Global economy endured its most challenging recession yet in 74 years, as the COVID-19 virus pandemic upended lives and livelihoods. The recession was unprecedented in its geographic scope, the central role of services, and in the scale of policy responses.
While we can predict that this setback will stay with us long into the near future, effective treatment will be widely available to the general population by mid-2021, facilitating the gateway to a newly recovering economy.
Let’s look at several ways to help you ride this rising curve and reach those targets you’re aiming at.
- Plan An Effective Business Growth strategy
Growth is fundamental to a business’ survival. That goes without a doubt. A solid growth strategy allows companies to expand their business. You can achieve growth by adding new locations, investing in customer acquisition, even something as simple as moving into a reputed shared office space to optimize your budget for other areas—a company’s industry and target market influences the growth strategies it will choose.
- Be Specific About What You Want To Accomplish.
“Make more money” or “grow my business” are both admirable goals to have, although both are too generic. Achieving goals become even more challenging when you lack precision. A company vision statement describes where you want your company to go, but not how you’re going to get there.
It’s an idea that should stretch the imagination and provide inspiration. The best vision statements are short, easily understood, and are exciting. It motivates and challenges your employees to perform to their best.
- Effective Communication With Employees
It is vital to the success of a business that the plan formulated is also accurately communicated. All employees should be fully aware of what the project is, and most importantly, their role in it!
This open communication leads to an enhanced understanding; within the organization and externally. And it should be continuously reinforced by the business’s actions and behaviors. There is nothing worse than receiving mixed messages!
One way to encourage open communication lies in the infrastructural design itself. For example, intuitively designed coworking spaces that have open work culture facilitates free-flowing communication.
- Empower proactive employees
Employees who perform exactly as their job description states or do only as instructed can maintain the status quo but do not help your growth. You need to empower employees to push through performance goals and raise their capacity to perform. This helps hone leadership qualities in them.
It is essential to recognize that planning a Growth strategy is NOT just about making more sales!
To maximize returns, all functions of your business must be working in tandem and fully coordinated. The opposite of the silo mentality we often hear about, where individuals, departments, or entire divisions work to achieve their own goals completely neglecting the bigger picture.
Hiring the right people for your company is undoubtedly your way to ensure fast growth.
If you have staff who know their job throughout and are ready to give their best to accomplishing targets, then no one can prevent you from hitting the bull’s eye. Particularly for small businesses looking to grow, having the right players in the team changes the entire dynamics.
- Stay Adaptive And Flexible
If your company cannot quickly adapt to the changing market dynamics and shifting customer tastes, you’ll have difficulty keeping pace with your rivals. Worse, you’ll struggle to keep the customers you have – and will never have an opportunity to scale your business. Adaptation is key to surviving and prospering in the modern economy.
That adaptability should apply to every aspect of your business. Adapt to new training methods and team-building strategies. Be flexible enough to incorporate new productivity technologies as they become available. Even flexibility in terms of the actual physical space you are working out of. This could mean opting for a dynamic shared office space in lieu of a conventional office space.
And never stop working to improve your products and services. Keep as much flexibility as possible with your plans. Good plans are regularly reviewed and updated, which will sometimes lead to a change in the level of resource needed.
- Take Preventive Measures
Uncertainty and inevitable risks are part of any business. Though we cannot avoid risks by taking preventive measures, we can somewhat limit or reduce its impact. As your business grows, you may need to add space or equipment, develop new product lines, or expand your operating and distribution footprint.
Hence, the chance of external and internal threats to your company and its growth also increases. To be on the safer side, check whether your office space provider has provisions for insurance coverage in case of any unfortunate events.
For any big or small business, it is vital to foresee the future and plan accordingly. If you are looking for shared spaces for rent in Chennai and across other locations in Bangalore, Mumbai and Hyderabad, do get in touch with us.