The Business Growth Playbook
Published on 19 Nov 2022
Many companies react to the possibility of expansion with enthusiasm and dread. According to Forrester's Asia Pacific 2021 Predictions, the success of businesses will rely on how fast and effectively they use technology to allow their workforce in the new normal and develop platforms that distinguish them.
Ashutosh Sharma, vice president and research director at Forrester thinks the Asia-Pacific region is approaching a decade of digital parity. "The present economic situation has heightened the pressure for all businesses to use technology as a strategic advantage. Regarding technology-driven business model innovation, regional companies will be on par with or surpass those of the rest of the globe.
Asia-Pacific was the first region to be hit by COVID-19, and we anticipate it to be the first to recover from the crisis. How, therefore, may the firm expand while limiting the danger of overextension? Smaller businesses must first comprehend the special types of complexity, inconsistency, and loss of control that expansion may entail. Once this is understood, owners and senior executives of SMEs may take efforts to preserve the competitive advantage of being small, which is often derived from exceptionally tight connections with customers and partners, even when operations are grown up.
At this point, firms will have achieved growth, but to be sustainable, the increased market share must be converted into improved goods and services for consumers. Doing so produces a powerful cycle in which expansion if correctly timed and planned for, generates greater and wider company satisfaction and, in turn, more development.
The Business Development Playbook covers the four strategies that may launch a robust growth cycle for any SME, regardless of size, industry, or target markets.
1. Stay True to Your Nature.
Even when operations increase, ensure that the USPs (unique selling propositions) of the firm, such as customer service, high quality, and specialty or personalized goods and services, stay unaltered.
2. Form Solid Partnerships
Strong alliances with retailers, resellers, and other connected organizations may increase your business's market share and visibility.
3. Centralize and Standardize
Ensure that your operations, supply chain, and business administration are standardized and centralized to prevent quality and productivity declines caused by expansion.
4. Utilize the Data
Increased market share and customer comments will provide useful insights, and you can utilize the data and user reviews further to improve your USPs (Unique Selling Propositions).
Any genuinely successful SME will expand regardless of the owner's or board of directors' intentions. These firms can achieve a degree of client intimacy and responsiveness that is frequently difficult for bigger corporations.
This closeness generates the demand that permits a firm to expand, but once a certain scale is achieved, it often fades or vanishes altogether.
No of the amount or diversity of transactions handled, organizations must maintain a "small business" level of service to develop effectively and sustainably. The examples in this Playbook demonstrate how crucial it is for SMEs to build growth-oriented procedures without sacrificing the quality of their USPs or their customer service emphasis.
Partnerships, standardized and centralized procedures, and a greater use of data all assist companies in effectively expanding their reach while preserving control over how consumers interact with the brand. The proper technology, especially cloud and analytics platforms, plays a significant role in simplifying and guiding growth initiatives. Regardless of size, businesses must maintain tight ties with their consumers.
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