There are over 30 million small businesses in the US alone, with 500,000 startups launched every month. Although personal business operations account for nearly 53% of all sales in the country, only 50% of them survive five years, with 33% reaching the decade mark.
As you can see, many businesses are straining to scale, let alone sustain their current expenses or employees. Hence, business growth and development remain a top challenge for most companies.
But how does a corporation grow? How do you achieve growth in business? And what is business growth and development in the first place?
This article gives an in-depth insight into business growth definition, tips, and how to leverage growth automation consulting services. Keep reading to learn more.
What is Business Growth? | Corporate Growth Definition
Business growth is when a company expands exponentially towards its success, goals, and vision. Typically, this includes increasing customer base, revenues, and produced products. Every stakeholder in an organisation is responsible for the growth of business, from owners to employees. External factors also matter.
Types of Business Growth
So, how does a corporation grow? There are five types of business growth, including:
Organic Business Growth
Any business can achieve organic growth provided it steps up its product output to expand. It’s a go-to strategy for new and established companies that want to branch out to new markets and face an inevitable product shortage.
In the case of organic company growth, scaled production blends seamlessly with the prevailing market demand. Typically, it’s an organic process in a business that doesn’t involve high overhead costs.
2. Strategic Business Growth
As the name suggests, strategic company growth is about the long-term vision for the growth of business. At this time, the firm has likely reached the peak of its organic growth and is now looking for other untapped potential markets to branch out.
Strong marketing and advertising are critical for strategic business growth. Businesses need the money generated from organic growth to steer this phase and achieve their strategic goals.
Acquisition or merger is the riskiest among all types of business growth but has the highest success potential if implemented well and at the right time. It’s an option for businesses that want to venture into or continue to dominate a competitive market.
4. Internal Business Growth
Internal business growth is the most viable expansion strategy for many small ventures because it only involves available resources. In this strategy, businesses must adapt to change and sometimes even overhaul their entire operations through workflow automation to explore more large-scale types of market growth.
5. Rapid Business Growth
Rapid company growth can be challenging because it happens quickly within a short span. At this phase, a business will need more streamlined cash flow to handle increasing production and the demand for customer service.
Why Companies Need to Focus on Business Growth
It is a well-known fact that the whole idea of business means growth. A business can retain and attract top talents, acquire innovative assets, and even fund investments for survival only through scaling. That’s why every company is always looking into how to create more business opportunities and realise its goals.
However, the principal reasons why companies focus on business growth include:
Business growth is critical if you want to stay relevant in competitive industries. A company can attain greater sustainability and resistance to market challenges with streamlined cash flow and automated operations. Moreover, active growth gives businesses an upper edge over competitors.
Companies that invest in business growth obtain additional resources to optimise their operations. As a result, they become more productive and spend less on routine tasks. It involves manufacturing costs, marketing, sales, and other domains.
Businesses need to grow and expand their market reach for greater dominance, which comes with many benefits. For instance, controlling a diversified supply chain empowers a business to withstand market fluctuations and downturns. A business with high company growth rates can also offer more services to mitigate commercial risks.
Did you know? Gartner Report: Sales Development Technology August 2019
“SDRs now have to make more touches per lead and make those touches more relevant and personalised. It takes 18 dials to connect with a buyer. Only 23.9% of sales emails are opened.”
Growth Automation: Things to Consider
Growth automation is the use of specialised software to automate the processes that promote business growth. These are supply chain management tools, CRM systems, sales automation solutions, customer support services, etc.
Here we have gathered the business growth automation aspects you need to consider while automating your operations.
Focus On Individual Customers in Sales and Marketing
Marketing and sales automation tools allow businesses to automate interactions with every individual based on real-time actions and events. It helps to present the right offers and discounts at the right time. As a result, consumers become more likely to purchase, and the revenue of the business grows. The company has more money to scale and invest in business growth.
Learn What is Marketing Automation? (& why you need it!)
Prefer Ongoing Programs
Growth automation is all about lifecycle marketing to create a continuous customer flow for the growth of business. Short term-campaigns hardly work because they don’t encompass long-term strategies. On the other hand, ongoing programs continuously add value to stimulate streamlined cash flow.
Connect Teams and Ensure Data Sharing
Today, growth in business depends on smooth collaboration between teams. Employees must have a single data source with updated information to become more productive. Be sure to consider these needs in your growth automation strategy and implement the necessary software. You will need an advanced CRM (e.g., Pipedrive) that seamlessly connects with third-party solutions for building one well-managed system.
This approach optimises the work of all departments, from logistics to customer support.
These are only some of the operations to optimise with growth automation solutions. Overall, such automation is a lengthy process that requires careful planning and a step-by-step strategy. You might even want to cooperate with a consulting partner to make it easier.
Automation Consulting Services to Facilitate Business Growth
Hiring growth automation consulting services can significantly change how your business attracts, wins, and retains buying customers for long-term success. Growth automation consultants take time to understand the path of your business, ensuring that you’re ready for whatever strategy might be practical and efficient in realising exponential business growth.
Here are the benefits of engaging a growth automation consultant and the services you can require to attain your business growth goals.
The Benefits of Engaging a Growth Automation Consultant
A company growth automation consultant is a professional who manages and optimises your automation software. They also help develop automation campaigns and strategies. These professionals offer a myriad of consultation services with the following benefits:
- Marketing tools integration with a CRM tool of your choice
- Customised growth automation strategies based on individual business sales and marketing processes for the growth of business
- Programmed data reporting systems for tracking automated workflows and gauging performance
- Expert insights and ideas on growth automation strategies
- Ongoing recommendations to improve on the overall growth automation strategy
Types of Growth Automation Consulting Services
There are various types of growth automation consulting services, including:
- Software review and automation advice
- Software onboarding and implementation
- Employee software training and online support
- Intelligent company growth programs
How Automaly Can Help with Your Growth Automation Goals
Automaly is a business growth consulting team you can hire to automate your core business processes and operations. We have ample experience integrating leading business automation systems for small and medium companies. Automaly is also a Premier Pipedrive Partner, which means you can get an extended trial period for this CRM using the link. Pipedrive is among the primary solutions anyone who wants growth in business should adopt.
Moreover, our team can assist you with building a strategy to fuel the growth of business. We know what it takes to achieve steady growth in business and have helped many companies to become more automated and, therefore, successful.
Contact us today and start your journey with growth automation.
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