7 Steps to Business Growth

To be successful in today's corporate world, businesses need to be adaptable and have excellent planning and organizing abilities. Many people start a business with the expectation of setting up a webpage or opening their doors and immediately generating money, only to discover that making money in business is far more difficult than they anticipated. Almost one in five new businesses in the European Union fail in their first year of operation according to the one-year business survival rate statistics. In 2018, the country with the highest business survival rate was Greece, which had a one-year survival rate of 96.7 percent, while Lithuania had the lowest at 63.57.

So, how can you avoid the sudden death of your company? Take your time and carefully prepare the procedures that are essential for success. The following seven tips are useful for any type of business you wish to establish and maintain past the first year of operation.

1. Establish your objectives and goals.

There are certain things you should plan for ahead of time and others that come spontaneously. Your objectives, like your goals, should be planned ahead. The first step is to create a long-term company vision and mission statement. To do that you try to answer the following questions: What are your ambitions and why are they essential to you? What are your core beliefs? The next step is to set medium-term goals. To do that answer the question: What are the stepping stones to your ultimate goal? Short-term objectives, such as learning new abilities or gaining new experiences necessary for a business owner, should follow next.

2. Maintain thorough records

Every successful company keeps accurate records. You'll be able to see where the company is financially and what problems it may face as a result. Knowing this provides you time to design solutions for dealing with the problems.

3. Research Your Competitors

The best outcomes come from competition. You can't be scared to learn from your competitors if you want to be successful. After all, they could be doing something well in their business that you can use to grow your business..

Always be on the lookout for methods to improve your company and set it apart from the competition. Recognize that you don't know everything and have an open mind when it comes to fresh ideas and methods to your business.

5. Build the best team possible

You could feel dissatisfied with the results if you don't have an “A” team working with you. It is true that a firm is managed by a group of specialists rather than a single individual. As a result, make sure your departments communicate with one another. Make sure you have connected all the dots and that all of the blanks are filled in. Keep in mind that if you are missing an expert, you do not always need a full-time hire. Sometimes it is worth contracting a specialist for a short period of time - it usually is more cost effective in the long run, while you get top quality service and no strings attached. 

6. Provide excellent customer service

Many successful firms overlook the need of delivering excellent customer service. If you give superior service to your clients, they will be more likely to come to you instead of going to your competitors the next time they need anything.

7. Maintain Consistency

When it comes to growing your business, consistency is crucial. You must continue to do what is required to be successful on a daily basis. This will help you form long-term beneficial habits that will help you succeed.

7. Pricing

Pricing is not the most creative part of setting up a business of launching a new product and it can be difficult in certain innovative industries, especially software and various digital services, as there are often little to no reference points for how much a company should charge.

Price your product too high and you’ll push away potential customers, too low and you won’t be able to turn a profit. Figuring this out is easier said than done if you don’t have anything to go off of. However, it’s no less essential to ensuring your business’ success.

Future Needs is specialised in setting up business plans and creating growth paths for innovative organisations. You may request our help by contacting any of our experts in digital marketing, financial and business planning, competition analysis and obtaining public and private funds to operate your business.