Written by: Kelisha Mills, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
What determines business growth?
Some factors that affect business growth are the entrepreneur's drive to succeed, their knowledge of the industry they are in, and how they allocate resources. For example, my Tourism business was forced to close because of the pandemic, while my Procurement business thrived! Now, as numbers are going down around the world, the Tourism business is set to thrive again.
In order for a company to succeed, they need an entrepreneur with drive, knowledge of the industry they have chosen, and an understanding of how to allocate resources.
Business growth is a complex process that depends on many different factors. To grow your business, you need to know what you want from your business and how you can achieve it.
When you start a new business, it's important to know what you want to get out of it. Do you want a full-time job, or are you looking for a side project? What are your long-term goal and short-term objective? By answering these questions, you can better determine how to grow your business and move closer to that goal.
Ways to Create a High Growth Business in 2021
1. Define your vision and goals with these questions
What is your vision for your business?
Do you want to be the next Netflix and change the way people watch and enjoy TV?
Do you want to join the team of big companies such as Coca-Cola, Pepsi, Nike, or Adidas?
Do you want to be an entrepreneur who pursues your passion and is not afraid of taking risks?
What can you do to find your vision for your business? It can be challenging to find the vision for your business. You need to know what your business is about and what you want it to be. This may seem difficult, but there are a few ways to start.
How to create a vision statement for your business?
A vision statement is a powerful way to communicate your company's mission to employees, customers, and other stakeholders. It helps you clarify your values and identify the difference you want to make in the world. The best way to create a vision statement is to start with the words "I am" and end with an active verb phrase.
Defining your vision and goals can be a daunting task. But it will help you focus on what you really want to do, what you find valuable, and what those around you want from your writing.
Define your values: What does success look like to you? What are your long-term goals? What is the ultimate purpose of your work?
Define the audience: Who are you writing for? What will make them happy or angry about what they read? How do they prefer to consume content?
Define the style: How should style be used in this piece of writing? Are there any rules that need to be followed within this specific organization, industry, or market segment that we need to adhere to when talking with our audience or clients? Is there a checklist for the tone
2. Brainstorm promotion ideas that would skyrocket growth
Promotions are a low-cost way to increase customer acquisition. Promotions can be in the form of discounts, social media campaigns, or community events. Some promotion ideas that help grow your business.
Marketing is a crucial part of any company's success. It increases brand awareness, generates leads, and increases revenue. The world of marketing is constantly changing. At the same time, so are the expectations of consumers. In order to keep up with the competition, it's important for businesses to think ahead. Start by creating a marketing plan that suits your business needs - are you looking for more social media exposure? Do you need help with branding? Narrow down your goals, and then work backward on how you will achieve them.
3. Decide on which marketing channels to use and how much time you want to invest in each one
The process of choosing which marketing channel to use can be done in a few steps. First, you need to identify what your business is offering and who the target audience is. Second, you need to decide on which marketing channels would work best for your business. And finally, you should lay out how much time you want to invest in each one.
We are now living in a digital era where people like convenience and simplicity when it comes to their products and services. The days of relying solely on traditional marketing outlets such as newspapers or TV spots are long gone because we live in a world where people have access to all the information they want at their fingertips 24/7 - thanks to the internet. The businesses that will thrive in this digital age are the ones that implement various types of marketing strategies encompassing both SEO and digital advertising.
4. Focus on strategies that will be sustainable in the long term so you can grow your business without burning out
It is difficult for businesses to grow and maintain their competitiveness in the market. It is important to focus on strategies that will be sustainable in the long term so you can grow your business without burning out.
The need for sustainability is becoming more important with the rise of artificial intelligence, which will eventually automate a range of tasks. Studies show that if businesses do not make changes now, they risk being left behind.
The best way to ensure a sustainable business model is to adjust your operations and develop new ways of generating revenue, like adding new products or services or finding new customers that are outside of the current customer base.
I’d love to hear of other ways your business experienced high growth during the pandemic! Send me a DM, and let’s chat.
Kelisha Mills, Executive Contributor Brainz Magazine
Kelisha Mills is a wife, mom of 4, author, speaker, and Entrepreneur (BSc. Entrepreneurship) for over 13 years. Kelisha specializes in life makeovers for mom entrepreneurs, helping them gain the clarity and confidence they need to find symmetry to run a successful business and have quality time with their families.