How to double business growth in 24 hours?
Updated: Jun 9
While one working day is not enough to strike gold, a lot of analytics based planning and strategy is sure to break your comfort zone, and the key is to partner with your coworker and the clientele alike, something which most small-medium enterprises fail to do.
Everyone is interested in business growth. Who wouldn't be? After all, the crux of doing business, in contrast with charity, is to earn profits. To earn profits, one requires scale (increase in volume of business) and specialty (differentiation). To achieve scale, existing marketshare must be increased or new markets tapped into. To achieve specialty, innovation is essential to differentiate your product or service from the rest and meet or preempt the need of the customer.
Few small-medium enterprises find the time or have the inclination to review their performance in concerted fashion. A common term for this is critical analysis, which involves a lot of data and debate. Data, by itself, provides a broad understanding of shifting patterns in consumer behaviour. However, valuable insight can only be gleaned from two indispensable sources - the 'feet-on-the-street, that is the frontline folk in the organisation (the salesforce) and the clientele.
With analytical tools readily available, most data can be easily deciphered. Demographics, price points, product preferences, seasonal demand, low offtake in certain product lines and so on. Data, however, cannot help you discover opportunity. Where are markets headed? What are the emerging trends? How do you leverage a core strength?
Archaic business strategy relied on SWOT (Strengths, Weaknesses, Opportunity and Threats) analysis. Little has changed, in the present day, except that the data deployed to assess one's position in the marketplace, just got more complex and hence the need for deeper insight. As a characteristic, most propreitary firms, partnerships or private limited companies, closely held and managed by family, lack the trait of having its 'ears to the track'. The enterprise that does, is guaranteed growth. And, learning to listen doesn't take all day.