5 Genial Ways How Companies Grow Their Business

Genial businesses are few and far in between. Business leaders need to be fearless and unrelenting in their pursuit for growth and revenue. However, there are still humane ways to expand, grow and make money in doing so. Let’s take a look at several ways in which genial business growth is possible and welcomed by the industry at large.

#1 Goal & Mission Statement

Every company stems from its initial ideas. The products and services that make up the majority of the revenue a company makes are only a front for their ideas. This is why some companies such as Coca-Cola have effectively grown over the years. In the example of Coca-Cola, the company sells “happiness”, not soft drinks.

If the company focused on soft drinks as their main idea, the entire enterprise would have gone under years ago. An effective mission statement and long-term goals can go a long way in building trust and respect from the public. A company can not only grow but be seen as genial and genuinely interested in the community at large.

#2 Established Employee Profiles

A business can grow only as much as the employees allow for it to grow. A CEO and a board of directors aren’t enough to grow a company beyond startup standards. An extensive employment and management pipeline should be present if any growth is to be achieved. A recent article on the topic showed that Adobe, Nike, and Chevron are among the companies with the happiest employees.

This result doesn’t come from high salaries but from correct candidate profiling. To that end, interviewers and HR managers should always strive to create employee profiles based on existing office staff. Mixing and matching drastically different personalities, backgrounds and profiles usually won’t end well. People might get along as colleagues and be friendly but the general culture of the company will be lost over time.

A company’s internal culture is one of the staples of genial growth in any industry. This is the main attraction for many candidates to apply and become a part of that big family. Company growth applies just as much to the internal structure as it does for the product and service lineup.

#3 Industry Networking

“No man is an island” is the perfect allegory for healthy business growth. No business can succeed in an industry without working with other established companies. This means that an adequately connected company can experiment with its products, services, and operations with the support of other companies.

Shared risks and rewards are a welcome change of pace in an otherwise stagnant industry of supply and demand. It doesn’t matter what industry you are trying to network in. Even professional translation agencies such as The Word Point are a part of a much larger network of capable content creation platforms.

Being seen as a friendly and welcoming company can help you a lot when growth and income is concerned. This interconnected structure allows businesses to refer clients, solve common problems and otherwise cooperate on fruitful ideas.

#4 Revenue-Based Expansion

Companies are rarely advised to expand if they can’t afford it. Some CEOs may see this tactic as a last ditch effort to get some revenue before closing the doors to their enterprise. However, in terms of organic growth, expansion should only be undertaken when the revenue streams allow for such action.

For example, if your revenue streams are growing by several percent each quarter, you might want to think about new regions to expand to or create new product lineups worth exploring. Companies that constantly offer new things to their loyal customers are bound to be perceived as genial.

Companies with the fastest growth rates have recently revealed their success strategies to the public. The gist of the information concerns the investment into digital advertisement and public awareness at large. Don’t spend your newly-acquired revenue on meaningless upgrades or personal satisfaction. Instead, think like a businessperson and grab the chance to expand whenever the opportunity rears its head.

#5 Building Brand Loyalty

Brand loyalty is one of the cornerstones of genial business growth. Both employees and customers need to know that they are taken care of if they stick by your side. Employees want personal fulfillment through professional development and employment incentives.

Customers like to be pampered with individualized emails, discount codes, free samples and public events. Make sure that you have covered your brand loyalty bases if you want to build a positive public perception of your brand. Revenue was and remains the most important thing on your monthly report.

However, the revenue you make shouldn’t be the primary concern of your employees or the customers that enable it. Studies show that 13% of businesses fail simply because of the neglect of the managerial staff. As we’ve mentioned before, employees and customers alike represent the lifeline of your company.

Risk vs. Reward (Conclusion)

Every decision you make in regards to your business will carry a certain risk. Knowing which risks are worth taking is the staple of a good business leader. You will be faced with difficult decisions and you will have very few people to turn to in those moments. Don’t think of your business as a means to make money and buy an expensive car. Instead, build a business in a niche you are passionate about and you will enjoy every moment of it.

A genial business with organic growth is hard to find these days. Show the world that you care about a certain industry by doing the opposite of what most CEOs do. Focus on morale, productivity and overall satisfaction of being a part of your brand as a whole.

 

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