Ways to Grow Your Business

A group of workers gather around in a circle in front of a white board as a foreman gives instruction.

Every company gets to a point where growth is no longer organic. Instead, growth must be built into a company’s strategy. Setting a solid foundation early on can help you prepare for future growth. It may feel premature in the early stages of your business, but you'll be glad to have it when it’s time to pivot to growth mode.

The key is having a strategy to encourage growth in a way that is part of your company’s ethos. You'll need to consider both your business plan and communications plan. That communications plan is just as important, because the best growth plan won’t work unless you tell everyone the benchmarks and their roles within them.

So let’s look at what tactics you should consider when building a growth strategy.

Invest in Technology

These days, data analytics are vital for your company’s success. Useful data that can help your company’s growth includes competitive analysis: what are your competitors doing well, what aren’t they doing and is there a gap in the market that you could fill? Other analytics could include customer demands, sales and key market trends. This will allow you to identify up-and-coming trends even before they’re evident in the market.

There are many data analytic options out there, so make sure you know what you want and that you can get it in an easy-to-read report.

Discover New Customer Verticals or Products to Address Customer Needs

Possibly one of the best ways to leverage data analytics is to determine new spaces where your company could grow into and develop.

Become a Thought Leader

Once you've educated yourself on your product marketplace through data and discovery, you can enter the conversation yourself. The customer purchase process starts long before they decide to buy your product or service. Customers are doing research before they buy, so you want to make sure they see you as a voice of authority. Today's thought leadership isn’t about extolling the virtues of your product. Rather, it’s about challenging your industry to think differently about current problems and how to solve them. You'll want to plan your thought leadership materials accordingly.

Invest in Search Engine Optimization (SEO) and Search Engine Marketing (SEM)

If you want people to find you, you need to know what they’re searching for. That’s why SEO is so important. But before you start keyword stuffing (an outdated tactic), know that SEO these days includes writing useful content that offers something of value to customers.

SEM includes SEO as well as the use of paid search. This helps customers find your website, and starts them on the journey to becoming a buyer.

Invest in Employee Education

Not only is employee training a great way to retain employees, it puts your company in a ready position for growth opportunities. Your managers will be able to run their departments effectively as well as help grow and develop talent among their employees. Plus, enthusiastic employees are some of the best brand ambassadors you could have for your company.

Consider Partnerships with Other Companies

This could be joint ventures to focus on a common goal or something simpler like client referrals if your companies have complementary goods and services.

Communicate, Communicate, Communicate

All this planning goes nowhere if you don’t tell people what you’re doing. That means communicating your strategy to your entire company, customers and even vendors.

Once organic growth fades away, it takes time, planning and strategy to ensure your company continues to grow. Taking the time to do your research and invest in tools means that you can build a plan that will carry on growth after the newness has worn off.

The views expressed by the author are not necessarily those of Fifth Third Bank, National Association, and are solely the opinions of the author. This article is for informational purposes only. It does not constitute the rendering of legal, accounting, or other professional services by Fifth Third Bank, National Association or any of their subsidiaries or affiliates, and are provided without any warranty whatsoever. Deposit and credit products provided by Fifth Third Bank, Member FDIC.