How to Achieve & Sustain Accelerated Growth in Business

Growth mindset is a crucial part of entrepreneurship, making accelerated growth as the peak of its trajectory. Whether taking a shot on a one's in a lifetime opportunity or taking it in a slow and conventional method, accelerated growth takes more than just a vision. Certainly, it takes a village and a painful roadmap to make it happen.

In a short span of time, businesses must work as a well-oiled machine to handle the pressures and load of an expansion. It requires leaders and owners the need to re-evaluate, adjust, and innovate their businesses from ground up. Proceeding to an expansion without the right arsenal of careful planning and decision-making is like going to battle with a dull sword.

If you are a business owner who thinks it's time to elevate your business, you must know what to bring to ride the tide of accelerated growth. Everyone in your team must be ready and passionate enough to handle and sustain the expansion. Otherwise, it can only lead to painful lessons and massive financial loss.

Great things comes from a small steps done correctly. Take the first baby step towards the accelerated growth of your business by checking out what's on the road ahead.

Defining accelerated growth in business

Accelerated growth can be defined as a period of rapid expansion or high rate of change or growth over a relatively short period of time. It can either apply to businesses, economies, or other entities where progress or advancement may occur. In business terms, accelerated growth would be the next best step if the company achieved the following milestones:

In a nutshell, a business must be ready for the leap for growth. Operational systems must be working in harmony with minimal to no risks or challenge and the sales process hit the sweet spot that keeps the cashflow going. The main drivers of an accelerated growth of a business include:

How to achieve accelerated growth: Steps and factors to consider

The road to accelerated growth requires sacrifices, the best people, resources, and an undying drive to pick the right decisions at the right time. As a business owner, you must focus not only on what the future holds but also on how to keep your business working while aiming for the stars. It’s good to be fearless but you must do it smartly and cautiously.

Check out the factors and questions below that you should ponder when aiming for accelerated growth. Included are some examples of successful attempts to accelerate growth that launched brands from entry-level businesses to household names in the industry, earning billions every year.

#1 Re-evaluate your business a.k.a cleansing mode

Sometimes business owners are caught up in the day-to-day operations that they overlook what no longer serves them. Without streamlining your business process, problems with your processes, like logistics and unaligned departments, will haunt you and even cause big challenges as you scale. 

Here are some of the things you should look at when re-evaluating your business  

A. Know what works and what doesn’t

Some processes, tools, or talent may have helped you where you are today. However, some of them might be causing process redundancies or totally no longer provide value at all. Some examples of these are:

B. Remove growth blockers and make tough decisions

Once you’ve identified the things that are no longer serving you, it’s time to let them go. Whether it’s a personnel, a supplier, or a process you’re used to, letting them go gives space for new and efficient ones that can support your growth.

In some cases, growth blockers can be found in a difficult learning curve or trying to DIY everything to save costs. While there are monetary gains to it, investing in a consultant or expert, would have saved you more from the costs of trial-and-error, wasted time, and frustration. Instead of frying your brains on coming up with valuable solutions, you can either:

C. Audit your overhead costs

When aiming for accelerated growth in your business, your expenses must be on the right baskets. This is especially true if you are aiming for bootstrap growth or internal growth and steer away from partnerships. The funds for expansion are in your hands, therefore every expense must be justified so you can save more capital.

Questions to ask yourself and your team on this step

#2 Optimize your processes and forge partnerships

After your cleansing period, the next step is to enhance and speed up some aspects of your business. Doing so can reduce the time and capital on tasks that can be automated. Once processes and systems are in place, your business has a better capacity to handle bigger transactions and workloads as you expand. 

From automating processes to streamlining communication, technology has the potential to transform the way businesses operate. Here are some ideas on what to automate to improve your service delivery and operations:

  1. HubSpot.
  2. Salesflare.
  3. EngageBay.
  4. Dynamics.

Acquiring new technology in accelerated growth: Risks & benefits

A big chunk of business optimization today lies in the acquisition of the latest technology that your target market use. With the right technology, business owners can achieve a more data-driven approach to improving their services, tap into new markets and reach new customers.

While technology favors the modern generation, it also holds a few caveats both for consumers and the company itself. Businesses that acquire the integration of advanced technology, like the self-ordering system of McDonald's, will need to give their employees the time to familiarize the tool. The risk also presents itself with old customers who are against the modernization of the business, like those (seniors) who are not tech-savvy.

Questions to ask yourself and your team on this step

To unearth some of the hidden loopholes in your systems, it pays to re-evaluate how your transactions work and see everything from a customer’s perspective. Here are awesome worthwhile questions to ponder while brainstorming with your team:

Though automating business systems bring a lot of benefits, they can also mean additional costs. Therefore, owners must carefully weigh the pros and cons, if it is the right time to upgrade the systems or if a staggered approach is easier for the budget. 

Further questions to consider:

#3 Invest and empower your team before or as you scale

Behind every successful brand is a team of passionate and hardworking employees. They keep the business running which makes them the heart of every company. You may have a lot of customer demand but without efficient employees to manage everything, growth is impossible. 

Train, empower, and appreciate your employees to prepare them for the accelerated growth that you are aiming for. They may not work as hard as you, but teach and help them love the company the way you do. Here’s what that looks like:

  1. Encouraging work-life balance.
  2. Rewards and recognition. 
  3. Perks and discounts. 
  4. Well-being support like massage chairs, lounges, and a full-stock pantry.
  5. Community-building events for everyone to connect.

Role of human resources in the accelerated growth of businesses

In most businesses, human resources are usually considered a necessary evil – something that needs to be dealt with but is not given the attention it deserves. However, to achieve accelerated growth, businesses need to focus on the Hr department and ensure that it is attracting and retaining the best talent.

There are several ways in which human resources can contribute to accelerated growth, which include:

As business owners, nurturing your team will make them stay with you to achieve accelerated growth. They are the soldiers that go with you in war, regardless if your company will be successful in scaling or not. 

Questions to ask yourself and your team on this step

#4 Decide your scaling style and forge partnerships

Accelerated growth can be measured in different metrics, depending on the industry. However, there are specific types of business growth that reflect the risk appetite and investment style of its owners. These include:

Role of partnerships in accelerated growth

For a company to grow at an accelerated rate, it is often necessary to form partnerships with other companies. Your path should be on the fast scaling or blitz scaling trajectory. Running at a fast speed means that you’re ready to take that chance despite the higher odds of failing and facing its consequences. 

While not everyone is equipped with the drive to risk it all, with the right partnership you might have a good chance to succeed. Aside from unique technologies, luxury brands to rare items, the right partnerships and collaborations can also bring you accelerated growth.

Here are some of the best examples of accelerated growth due to a perfect partnership with other brands and celebrities:

  1. Nike x Michael Jordan: Michael Jordan is a legend in basketball history and Nike took a chance on him in his early years by collaborating with him to wear their shoes in his games. They tailor-fit the shoe design for him which led to a lot of fans loving the shoe brand the way they love their favorite basketball player. Nike Jordan today is still earning millions out of this successful partnership. 
  2. Apple x Mastercard: Service provider targets convenience as their main drive to ease customer experience. Apple and Mastercard did the same by giving Apple users an exclusive feature where they go cardless with their Mastercard through their iPhones. 
  3. UNICEF x Target: Charitable partnerships can also drive accelerated growth if both brands are clear from any controversies. Target kids wear and UNICEF collaborated to support severely malnourished children around the world with every purchase of Target’s kid’s wear. The partnership has increased the sales of Target and improved its image through its charitable efforts. 

Partnerships are gamble since their success heavily depends on customer perception. Here are some factors to consider when building partnerships with other brands and influencers to achieve accelerated growth:

#5 Keep your loyal customers close and your new target market closer

Customers today are more sophisticated due to the advancements in technology. They want a more personalized experience that speaks to what they can relate to which makes marketing tough and more targeted than ever. The challenge in scaling your business at a rapid rate is to retain the old while attracting new customers.

With effective targeting and customer segmentation, you may come up with some services that can enhance customer experience. You should also take advantage of your customer’s data from ads that show their age range, demographics, and other attributes for insights.

One example is creating a loyalty program with loads of benefits for its members. It can attract new prospects for better deals and discounts but it will also keep the old ones happy and satisfied with your services.

#6 Improve your visibility

One of the common mistakes business owners make is to exhaust all of their funds and resources in their products and location, neglecting marketing. In this advanced age, where most people Google anything in the world, your company, services, and products must be searchable enough so people who need your services find you. 

Your brand should also ace the SERPs for people to easily see your services and follow you on social media channels. You may also collect emails from your customers and keep them engaged through newsletters and sending them promotions personally. 

#7 Expect the unexpected - prepare a contingency plan 

You may come prepared in aiming for accelerated growth, but it is still a shot in the dark, especially at the speed you want to make things happen. Therefore, you must be prepared in case things don’t go your way. 

One of the best ways is to cope with a pricing strategy that will allow you to still recover your capital through a constant influx of sales. Check out different pricing strategies that you can use for your business in our separate post here. You mayalso consider using a mix marketing model which we explain in-depth here.

#8 Stay relevant

Trends shape customer behavior which eventually changes the way you attract them to buy your products or services. Don’t be too caught up in the day-to-day operations of your business that you forget to adapt to the changes in your industry. 

You may refuse changes in your industry but it may come at a cost. The best lessons can be learned from Kodak’s refusal to adapt to digital photography which led to its closure. Stay relevant to your target market by:

#9 Study your competition

Aside from using your unique ideas, you may also check on the strategies of your competitors in achieving accelerated growth. Peek into their minds by checking the following:

Observe what works well for your competitors and do better than them by finding the loopholes in their strategy. Who knows you may even get a unique insight from what they offer.

The risks and benefits of accelerated growth to a business or brand

Rapid growth comes with both pros and cons. Sometimes, business owners are so in love with the idea of expansion that they overlooked the high level of risk involved, especially in the financing aspect. Gain the right perspective in pursuing accelerated growth by checking the benefits and risks that comes with it:

The benefits of accelerated growth

Accelerated growth can bring so much for a brand or company. These include:

The challenges of accelerated growth

The ultimate challenge in accelerated growth is the capability of the brand to handle the demand and sustain it long-term. There are many factors to consider when trying to maintain this level of growth, including:

It is important to have a clear understanding of all the moving parts before attempting to achieve accelerated growth. Overall, it comes with complex challenges that require careful planning and execution. However, the rewards can be significant for businesses that can ride big waves of challenges and achieve sustained success.

The secrets to sustaining accelerated growth

Accelerated growth is not something that can be sustained without a concerted effort from all members of a company. It takes careful planning and execution to maintain the speed at which a company is growing, and several key factors need to be considered, such as:

  1. A strong culture can help a company weather tough times and continue to grow even when other companies are failing. 
  2. Culture is the glue that binds employees together and motivates them to do their best work. 
  3. It is also what attracts and retains the best talent. 

Adapt new marketing technologies at Vexpower and propel your business to its accelerate growth

A strong drive to grow your business won’t be enough to make it happen. You need a village and tons of analysis and adjustments to be ready on handling bigger and better things involved with scaling. Equip your business with the latest technologies and be ahead of your competition by checking out our courses here

At Vexpower, we offer simulation-based courses on Marketing Mix Modeling (MMM) that will teach you by experience. Our seasoned founders have been in the industry for 10 years and worked with several brands that led to increased web traffic and sales.

Check out our FREE and paid courses or become a member today!

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