As we head swiftly towards the end of 2021 with the new normal settled in as normal, we can finally start looking at growing from here.
Survival time is over, it is time to grow.
Growth in business comes in many forms and opportunities are found in many places. The greatest opportunities are often hard to find and won’t be in the obvious places, but that is where I’d start.
The growth I am referring to excludes any sales or marketing efforts. That should be given in any business. Unlocking growth potential requires some creative thinking with ideas and input from multiple people, including outside expertise.
From our experience, here are the obvious areas for finding or creating growth.
Brand
There are few things as powerful as a strong brand when it comes to growing a business. A strong brand lays the foundation that enables opportunities to convert to tangible growth.
Supply Chain
The supply chain in your industry is one of the best resources for creating new revenue streams within your supply chain. Besides additional revenue, some cases allow for the same process or product to be monetised multiple times over. KFC is a great example of growth within the supply chain as they own their entire supply chain, right down to the business that breeds the chickens.
Existing Customer Base
This must be one of the most overlooked areas of growth – adding more value to your existing customer base. Either with additional products or services or perhaps an entirely new business that monetizes from the same base. If done correctly, this could lead to further word of mouth, when existing customers tell their friends of this new product or service and they convert.
Customer Experience Journey
With the major changes in almost all areas of life, expectations have changed dramatically too. We have the opportunity to revisit our customer experience journey and ensure that every touchpoint on their journey, right down to email communication, is at the highest possible standard and aligned with what customers of the new world expect.
Thinking
There are many more ways of growing a business that requires deeper thought and industry-specific tailoring. My favorite area where growth can most certainly be found is a change in our thinking – from survival thinking to growth thinking. The thing about survival thinking is that you don’t survive, you merely hang on for a little longer only to get knocked out in the next round.
Growth thinking is what wins the fight, and gets you out of the ring, thriving.
If you are ready to grow, let’s have a virtual coffee to discuss your growth strategy. Contact us at hello@digital-hq.com
