Achieving sustainable growth is the hallmark of any good business. Many times, expanding is the way to not just grow, but survive. When the time comes for you to step up your company’s operations, do it in a way that makes sense. So as you gear up for accelerating your company’s growth, here are some key things you should consider.
Enhancing Operational Efficiency
While there’s really no time for you to not enhance your operational efficiency, it’s particularly crucial as you’re eyeing specific plans for growth. When you think about growth, you usually think about higher revenues and bottom lines. But when was the last time the idea of growth made you examine your operational processes, which may be costing you more than you realize?
Jeff Thomas, President and CEO of IMA (Institute of Management Accountants), talks about the importance of internal controls for operational efficiency. You need to optimize your costs and implement practices that will use your resources more appropriately as your company makes the leap forward. You also need to reorganize your business for a process of accelerated growth and revisit operations to ensure the highest efficiencies.
A strategic acquisition is potentially an excellent way to bolster business growth while positioning your business for continued success. Of course, detailed evaluation and analysis should proceed any acquisition. This can include facets such as focusing on the right business, negotiating the purchase agreement and ensuring a seamless integration as possible. Mazars USA Senior Manager, Kellie Murphy, discusses why so many companies feel compelled to acquire or merge with another.
One of the biggest and famous acquisitions in recent times has been that of WhatsApp by Facebook for a mind-melting sum of $20 billion. Of course, this particular case is an outlier. Nonetheless, it goes to show the importance of acquisition for business growth and sustainability. While Facebook has its own dedicated messaging app, it saw the value in acquiring another – in this case, the undisputed leader in the messaging space.
It’s important that you understand the big picture relevant to your company and analyze which acquisition can be the ideal instrument of growth at a particular time. By doing so, you will infuse the unique strengths of the target company into your business and enjoy the benefits.
The Right Market(s)
The notion of entering new markets is exciting as well as profitable. It can enhance your brand recognition, increase your business’ value and enable you to offer a broader range of products or services to a wider geographic region. All this is possible only if you choose the right market(s). Chuck Cohn, founder and CEO of Varsity Tutors, shares several steps for identifying the right target market.
Your homework can range from thorough research into different state regulations to an intimate understanding of different cultures. So whether you’re entering new states, countries or continents, there is no room for surprises.
All in all, given the increasingly competitive environment, businesses need to move and scale quickly without a lapse in due diligence. Accelerating your company’s growth is not merely a plan for the present; it’s a blueprint for your company’s future.
Fatima Mansoor is a writer at Aepiphanni, a small business operations and strategy consultancy that exists to help small business owners CREATE | DESIGN | BUILD extraordinary businesses. She specializes in business & entrepreneurship, digital marketing, and health & fitness. Her focus is on creating compelling web content for small and medium businesses from diverse industries. She mostly writes for entrepreneurs and marketing agencies across the US, Australia and UK.
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