The primary ambition of any business is to grow profits. The business environment has changed and those that make it through creativity and improvisation. Business is affected mainly by four variables. These are technology, marketing, finance and public policy. As an entrepreneur this critical area where you should analyze to utilize opportunities that may come forth.
Planning for growth is the way to go. As a business person it makes you commit to your goals, be it long term or short term. The best practice when planning growth is looking at what others are doing and how you can improve on what you see. Follow the trends and try to improve on them each time. This text will open your eyes to new opportunities and patterns that are catalyzing business growth.
Embrace social media
Social media has been a blessing to most companies. It provides an avenue where you can interact with the customer to get feedback. Every person spends most of their time on the internet doing different stuff. Time is limited, so how you associate with customers matters. As you are targeting people on social media, remember potential customers are creative. Launching live videos where you can communicate with customers is effective. Live videos are engaging than recorded videos. This is evident in the popularity of Facebook live.
This is not to disapprove the essence of in-person interactions. In fact, live interaction is only to speed up and build how the business will interact with the customer. Live interactions make it easier to perform in-person interactions.
Artificial intelligence in Business
There are three levels of artificial intelligence. The first part is where a machine performs human activities. The second level involves machine learning where machines learn without any assistance. The third scenario is the most advanced. It combines machine learning intertwined with rich learning. These are the basics; you don’t need to dive into technicalities. AI enables you to process large amounts so that human interaction is enriched.
AI strives to create customized consumer experiences. It is created to match your customer’s specific persona and lifestyle. If your business can integrate this technology in its operation, it can save cost because the technology has unlimited possibilities.
The plan here is that you develop new products for customers. The target should include both new and old customers. Resilient companies will always look for new markets, that should be your target too. The same approach is testing the new product with your loyal customer base first. Gauge their reactions. If positive results are obtained, then you can extend to new customers.
Diversifying your products makes customers have a wide variety to choose from. , and it proved fruitful. Apple used to concentrate on Apple computers. It then diversified to start producing iPods. iPod could be sold alone hence capturing a new market.
Incentives to employees
An incentive to employees is meant to boost their motivation. It is not rocket science that a motivated person is a productive person. You might want to boost your human capital by providing insurance cover. Currently, insurance companies have several policies to accommodate different needs which can cover your house contents as well. As a business owner, you can organize insurance to cover things that matter to them most. Many insurance providers offer such insurance policies. Incentive builds employee loyalty to the company. Employees can, therefore, focus on delivering for the company.
This strategy is about market development. The idea is to introduce existing products to a new market. You can apply this where you feel the market is congested. This implies that there is no room for growth in the current market. It presents an opportunity to explore and test out new markets. A good example, as a restaurant owner, you can decide to add catering to the services you provide.
The process of market expansion is all about establishing the most accessible markets to reach. From the options discovered, you then identify which potential markets can generate the highest sales. For this strategy to flourish, profits should be channelled to expand new markets. You might endure advertising and marketing costs, but it is worth the risk. Good news is that technology is on your side. Integrating technology in marketing and advertising lowers the costs down.
Research has shown that social learning boosts creativity. This an effective method to bond employees while boosting their talents outside the office. Social learning in simple terms is learning through your peers and how you interact with them. The most common illustration is where your employees meet at the water cooler, they chat a bit exchanging ideas and go their separate ways.
Serve both the community and the buyer
Customers nowadays do their research. The internet offers a platform for consumers to read reviews and read through company websites. Products are being discussed on social media, consumers issuing information to fellow consumers. The result is that your customer has all the information on your product, the features, the option or even the prices. At this point that consumer has already narrowed down the possibilities.
Subject Matter experts
Subject Matter Experts have in the recent past have been relied upon to give advice. They contribute by giving platforms where industry trends can be analyzed, and solutions to various issues delivered. They will remain useful if you interact with them. SME have taken over traditional salespeople. The masses readily accept them.
Big companies now utilize the blockchain. They don’t want to risk like how underestimated the power of social media.
Business growth is more likely when you focus on your strengths rather than weaknesses. By re-orienting the field to suit your business, you can establish a base to grow.
To be an accomplished entrepreneur, embrace change and work to those limits. In the end, you realize there is no secret to success. Learning from situations around us and adapting is what cultivates growth.