Corporate growth: what can be done?

Business growth is one of the goals shared by employees and entrepreneurs.

But what are the best strategies to put in place to ensure the success of your business?

Here are some useful tips.

Every business, large or small, goes through 4 stages of growth:

1) Startup

2) Growth

3) Maturity

4) Renewal or decline

Each of these stages of the business life cycle presents unique challenges that will need to be overcome with approaches that are both rational and creative. By learning about each of the growth stages, it is possible to find out what stage of the cycle the company we work in is currently in, which helps in planning appropriate growth strategies.

Beginning with the start-up phase, the first thing to say is that this is undoubtedly a very delicate step, so much so that most of the time and effort is spent in bringing your business idea to life. The enthusiasm that generally marks this phase is an empowering factor, but it can lead you to overlook steps that are essential to take at this stage. Indeed, in order to take the business to the next level, it is necessary to ensure that the work is efficient and well organized.

The second stage is the real growth stage: the business plan is bearing fruit, consumers are familiar with the products and services offered, and revenue is increasing. Although it is still a highly exciting time for the company, it is important to manage the situation rationally, setting realistic goals to make the best use of resources, taking care to maintain capital, and paying close attention to personnel selection.

Then comes the time of the business maturity stage, when one feels safe and secure: mature companies have greater brand awareness among consumers and a strong presence in their target market. One of the biggest risks involved in this phase, however, is standing still, which is always a negative for any business, which instead should always be dynamic and looking for new insights. In fact, it is essential to remember that there is no economy or business that can “consolidate”-the curve is always only up or down! That is why it is essential to be able to read into the four phases when it is time to put in place the actions that are needed to prevent there from being a downturn.

The fourth and final phase is renewal or decline of activity. In the latter case, the company’s downward parabola can be caused by a number of reasons, ranging from failure to pursue expansion opportunities during the maturity phase to changes in the industry that affect customer demand, from the appearance in the market of competitors offering better products or services to missed opportunities to upgrade, including technology.

It can be difficult to tell if a business is in decline, but if the business has been experiencing declining revenues for a long time, it means that you are in the midst of decay. That is why it is important to regularly examine the performance of one’s business both financially and by design.

At the point when a business is in irreversible decline there are two options: sell or reinvest. If one decides to sell, it will be necessary to work with the right people to ensure that one is always acting within the law; if, on the other hand, one chooses to reinvest, one can focus on renewing the company. Ideally, you should start this process before the company is in decline, for example by changing your strategies if you notice major changes in your target industry, so that you respond to the new needs of your target audience.

Shared core values are principles and beliefs under which the whole team works synergistically, which can shape the organization and help protect it and keep it on a set path. Unique and shared core values, moreover, are essential to distinguish one’s company from the competition.

Sharing values is the starting point on which to base your business plan. Defining them together with your staff helps build trust among employees, showing that the management board cares about their well-being and development, above and beyond expectations about their performance.

Another reason why choosing together or sharing goals and vision internally is important is that people want to work with those who share their beliefs; consequently, a good set of shared core values helps attract people who have a similar vision for the company, thus contributing to its growth.

In addition to enabling employees to work together efficiently toward similar goals, shared values in an organization give employees something to rally around and build their careers on. Values also help attract new talent by showing potential candidates what they can expect if they join the team.

Moreover, as consumers, we are attracted to companies whose purpose and values resonate with our own: those who feel connected to a particular brand will be more likely to buy its products than competitors who do not share similar beliefs.

All the most successful companies have shared core values, which are usually expressed as statements in the company’s mission and vision statement. This statement is complemented by consistent behavior of putting the values into practice. For example, “Our mission is to provide customer service excellence” can be distilled into the values that emphasize customer centricity. Other examples of shared values include honesty, integrity, proactive communication, taking responsibility for one’s actions, trust (with each other and with customers), commitment to constant improvement, innovation, and emphasis on the customer.

Why rely on a Business Coach to grow your business? There are many reasons, starting with the possibility of understanding how to develop a personalized plan of action: a Business Coach can in fact support the entrepreneur or management team, alternating individual and group coaching, so that they determine a strategic direction and to create a clear roadmap to achieve the company’s most important goals.

A coaching program can also be a valuable support in defining business goals themselves, as well as in identifying target markets and devising effective marketing and growth strategies.

Working one-on-one with a Business Coach will therefore mean discovering or improving the tools that the entrepreneur or management team has at its disposal to develop a growth strategy tailored to the company’s needs: the coach will accompany them in the analysis of their current business situation, leading them to understand what are the main difficulties to be faced and helping them to outline the most important goals, and then implement specific and targeted actions.

Availing of the support of a Business Coach is often very useful for the purposes of business growth also because it allows for the implementation of networking and business contacts: being qualified professionals, Business Coaches can often boast an extensive network of contacts in the business world, which means that they can act as a conduit for acquiring important contacts, potential partners or mentors who can further support the company.