5 Steps to Take During the Growth Phase of Your Business

Business

The growth phase is one of the most crucial stages of a business. Business needs to maintain momentum and keep moving forward during this critical phase. Even the tiniest of mistakes can steer the ship away from the direction. Many businesses transition from traditional payment methods to online payment methods during this phase. 

Speaking of online payment methods, many service providers offer both on-site and online payment options. I recently call spectrum to know about my billing details. Needless to say, I was impressed by the services they offered me. But it is true when they say that you take care of the customer and the customer will take care of you.  Now, where were we? Yes, the steps to take during the growth phase of a business.

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Define Team Roles 

You are way past the startup stage. Your product and/or service is in the market. Customers are using it. You’ve already defined your target audience. Moreover, you are moving ahead with a clear vision of what you want to accomplish in the years to come. The goals have been defined and the machine is up and running. So, what’s next? 

At this point, you’re leading a small team of multi-talented individuals. Each of the team members brings their skills to the table. As the manager, you want them to work to the best of their abilities. There’s no denying that none of the team members would be reluctant to take on new tasks. However, this is the point where you’d have to define team roles.

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Remember, you’re moving forward. Now is the team to let every team member know about their responsibilities. Yes, they have diverse skills but you still would need to inform them about their job description and individual responsibilities. A strong team is founded during the growth phase. 

Identify Loyal Customers

Targeting a large group of consumers can do wonders for your business. However, you will need to utilize your resources more carefully during the growth phase. It is advisable to invest your marketing resources in your most loyal customers. Do not narrow down your resources across multiple target groups. Target early adopters. That means identify clients whom you can convert into long-term customers. 

When you have acquired your first few customers, nurture them. Tell them about the USPs of your product/service. Tell them how your business is different from others. Remember, those first few customers will go on to become your most valuable and trusted clients. Over 80% of customers trust the recommendations of fellow customers. So, focus on building a strong relationship with your early customers.  

Outsource Non-essential Activities 

You will have to identify ways to cut costs. One of the ways to do this is to outsource non-core activities. It is crucial to identify non-revenue generating activities for outsourcing. You can get a third party to run your accounts and social media instead of spending funds on in-house experts. It is advisable to familiarize yourself with digital marketing. That way, you could run a marketing campaign yourself without spending your finances on third-party service providers.  

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Invest in Branding 

Branding is crucial to gaining an edge over the competition. You could either hire a third party or invest in in-house experts to run your marketing campaign. It is advisable to study digital marketing before you get on with branding and advertising. And no, you don’t need to get into a university to learn digital marketing. Thanks to Google, digital marketing is now within your reach.  

You can create brand visibility through different means. Create a website for your business, start guest blogging, or promote your business on Facebook and Instagram. Experts recommend using a combination of different digital marketing strategies during the growth phase of a business. It is advisable to use social media sites like Facebook and Instagram to promote your product/service.  

Give Occasional Discounts 

Customers love discount offers and promotion packages. While the discount strategy does wonder during the startup phase, you can increase your sales during the growth phase by giving out discounts. Inform your customers about discount offers via social media. You can even provide them with a discount on referrals. Referrals are a great way to get more people to engage with your brand.