5 Factors Affecting Business Growth


If you’re a business owner, then growing your business is most likely your primary goal. However, growing a business doesn’t happen overnight. It requires a lot of effort and action – and a solid growth strategy to achieve that goal. 

Key Factors of Business Growth

So where should you focus your energy? Consider these five factors of business growth: 

1. Customer Loyalty

When company leaders strategize about sales growth, the focus is often on how to bring in new customers. While it is important to increase brand awareness and expand your customer base, you must also work to increase sales potential with your current customers. Look for opportunities to grow your profits with the customers you already have through add-on sales, customer loyalty programs, and referral business. 

2. Smart Adoption of Technology

Technology is like fertilizer for the growth of your business. It can help you tackle tasks more efficiently, save on labor costs, and streamline processes. The challenge comes with selecting the right technology tools for your specific business goals. Proper alignment with the various facets of your business strategy is key. Look at ROI from multiple angles when choosing technology partners. 

3. Commitment to Employee Training

Business growth doesn’t occur in a vacuum. All your employees must have a standard baseline of knowledge from which they cultivate their own growth. This requires an online training platform such as a learning management system that meets your needs today and can grow with you. By training online, you ensure consistent knowledge transfer to everyone and you can design customized learning paths for each employee. 

4. Social Responsibility

You may not see the direct line between social responsibility and business growth, but think of it this way: you get back what you put out. When your company adopts policies of social responsibility, you’re impacting your community – and therefore your customers – in a positive way. For example, April is Alcohol Awareness Month. If you are a business that sells alcohol, use this month to refresh your training on responsible selling. If you are a business outside of the industry, use a cause like this as a springboard to give back to your community in a meaningful way. 

5. Leadership

Growth starts way below the surface. How your employees perceive you and your company mission determines their motivation to help you reach your goals. As a leader, you must pave the way to success for everyone. 

Business Growth Through a Culture of Convenience

Leaders who create a culture of convenience can streamline tasks and establish processes that improve employee performance and increase everyone’s productivity. Get ideas on how to make your job easier through the Culture of Convenience™ podcast. Listen now! 

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