Towards the end of 2022, 77 per cent of small businesses in the UK predicted growth in the coming year. But as market demands consistently shift, simply wishing for growth isn’t enough. In fact, planning and structure must go into any business adjustment you predict to see in the future, whether positive or negative for your business.
With the current cost-of-living crisis already having an impact on employers, through raising wage demands and more, it is more important than ever to consider strategic business growth and ways of expanding your business which will benefit you.
Here we will explore a few ways you can start growing your business further in the next year and beyond. Read on to find out more…
1. Hire well
When it comes to growing your business, it is important to focus on your current staff and where you would like your business to go. If you want to grow your business in a specific area, such as customer services, you might want to hire managers or employees with prior experience in this area.
Filling talent gaps can help build your business from the inside out. These members won’t only have an instant impact on your business by bringing their expertise to the forefront, but they can also be useful in training your current or onboarding staff.
2. Focus on retention
You should also focus on staff retention. Making sure your workplace is a productive place for your employees is important for retaining staff. In fact, happy employees are less likely to quit, and with 40 per cent of Gen Z likely to leave their jobs within the first two years, it’s important to focus on social concerns and employee happiness.
Offering staff food and drinks could be a way to incentivise your workforce. Consider shared coffee facilities or even commercial slush machines during the summer months to increase the comfort of your staff during the workday. However, you might also want to consider larger incentives, such as workplace benefits including memberships and extended holidays.
Staff happiness and retention will also extend to client retention. Happy employees not only work harder, with happy employees being 20 per cent more productive than their unhappy colleagues, but they might also interact with your customers in a better way, increasing your customer loyalty growth and helping your business grow stronger.
3. Networking
Another way to grow your business is by networking with others, whether these are local businesses or companies within the same sector as you. Attending business events can be a great way to kickstart your conversations with competitors and other retailers, for example.
Networking can also help increase the likelihood of strategic partnerships. These might expand your business beyond your normal customer base and increase your service or product offerings, both of which can help grow your business.
4. Corporate responsibility
As your business grows, more media attention might be pointed at your company’s morals. In fact, 71 per cent of customers want to support businesses which match their own values. This can expand from social issues to environmental.
With the current fight against climate change, it might be worth investing in chief sustainability officers who can oversee your company’s actions, messaging, and marketing. They can ensure that you’re not only sharing the correct message but also that your business is adhering to its values.
Whether you are looking to improve the comfort, and happiness, of your employees or are seeking to hire new staff members to fill gaps in your workforce, building your company comes from the people. Understanding what your customers want, including which partnerships might share your core business values, can ensure your business is growing.
By Matthew Neville, Senior Correspondent, Bdaily
