foundation on which the entire business structure can stand and grow.
This is where these three tips I’ve mentioned are going to come into the picture. No matter the target niche of your business, if you want to move fast and break things like top names in the market you need to invest time and money on these basics first!
A version of this article first appeared on the Huffington Post
Author Bio:
Vartika Kashyap is the Marketing Manager at ProofHub and has been one of the LinkedIn Top Voices in 2017. Her articles are inspired by office situations and work-related events. She likes to write about productivity, team building, work culture, leadership, entrepreneurship among others and contributing to a better workplace is what makes her click.
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