By Shawn Mike
The indisputable fact is that people start their businesses with the dream of growing it big. However, in reality, very few businesses get that kind of exponential business growth and there are several reasons for lack of prosperity.
Exponential growth isn’t related to a product or a business. In actual fact, it is much bigger than that; it’s about a whole system that includes the structure and the common traits of the businesses and what allows them to gain exponential growth.
Technically speaking, it can be calculated with a simple formula that requires mentioning the number of time intervals and evaluating the percent the visits or sales has been increased over the years. That’s why one of the main factors of exponential growth is viral coefficient which in general means having enough satisfied product reviews from the customers to achieve several recommendations about it – that is, going viral to grow businesses exponentially.
For instance, if your business is a leading clothing brand or a shoe brand, you might want to use word-of-mouth marketing by providing high-quality services and products while obtaining multiple marketing strategies to achieve exponential growth. Most of the successful businesses, they didn’t just wake up one day and decided to achieve all the things readily; harnessing exponential business growth is more like a journey to them. They actually believed in working smarter more than working harder and showed a willingness to cover an extra mile to grow their businesses.
So, the real question here is how many businesses out there are actually ready to take that first step of this journey to achieve exponential business growth? If you are willing to take that step, then we are here to provide you with some tips for harnessing exponential business growth to help you get an idea of what leads businesses to failure and what allows them to gain exponential growth.
A clear purpose and strategy
Successful business-minded people have a clear strategy in their minds right from the start. Most people think that the main purpose of their business is to achieve maximum profits and attain more sales. In actual fact, that is not the case. Any successful businessman out there already knows what success looks like before even starting their businesses. They know how to structure the business model and what type of opportunities it will attract during the journey. However, it doesn’t happen overnight as it requires getting more things done with fewer efforts and expanding the business operations in the worldwide market. That’s why it’s important for the businesses to know the purpose of establishing their businesses and to implement a clear-cut strategy so they can act accordingly.
Leadership and management
Leadership is providing direction and expectations to the people and empowering teams so they can work in a more disciplined environment. Management is all about taking the steps required to ensure that all those expectations are achieved in a timely manner. Both leadership and management are an important aspect of the businesses that enable the people to follow a given direction and meet all the requirements at the given time. Therefore, it is essential for businesses to have leadership and management from the start so they can achieve bigger and better things.
Selling the business
Selling the business goes beyond the simple scope of making profits. It is also about gaining valued customers and the required recognition that your business actually deserves. The most significant part here is played by adopting the right kind of marketing strategies – strategies that have the potential to provide valuable and genuine growth to the businesses, thereby enabling them to build a loyal customer base.
It also requires creating to business routines that include selling the business, managing the resources, marketing the products or services, and even ensuring about the customer support services during the process.
People development is inclusive of developing the people in the best way possible so they can provide better productivity and efficiency. All of these are basically considered requirements for growing a business exponentially. That is why most companies have a department that provides help to people by solving their issues on time. The fact of the matter is that it is very important for people to be on the same level of the business processes. It is for this reason that creating awareness and building better relationships is equally important for the businesses. Not only does this include customers, it includes employees too because when their issues are resolved in a timely manner, they will be inclined towards putting in the best of their efforts and that is sure to grow your business down the line.
Adding the ‘fun’ element
This has mostly to do with the culture of the businesses. If the environment of the companies is not friendly at all, then why would anybody want to work with you in the first place? Ensuring employee happiness is the key. It’s all about implementing the ‘fun and interesting’ element in your businesses by building a friendly culture where ideas are appreciated and people are encouraged so that other people feel comfortable working with you and help your businesses to achieve the growth you have always dreamed about from the beginning.
There are several reasons businesses suffer from losses and eventually end up closing down all their operations and processes. The people should understand that exponential growth isn’t just a method to achieve better sales and profits but it’s also about deciding to evolve into new processes eventually while introducing innovation and change in an organization so that the businesses could grow exponentially. (
—The author is provides ghost-writing and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing