Most businesses have the end goal of sustainable growth, continually generating more (and better) clients and revenue. After working with multiple companies and seeing their successes, we’ve compiled 3 tips for company growth that you can implement at your business.
Tips for Company Growth
1. Evaluate your existing clients
Look at the clients that are taking up too much of your team’s time for minimal reward. Focus on the 20% of your clients who provide 80% of your revenue, drop the rest, and fill the space with more great clients. This is how a company grows sustainably.
2. Establish internal marketing and improve your rewards/incentives policies
Getting a great company culture going is vital for growing, because your team is the backbone of everything you do. Stop covering for under-performers and reward top-performers. Introduce non-monetary benefits, such as a parking spot or work-from-home days. You may even consider getting notable employees free movie tickets, a trip to the spa, etc.
Send out an internal newsletter that has information your team wants to see. Calendar, announcements, congratulations, recognition, etc. Announcing those employee perks is also a good incentive for people to read it, since they can check if they got anything that month. This newsletter should be well-designed and the info should be easily accessible. Ditch the big fancy words, get the message across with no frills. You can even infuse some humor, if that’s the company culture you’re going for.
3. Become a resource
Becoming a thought leader in your industry will take multiple whitepapers, extensive research-based blog posts, and possibly even establishing an industry event. However, establishing yourself as a useful resource will go a long way toward growth. Even if you don’t make a sale from sharing information, informing people and being helpful will keep your company top-of-mind, so when they finally do want to hire someone they’ll go to your product or service.
What other tips for company growth do you have? Share them with us in the comments below.