In 2023, businesses face a wide range of challenges. Currently, the ongoing conflict in Ukraine is leading to increased energy costs for many countries and is also increasing the price of various raw materials (such as wheat used in the food industry). In addition, high inflation levels in the developed world and an emerging cost of living crisis are making it harder for firms to stay competitive and enjoy similar levels of profitability.
In this economic landscape, it is extremely difficult to find unique ways to cultivate growth in any business. Put simply, many firms are more content to take steps to ensure their long-term survival than look for ways to achieve growth. However, by growing as a company, the organization can become more resilient to geo-political factors that impact on commerce.
In this article, some top tips are discussed that will allow sustainable growth to be achieved for a wide range of enterprises.
Use flexible telephony solutions
When a business begins to grow and expand, one of the first considerations is the need to expand the company telephony network. This allows more staff to employed and can be vital for growing a customer service or sales team.
Traditional telephony systems operate on copper circuitry, and these will need to be physically upgraded to gain extra calling capacity. However, by using the more modern method of SIP trunking, calls can be made and received over the internet instead of using physical wires and circuits.
The key benefits of this system are that expansion in telephony systems can take place by using simple software upgrades or changes to the programs that control the system. This allows a business to easily scale and tailor its telephony operations in response to its unique levels of growth. In addition, the associated charges with making calls are often lower on internet-based phone systems, which can allow a company to benefit from cost savings.
Consider franchising opportunities
Some business models are extremely well suited to franchising. In the service industry, restaurants and retail operations that produce a specific, standardized product or service for their customers can be easily replicated by entrepreneurs who pay to use the company image and product ranges.
There are many benefits of adopting the franchise model of business; most importantly it can allow a company to expand its operations quickly and enter new territories and markets. This business model has allowed market leaders in the fast food industry to expand into many other foreign countries whilst enjoying stable levels of revenue from their franchisees.
Use analytics in decision-making
Making any big decision that is aimed at cultivating growth carries a degree of risk in business. Put simply, managers and leaders will rely on insight and business acumen when making important decisions and these may not always take real-world factors into account.
However, by using business analytics platforms as a key part of business decision-making, organizations can make more informed judgements that can cultivate growth. High volumes of corporate data from multiple sources can be combined and then transformed into business information that provides real-world insights. This can then be used to determine the most effective routes to sustainable business growth.
