5 Factors Affecting Business Growth by Jaian Cuttari Growing your business requires effort and action. So where should you focus your energy? Consider these five factors of business growth by Jaian Cuttari: Customer loyalty It is common for company leaders to focus on how to attract new customers when strategizing about sales growth. Although it is important to increase brand awareness and expand your customer base, you also need to increase sales potential with your current customers. By offering add-on sales, customer loyalty programs, and referral programs, you can increase your profits with the customers you have already.
Smart Adoption of Technology Investing in technology is like fertilizer for your business. Processes can be streamlined, labor costs can be reduced, and tasks can be accomplished more efficiently. Selecting the right technology tools for your business is the challenge. It is imperative to align your technology choices with the various aspects of your business strategy. Choose technology partners based on multiple aspects of ROI. Commitment to Employee Training Business growth doesn’t happen in a vacuum. Your employees must have a standard baseline of knowledge from which they can cultivate their own growth. In order to achieve this, you need an online training platform that meets your needs today and can grow with you over time. If you train online, you ensure consistency in knowledge transfer and you can customize learning paths for each employee. Social Responsibility There may not be a direct relationship between social responsibility and business growth, but consider this: you get back what you put out. Your company’s social responsibility policies will have a positive impact on your community, and therefore on your customers. April is Alcohol Awareness Month, for example. Use this month to review your training on responsible selling if you operate a business that sells alcohol. Use this cause as a springboard to help your community in a meaningful way if you are a business outside the industry.