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Published On: Thu, Apr 9th, 2020

4 Important Factors Behind the Growth of Your Business

Business growth is a major priority for all small businesses that are beginning to become successful and achieve a loyal customer base. To ensure that your business is able to continue to go from strength to strength, read on to find out more about some of the most important factors that fuel your business’s future success and scalability. 

  • Your Employees

Although the products or services that you provide are the frontline of your business, the most important factor behind your business expansion in the future is your employees. Dedicated employees will increase the productivity of your business in the future, and they can also help to provide great customer service to your clientele, ensuring that you are able to secure a high level of return custom. Employees can also help the growth of your business as their skill levels are integral to the quality of your services and the effectiveness of your business processes, as well as to the ingenuity of your marketing campaign, and any other operations that you delegate to them.

To find the best employees and ensure that they are happy within the workplace, you should consider investing in HRIS software to fuel your recruitment drives and training schemes. This will enable you to bring out the best in your employees. 

photo/Gerd Altmann

 

  • Stable Finances

The top issue that causes businesses to fail within their first 12 months is cash flow, and so securing stable finances is integral to the continued viability and growth of your business. Stable finances are vital as they will allow you to increase the amount of capital that you have available for reinvestment into your business, such as expanding your premises and introducing new technology. Not only this, but stable finances can prevent your business from falling into debt or from being unable to run successfully. To achieve stable finances, you should install finance tracking software and hire an accountant or financial advisor to help you to manage your accounts and prepare for the end of the tax year.

  • Customer Retention

A growth in your target audience and your clientele base is integral to sustaining your business’s success and expansion, however, retaining the customers that already love your business is even more important. To retain the customers that you have and ensure that they become loyal to you rather than to your competition, you should offer loyalty schemes and discounts on their next purchase. Also, encourage your customers to sign up for your newsletter so that you can stay in contact with them. You should provide high levels of customer service to build up trust and a respectable reputation

  • Your Business Premises

One of the best ways to prepare and instigate growth within your business is to improve and expand your premises. For instance, by expanding your retail store, you will be able to offer a wider and more diverse range of goods for your customers and cater to a larger amount of customers at one time. Similarly, by increasing the size of your warehouses, you will be able to gain the space that you need to provide the level of service that customers desire, such as ensuring that you are able to have a larger amount of inventory available at one time.

Author: Carol Trehearn

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