Business growth hacking: How companies can grow from within
Growing a business is an inside job. It rarely occurs organically of its own accord unless the company is fortunate enough to have an instant bestseller on its hands. And even then, the growing pains are likely to be extreme to manage the growth and not run out of working capital while trying to keep up with product demand.
In this article, we look at business growth hacking and how companies can expand from within.
Expand the Capabilities of the Workforce
To encourage a proactive workforce, it’s important to promote from within. Otherwise, staff will begin to feel like no matter how much they improve on the job or take on new responsibilities, it will go unnoticed. By promoting internally, staff retention rates are better with reduced turnover causing less disruption in the office.
Developing the team includes expanding capabilities. This can mean providing new challenges to learn and grow within their individual roles. However, when new technical or academic knowledge is required too, then being open to funding further education engenders loyal staff who envision a hopeful future.
An advanced business qualification like an MSC in business analytics provides an employee with the ability to crunch the numbers to examine how the business is performing. They’ll use what they learn on an MSC business analytics course to determine places where the company is underperforming and know how to address those issues.
Deep Competitor Product/Service Analysis
In many cases, your company is offering a product or service that’s similar to its competitors. To get ahead, it’s necessary to look at what you’re currently doing and compare it to your peers. When doing this, absolute honesty is required to get any meaningful insights.
Ask yourself these questions when comparing products/services:
- How is their product/service superior to your own?
- Does their product/service offer better value for money?
- Are their customers posting more positive reviews online?
- What’s their customer service experience like in comparison to yours?
If necessary, test the competitors directly to get the answers to these questions when they’re not obvious. Also, engage with competitors’ customers to discover why they’re loyal to their brand and not your own.
Improving Systems, Processes and Workflow
One thing that’s often lacking from smaller or newer businesses is effective systems. They ensure that the business runs smoothly without the guesswork. With better systems and individual processes worked through, operations run efficiently, which makes it easier to innovate within that setup.
Similarly, workflow where every aspect of the business is planned out from beginning to end provides great visibility to managers. Bottlenecks that are holding back growth in customers’ satisfaction levels, execution speed or time to market are easily spotted. Optimisations can be implemented to remove bottlenecks through multi-skilling the workforce, bringing new people on, or cutting out unnecessary steps. These all have a positive effect on business performance and results.
Business growth hacking from within requires patience and diligence. It’s not a quick fix or instant growth trajectory, but it can provide significant improvements in business performance that will positively affect the bottom-line.