Companies like Inc. list down the fastest growing companies every year. To feature in this list, only the fastest growing companies manage this prestigious list. Sometimes you wonder how these companies do it. It is natural to be concerned especially if you are an owner or work for an SME. In this article, we will look at some of the key things that separate explosive business from those languishing in mediocrity.
1. Operating at optimal levels
It is sad that most businesses start with the intention to grow, but sometimes the existing team lack the capacity to help the company operate at optimal levels on all fronts. You’ll notice that only through optimal levels can a company generate enough revenue, save on time, utilize its networks or simply recreate itself in times of challenges.
Aaron Minc studied Inc.’s 500 companies and observed that all of them were operating at insane levels of efficiency. When a product development cycle starts and ends within the shortest time possible, it gives marketing and opportunity to bring in the product within the shortest time possible in the market. If the growth strategy was to be ahead of the competition in launching a product, then the strategy works.
2. Fool proofing your value proposition.
Research is the starting point of a proposal. If the company fool proofs its value proposals completely, then the chances of success increase. Sometimes, companies that face hardships are either too lazy or too poor in terms of strategy to be thorough. Out of every three products, they propose, only one hits the market. That means time is wasted, resources stretched, and for no good reason. Only a successfully value proposition separates the winners from the losers.
3. The team and the organizational synergy
Most companies start small with the hope that the future will be bright. However, at a certain time, it is necessary to re-brand, not just physically, but also internally. Some people focus on the physical re-branding forgetting that a re-brand requires human resource supplement. Fortify your human resource accordingly in terms of training, recruitment of quality, and team building. Organizational synergy determines how the team works. Good synergy means improved productivity.
4. Harnessing feedback
In business, they say that a review from one disgruntled customer is equal to a 1000 positive reviews. In short, you cannot let one disgruntled customer feel that you did not have his or her best interest at the heart of your company. Focusing on making a customer satisfied is very important and only those who’ve mastered the art emerge winners every time. Harness feedback from clients, suppliers, and employees; stay ahead of the pack; and purpose to learn from every feedback.
5. Keep up with technology
One mistake that you should never afford to make is to be left behind by technology. If you do, you’ll forever play catch up. If your competitors are ahead, you’ll be at a disadvantage. As a business, you cannot afford to be a late adopter. You must be among the first adopters. Customers have a tendency to trust trendy companies. Always use technology to your advantage. Technology should always be capable of paying for itself. If technology is not bringing any strategic advantage to your business, you can always pass but not if it puts you behind your competition.
To remain on a growth trajectory is a process. If you miss the ropes, then you will always remain redundant and the risk of being phased out becomes a reality. Do not allow your company to go down this path.