Here’s What You Need to Support Your Growing Business!

Your Growing Business

One-third of all businesses around the globe last for 10 years. Others that adapt with time, technology, and business trends last decades (SmartBooks).

It’s astonishing how a lot of startups grew into successful multi-million ventures in the last decade. Take for example Paytm, a company that started as a digital wallet service provider in its formative days has now successfully spread its wings to cover a majority of fintech services. In fact, starting from the month of November 2016, Paytm’s user base grew from 125 million to 185 million. It is now currently worth US$110 billion. 

There’s also the example of BigBasket, a company whose revenue jumped by 46% from the financial years 2020 to 2021. The jump translated to a profit of Rs. 3306 crores, which the company then utilised in expansion operations. As a result, more serviceable zones in Delhi were recognized by the online grocery delivery service. 

What are these companies doing right, that’s causing their business to flourish outside expectations? The answer is, they’re working smart, not harder. There’s a clever approach to business that involves following the core rules of growth and using smart tools to reduce the effort and time required to complete business operations. 

Strategies for business growth

It all boils down to a few but important edicts that bolster a business’s growth. Here’s a summary:

  • Start small and start local. This starts with low investment and teaches a business what to expect from a market. The local customer base is likely to trust you more and may lead to high lead conversions.
  • Build a winning and scalable structure for your business. You don’t want a particular activity to be a deterrent in your expansion plans.
  • Pick a fast-growing market when you’re done with the local market. Adapt to the trends.
  • Step out of your comfort zone. A lot can be done when you think out-of-the-box, and to implement what you ideate, you’ll have to sweat. 
  • Focus on your core industry. Don’t linger on branching out your business to other service avenues when you have just started your journey. 
  • When your business is at least 20 big-ticket customers old, plan on branching out your resources to serve businesses within the niche of your core business.
  • Cut down on underproductive initiatives that are wasting company resources and time in your portfolio. 

Smart tools, smooth growth

A growing business needs to be supported by robust tools, infrastructure, and administrative frameworks. Here, we’ll surmise how major smart initiatives trending in the business sphere can turn a small startup into a mid-size organisation. A word of advice, the following are must-haves!   

Risk management framework

The foundations of risk management include the identification of risks and their building blocks. The best way to do that is to use a risk assessment and management software that also helps create a framework to deploy countermeasures. Artificial intelligence and machine learning have added value to these software as they are able to automatically identify and flag threats, which can be viewed on an intuitive interface. With clear insights, risk trends are visible from afar, brought on by huge volumes of data managed effortlessly by the software. 

Business Intelligence reports 

Data visualisations, key performance indices, cyclical consumer behaviour, and dashboard overviews infer the trends of the market a business targets. Reports compiled upon the analyses of these business data help make data-backed decisions where insights are apparent. These all are available on a specialised platform dedicated to business intelligence, like this

Customer relationship management system

A customer relationship management (CRM) software is one of the most important tools a growing company should have. It manages the list of leads who have shown interest in your services and products, where operators can single out and contact the leads to convert them into customers. With CRM, deals can be closed with customers faster, repeated lead entries can be deleted, and a lot of customer management activities, like remembering their birthday, can be eliminated.  

Cloud infrastructure

A cloud infrastructure provides a secure cloud platform where sensitive data and business operation assets can be stored safely. The infra should provide automated backups and great customer support just in case a businesses’ virtual setup crashes. Cloud provides  

centralisation of data, which is reliable and available in realtime. Tally on Cloud is a great example of accounting, GST, invoicing, and inventory management, all on a cloud server.  

Half knowledge is dangerous. It’s better to try and evaluate the points made above to see if they fit with your business objectives. We’re rooting for your business to bloom into a multi-million juggernaut, having shared these insights. Stay tuned for more of such educational blogs. 

Share:

Facebook
Twitter
WhatsApp
LinkedIn
Email

Leave a comment:

Download Brochure

You might also Like

NIPL Updated Logo Large

Support Request