Consistent growth is integral to the long-term success of any business. A growing business means acquiring more customers, earning higher revenue, capturing greater market share, and many other positives, as reported by Chron. But, achieving steady growth requires sound planning and constant effort.
While you’ll find numerous growth hacks in the market which promise amazing short-term gains, but in the long term they can harm your business. The best approach is to identify the areas where your business can grow, create a long-term plan, and put in consistent effort toward meeting set goals. In this article by Futureproof, we’ll explore three of the best strategies business owners should explore to consistently grow their business.
● Start a Blog
Regardless of your industry and niche, having a business blog is one of the best ways to grow the business. As reported by Marketpath, businesses with a blog acquire 60% more customers than those who don’t. Additionally, even posting just 1-2 times a month can increase the chances of making sales by 67%.
Even in the age of social media, blogs are a popular medium among consumers. The major benefits of a blog are that it is directly connected to your website and you have full control over the type of content to be published. You can opt to work towards becoming an authority figure in your industry by posting content regarding your niche or taking the generic approach and writing about trending news across industries.
Following the best SEO practices for your blog will make it rank higher on Google which directly leads to better brand awareness, higher website visits, and lower customer acquisition costs.
● Adopt Data-Driven Decision Making
Setting accurate goals will create the bedrock for achieving business growth. For instance, if you want your revenue to grow by 20% in a year, you’ll need to work towards achieving a 5% growth every quarter. But, how will you know that these figures are doable? Here’s where you need to incorporate technology solutions and start practicing data-driven decision-making.
For instance, start using accounting software through which you can make accurate financial projections for the coming 6, 12, and 24 months. These projections can then be used to set goals for all departments and assign resources. Similarly use data analysis tools such as Google Analytics to track the performance of your website, find areas of improvement whether that be bad user flow, slow load times, high bounce rate, etc, and take prompt action.
Setting the right goals and accurately tracking progress will help outperform competitors and meet yearly growth projections.
● Utilize Process Mining
You can take your commitment toward data-driven decision-making a step further by using AI technology such as a process mining tool. This tool can be integrated with all software used by the business and provide you insights regarding the efficiency of your end-to-end processes. Here’s how it works:
● Software creates event logs relating to business processes which can be read by the process mining tool.
● Using the power of AI, the tool converts the log data into visualizations in the form of a workflow.
● Next, it analyses your end-to-end processes and highlights bottlenecks and areas of inefficiencies.
Given how simple workflows are to understand, they can promptly be shared with relevant teams who can then take the required action to improve their processes. As a result, the organization as a whole experiences higher productivity, faster collaboration, and lower wastage of resources.
While there are various tools in the market that you can test for your business, here is the best one in the process mapping space which is used by major companies across the globe and is bound to help you streamline business processes from the get-go.
Business growth is a goal which will be met incrementally by meeting goals on a day by-day basis. Utilizing technology solutions such as a process mining tool will guide you on making the right decisions, streamlining business processes and help achieve growth expectations for the short and long term.
Need help growing your dream business?
Then it’s time to reach out to FutureProof Academy, where Kevin Purves and his expert team offer both personal coaching and consulting to help entrepreneurs learn to help themselves. Contact us today to find out more!
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