At times like these, it can be overwhelming to think about how to grow your business, especially during the ongoing coronavirus pandemic. But there are so many ways you can consider how to make your business reach more people and be more efficient on costs. Here are some useful ideas to think about:
1. Redo your strategy
First of all, you need to think about whether you are targeting the right markets. Given the products and services you provide will inevitably have changed over time, it is important to consider whether they are aligned with the audience you are aiming them at. Is the price elasticity post-Covid-19 likely to be the same in South America if this is your target audience? Is it worth considering targeting another market, such as South Asia? What are the demographics like if your product is digital, and where is becoming increasingly online (for example, Estonia)? You have to think about whether your pricing makes sense and whether, given your costs, you could afford to push your price up slightly.
2. Think about your customers
In today’s world, customers are used to digital brands and often expect a seamless, end-to-end user experience. From clicking on your site to check out, you want to make sure that everything runs smoothly, and you want to make sure that you’re not losing any customers in your marketing funnel and that they are clicking through right to the end of the process. The way of finding out what customers think used to be surveys, but now it is increasingly through big data which companies collect. This can enable you to find out what customers want without irritating them and driving them away by constantly asking for feedback.
3. Update your technology
Technology is often the last thing we think about, but the reality is that it often underpins everything we do as a company. From the architecture and systems that are behind what we work on to the systems behind the website which our customers visit, technology is everywhere. This is why it is so important that you speak to the experts, such as those at HLB Systems Solutions, to get a sense of what your potential is. It can be time-consuming to migrate across platforms, but it is often worth it in the long-term.
4. Organize your HR function
Firms are becoming increasingly democratic and employee-centric, and it is for this reason that the HR function is more important. By having a solid HR function, you can ensure that the most talented employees are rewarded and want to stay on. You can also ensure that the capabilities and any gaps in them among your employees are identified, allowing the HR function to target training for those who need it. You will also make sure, in this way, that any employees who are dissatisfied are helped.
All in all, when you break it down, there are quite simple ways to grow your business! You just need to think about all the different ways separately, rather than all at once!
