Even in tough economic circumstances, it is beneficial for every business to think about growth. You can be sure that your competitors will be looking to grow and obtain your customers or your share of the market.
There are many reasons that growth is beneficial to your business.
- Greater profitability by spreading your overheads
You may need a telephonist whether you have 10 or 20 people. The more you expand, the greater the value you will get from each item on your list of overheads.
- You will have more customers
This will give you greater security. Even if some customers switch to your competitors, you will still have a larger volume of business.
There is safety in a wider spread of customers.
- With more people in the business you will have much more experience in your workforce
They will come with knowledge of things which work well in your competitors and can be utilised to improve your business. They will also have experience in your Client’s sectors of industry.
- If you increase your Clients, the chances are that you will be are working in more market sectors
This will increase the business’s capability considerably.
- You will have greater purchasing power with your suppliers
A greater volume of business will allow you to negotiate better discounts with Suppliers.
- Your business will become more efficient
Providing you have a sound approach to managing your business, growth usually results in greater efficiency as well as economies of scale.
- You will attract better people
Everybody likes to be a part of a team where things are happening and there is a greater chance of everybody developing their role.
- Success attracts better customers
Just like your own people, a growing business also attract more customers that are not just seeking the lowest possible price.
They gain more confidence in giving you their custom if they can see that they are in “good company”.
- Growth creates a greater number of sales leads
As you begin to develop the network of contacts created by your customers, staff and suppliers other opportunities can arise, based on your success.
- Striving for growth changes the whole attitude of a business
Your business can become much more outward looking and likely to succeed as you begin to grow and “take the lid off” your success.
Constantly planning for growth is beneficial even if your plans have to be tempered by the economic environment from time to time.