If you are supervising a department or an entire company, as a manager, one of your duties must be to help the business grow.
Those executives who can bring in new clients, or show their contributions to business development, are typically the most valuable and recognised employees in the company.
There are various ways you can promote growth, three of which we will explore in this article.
New Customer Base – One of the most simple ways to help a business succeed is to bring in new clients. More clients leads to more products or services sold, which leads to more revenue.
Depending on the type of business where you work, there are several ways to do so. If you offer professional services, such as accounting or law services, you can go to events where business owners and other managers meet to network with them.
While there, you can pass out business cards and tell them about your firm. If you sell products, you can help your organisation come up with new promotions, such social media contests, to spread the word about your organisation to a new client base.
New Markets – Another great tactic to increasing sales is to sell existing services or products to new markets. For example, if you have a physical location in London, consider opening more stores throughout the rest of the UK, or simply sell franchise rights to expand your business.
If you don’t have a brick-and-mortar business, then find new avenues to sell your items through. This can involve exporting your merchandise internationally, or selling it online.
More Productivity – A good strategy to helping a firm grow is to make changes from the inside; the most effective change being increased productivity, which can be accomplished in several ways. First, assess your current company structure and employees’ knowledge and workflow.
Decide whether you feel that your staff’s skills are being used to the full capacity. If not, try to restructure your department to increase efficiency.
Second, consult with a technology expert to see if there is a software that is designed to increase productivity in your area of expertise. For example, utilise a project management software, such as Basecamp, to help employees collaborate together instead of sending constant emails to stay in touch.
These tactics will help increase productivity and efficiency in the office, which should lead to business growth.
When a manager can contribute to business growth, he or she becomes an invaluable partner of the owners. Finding a new client base, new markets through which to sell products or services, and restructuring from within, are all excellent ways to bring in more revenue.
Head of Training
Originally published: 16 March, 2015