Business growth has long been defined as the ability to combine strategic investments, market positioning, and productivity. While there is no denying that you can’t create growth without money, hard work, and a market to sell your offering, these are not enough.
We now live at an age of significant transformations. The COVID pandemic has made businesses aware that they need to adapt to survive. Virtual offices have been a life-saver, keeping companies afloat during the peak of the pandemic. But being able to work from home is only the first step that businesses need to take to tackle the challenges brought by the crisis. Helping the economy to recovery is crucial to the long-term survival of brands, as it defines the availability of talent and the demand. Finally, it’s time for entrepreneurs to seize the opportunity to prepare their processes for a safe future for all. Therefore, the 5 pillars of growth in 2020 include your customer, team, environmental actions, digital improvements, and social awareness.
#1. Your customers
Customer acquisition belongs to every business growth strategy. You can’t grow if you don’t attract customers. However, every one-time customer has the potential to become a loyal advocate who regularly buys from your brand. Therefore, as Deepak Agarwal, entrepreneur, notes, there is a huge opportunity for businesses to improve ROI by reducing risks of losing your customers. Understanding what your existing customers care about keeps your growth strategy focused. Marketing activities can be targeted at a lower cost to maximize retention. The process allows companies to make the most of resources and time to drive additional value. Ultimately, it’s more cost-effective to keep a customer than to have to find new ones regularly.
Of course, this doesn’t stop you from maintaining your acquisition campaign.
#2. Your team
What does it mean to keep your team engaged and satisfied? If you believe that money is the sole driving factor of staff retention, you will likely face some nasty surprises. Wages are an inherent part of the problem. But employees don’t only stay for the pay. Most expect additional value from their job, such as the opportunity for career progression and quality perks.
Yet, a much too often forgotten factor is mental health. A company that doesn’t put employees’ mental health on top of its priorities will experience high turnover rates. In a stressful time, such as the midst of a pandemic, managers need to consider strategies to reduce stress and anxiety. Building a culture of healthy behaviors and honesty can do wonders in helping your team vocalize their issues.
#3. The environment
Staying at home for an extended period of time has taught us two essential lessons. Firstly, we can remain productive and engaged even from a home office – more to this later. Secondly, the positive impact on the environment has been phenomenal worldwide. For entrepreneurs, this is a unique opportunity to steer their business toward
Moving to a predominantly virtual office has introduced a fully paperless process. But as companies are reopening their offices, you can inject smart transformations such as responsible electrics management with a recycling program for old laptops, for instance. If your business has chosen to remain virtual, why not run sponsor actions to support your community’s green initiatives? You can get the team involved in fundraising for green projects in town.
#4. Digital technology
Without digital technology, most companies would have been forced to shut down during the pandemic. However, encouraging teams to work from home has allowed businesses to survive and keep their staff safe. Therefore, it’s essential to consider how to progress with remote working options as restrictions ease. For many employees, working from home offers additional flexibility and makes life a lot easier.
Additionally, your customers also needed to reach out only online. Now’s the best time to research interactive and engaging solutions that make online communication and contact more effective. We can expect customers to feel more confident buying from 100% of digital businesses in the long-term. But in the meantime, video calls, smart interfaces, and automated platforms can earn their trust.
#5. A safe place for all
Companies can’t carry on without making inclusivity a priority. A workplace that welcomes talent in any form can fully embrace growth. Professionals with disabilities, for instance, can significantly transform your business profile and performance. For a start, it can show an inclusive image to your audience. But disability doesn’t affect someone’s ability to be creative and productive. Similarly, it’s time to end the constant debate of whether a company has a glass ceiling that prevents some genders, age groups, or races from reaching the top positions. A diverse workforce is a strength that opens the door to many markets.
Growing your business in a post-pandemic world requires, of course, strong attention to safety measures and hygiene. But the pandemic offers a unique opportunity for self-improvement through questioning and challenging the status quo.