We’ve discussed ways to improve business operations and perform different tasks better on this site before. Also, we have featured articles showcasing business marketing tools that will help you grow your business.
Furthermore, some of our previous articles have provided resources that you can use to craft effective marketing campaigns and win more customers.
Running a business is not as easy as eating and it sometimes requires more effort. However, you can check out our previous article on smart steps to take to grow your startup and take it to the max.
Philosophies To Guide Your Business’s Growth
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In this article, however, we are going to dig deeper and look at the foundations of business growth. Hustling for maximum growth alone isn’t enough to maximize the growth of your business.
There are systems you can follow and principles to implement in order to achieve an optimum growth level. What are the philosophies that could guide your business’s growth?
#1]. Change is Constant
Evolving alongside the market and growing with the customers are the two things you want to do as a business. Finding a comfort zone and staying in it just because you are enjoying a steady stream of revenue will no longer cut it.
The market is evolving at an incredible pace right now. There are thousands of new businesses entering the market every day, and they are all competing for the attention of the customers. Not going the extra mile and evolving with the market is a mistake.
It is also worth noting that customers change too. Those who find your products to be the best solution today may come across a better alternative in the future. Even with the same solution, a competitor can change the way they service their customers to woo yours.
#2]. Lean is Key
In order to stay flexible on the market, staying lean is a must. Gone are the days of operating in excess and allowing resources to go to waste. While you may be able to handle higher overhead costs, those same costs are limiting your ability to adapt to market changes.
Lean manufacturing is how you reduce waste and improve efficiency at the same time. The principles of lean management are so valuable that many business owners and engineers now pursue a Master of Science degree in lean manufacturing.
Top universities such as Kettering University Online are responding to the growing demand and offering MS in lean manufacturing online courses for professionals who want to master this approach. Lean manufacturing brings a long list of benefits in return.
#3]. Get Personal with the Customers
Research and attempts to get to know customers – and the market as a whole – are not new things in business. However, there are more ways you can gather data about the market than ever before, which is why not taking the steps to get to know the customers is a big no.
Data about customers is not only easier to find but also easier to process. Thanks to technologies like cloud computing and artificial intelligence, or AI, you can tap into a larger base of information and generate insights you wouldn’t otherwise have about your target market.
By taking this process a step further, you can base every decision you make on data and insights from various sources. Data-driven decision-making is the way forward.
#4]. Sustainability Matters
In the old days, businesses aimed for rapid growth over the shortest period of time possible. Once growth-related objectives were achieved, they would set new targets and repeat the process.
This approach to business growth is no longer the best one to implement. What you want to aim for today are two things: steady growth pace and sustainable growth in general. Instead of having spikes of customer orders and making big changes along the way, it is more rewarding to streamline growth into a gradual process.
Yes, you can still have spikes in orders or a sudden boost in profits, but those anomalies must not steal your focus for sustainable growth. If you are shifting towards lean manufacturing, you already have what it takes to promote and maintain sustainable growth.
#5]. Kinder Businesses
Businesses are no longer seen as ruthless organizations whose sole aim is to make a profit. This is because key stakeholders realized what an incorrect position that was.
Businesses are parts of the market, so they are responsible for the protection of that market as much as other stakeholders. We’re seeing more businesses embracing eco-friendliness and green business practices.
Recent studies have shown that operating in a green and environmentally-friendly way is more profitable than operating for the sole purpose of generating profit. Customers are more likely to align themselves with responsible, kind businesses too.
Operating as a green company is an investment in the future of the business itself, and that makes the short-term
gain you will get in return interesting as a bonus.
#6]. No Compromise
Last but not least, you must never let growth compromise your business integrity. Once again, this is in line with becoming a kinder and more responsible business. No profit is worth damaging the environment or breaking the rules.
Newer startups and businesses are shedding the shady coat of older, larger corporations because of this principle. The founders and business owners behind these new business entities are more willing to defend their business principles than those managing large corporations.
As a result, customers are more willing to associate with the brands – and businesses – that they love. We see it in marketing campaigns (and in the way customers react to those campaigns) all the time. The relationship between a business and its customers is far more personal today.
Implementing the Principles
Growth is as much about your bottom line as it is about the process. Growth is never a one-time thing, which is why the modern business principles – the ones we discussed in this article – always leverage the future and aim for sustainable, continuous growth.
Implementing these principles is not without its challenges. When you already have a way of seeing the market and running your business, changing the governing principles will not be easy. That said, the same changes are well worth considering.
These principles are the ones that will provide a strong foundation for future growth. If you are looking to secure a brighter future for your business, these are the changes you want to consider making today.