As the pandemic hit, workers around the globe embraced remote work and considered changing jobs to pursue their passions, greater levels of flexibility, and increased job security.
So, it isn’t surprising that, just in the US, the number of unincorporated self-employed professionals increased by half a million since the start of the pandemic. In Australia 41% of employed people regularly worked from home, up from 32% in August 2019 and, this trend is growing worldwide at an unprecedented rate.
In turn, if you have decided to launch your own business in 2020 or 2021, you are not the only one! However, now that the worldwide economy is rapidly bouncing back, it is the perfect time to level up your business and put in place your growth strategy. Here are some tips to help you get started.
Come Up With a Growth Strategy
Business growth does not mean the same thing for two different organisations. And, thinking just about growing your business might not be a precise or achievable enough goal to pursue. According to the Ansoff model, there are four strategies you might consider to grow your business:
- Market penetration strategies – a market penetration strategy aims to increase the market share and increase the sales of existing products
- Product development – developing new products to target the current market
- Diversification – means launching new products in new markets. Diversification can be horizontal, vertical, or concentric.
- Market development – increasing the sales of current products in markets that are unexplored
Invest in the Right Technology
The technology you invest in will make or break your growth strategy. Indeed, new tech can help you streamline your operations, increase your reach, and provide consistent levels of service and quality.
At the same time, it is important to understand what pieces of tech you need and what might be superfluous – and heavy on your budget! Some of the systems to look into include management software, cloud systems, and blockchain applications – but don’t forget that customization is what truly helps.
For example, if you are looking to increase and streamline the production of your goods, you won’t just need to look at conveyor belts, but also invest in customised pulleys and adequate spaces and labour to support your operations.
Consider the Benefits of Outsourcing
Outsourcing non-core tasks to contractors and experienced professionals have many benefits, including:
- Reduced expenses
- A greater pool of skills and knowledge
- 24/7 availability
- Advanced knowledge
- Cutting-edge tech
Subscription-based outsourcing services can provide flexibility to support your business’s growth. Some of the best services you should consider investing in include shipping, logistics, marketing, and IT.
Hire the Right Team for Your Business Goals
Your organisation’s team is your greatest asset, and the most valuable tool to execute your growth strategy.
It is important for your key personnel to be in line with your goals, vision, and mission, and you should not underestimate the importance of the hiring process and training. Make sure you can rely on a team of experts and talented individuals who can help you lead your business forward.
And, don’t forget that, after hiring the perfect team, it is important to foster a creative and inspiring work environment to make the most of their skills, talent, and productivity.
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To your success,
Vinh Van Lam & Stuart Horrex