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:
Better business performance than your goals.
Strong financial standing that can independently fund expansion (accelerated growth).
Repeatable sales process.
Manageable and minimal challenges
Strong company culture
Rejecting good business opportunities due to capacity or bandwidth issues.
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:
Sustainable cashflow or financing.
Good company culture and leadership.
Strong team of passionate employees and partnerships.
Supply and logistics to handle a bigger crowd.
Technology and innovation in assets and processes.
Favorable conditions (economic).
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:
Apps or tool subscriptions that don’t enhance your processes.
Business metrics that don’t make sense.
Unnecessary business expenses.
Product research that’s becoming expensive to pursue.
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:
Invest in the right talent, consultants, or mentors.
Collaborate with your team and get their insights.
Acquire some training to handle the difficult learning curve.
Get out of your bubble and pick the brain of other entrepreneurs.
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
What potential growth can come out of this expansion?
What can you learn from experiences from production to the sales process?
What problems do you solve for your target market?
What products and services do you have to solve your customer's problems?
How can you solve your customer’s problem differently than the competition?
What’s your proof that you have what it takes to solve your customer’s problems?
#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:
Build a sales funnel to track customer data and focus on conceptualizing sales funnels in the future. You may also use Zapier, Social Bee, and other marketing tools to manage all your channels in one place.
Create systems out of repeatable tasks to free up your time and let your team work in minimal supervision. An example of this can be as simple as having a project management system, like Teamwork, Asana, or Monday.com, where working hours, documents, tasks history, conversations, and employee data can be tracked in one place.
Small businesses mainly operating on social media pages may invest in a CRM to analyze customer data and behavior. It also improves their communication with their customers that gives them a designated space to voice their concerns. Some of the best CRM for growing businesses include:
Use chatbots to answer your customers’ faqs and respond to them when they reach out to your platforms. As a business owner, you may now collect all the frequently asked questions about your business and answer them with the help of a chatbot. They can be modified within your website or on your social media pages like Facebook.
Small business owners may also expand their services on third-party e-commerce websites like Shopify or Amazon to automate their transactions instead of responding to orders through messaging and social media platforms.
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:
How easy is it to buy from us?
How easily do we want customers to buy from our company?
What’s the customer perception of how we sell or deliver our goods and services?
What does the sales team think about our sales process?
What part of the sales process helps our sales team effectively sell our products?
How do our best performers sell and what are their best practices?
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:
How does our company align with our customers?
How do we emphasize the value of what we offer?
What are our metrics to achieve an accurate forecast?
What are the measures we do to efficiently utilize our resources?
What is the bigger picture of optimizing our business processes?
How does every department relate to our customers?
#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:
Align every department in your company in terms of the values, vision, and mission of the company. If employees know what problems their company solves for their customers, they will find value in what they do. Working on the same values as a team will eventually improve the efficiency of your processes and consumer engagement.
Foster the growth of your employees by investing in their training and giving them enough time to learn about your products the way the salesperson understands them.
Build a positive company culture that makes employees want to stay with your company naturally. This means implementing the following:
Encouraging work-life balance.
Rewards and recognition.
Perks and discounts.
Well-being support like massage chairs, lounges, and a full-stock pantry.
Community-building events for everyone to connect.
Bring the leader out of your front liners - managers. They are the ones on the field on a day-to-day operation and well-versed in every customer-facing transaction. Invest in honing their people skills to modify their leadership strategies for different types of employees. Equip them with strategies on when to empathize and when to enforce rules.
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:
Hiring the best talents and employee retention: HR hunts the talents that match your company's values. They are responsible for advertising vacancies, conducting interviews, and hiring the best candidates to match the job. In one instance, they may also hire the right people that will help propel your business to its accelerated growth.
Employee training and development: Human resources help develop and train employees to have the skills and knowledge necessary to contribute to the growth of the business. They are responsible for designing and delivering training programs for employee development. In addition, they also provide support and guidance to employees during times of change or transition like business growth.
Conflict resolution: Finally, human resources can help resolve conflicts and issues within the workplace, ensuring that employees are productive and happy. Finally, human resources play a vital role in resolving conflicts and issues within the workplace. They are responsible for investigating complaints, mediating disputes, and disciplinary action when necessary.
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
Do my employees feel valued?
Do I have a high employee retention rate?
What activities or employee benefits will make my team happy?
How can I support the growth of my team?
#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:
Slow scaling happens when a business starts growing out of its income and start accepting external funding when it becomes more stable in the market. Businesses with a slow scaling growth model are essentially bootstrapped businesses that have delayed their acquisition of external investments. An example of this is the internet hosting site Github, which is initially funded through the savings of its owners and took other investments later on.
Fast scaling is a business growth fueled by the funding of external investments to scale at a rapid rate or a small amount of time. The biggest example of this is Uber wherein they prioritized the scale of reaching as many cities as possible to attract more drivers to compete against taxi companies. Though Uber was successful in scaling at a rapid rate globally, it faced a lot of legal issues along the way.
Blitzscaling is an accelerated growth with a steep trajectory, making it the riskiest growth strategy of all. These are companies that achieved incredible growth in a few years which usually takes decades. The best example of this is Amazon Books in 1996 which employs less than 200 employees and ballooned to 7,600 employees in a span of three years (1999).
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:
Marketing partnerships is a strategy where two companies create marketing campaigns that benefit both parties. The best examples of these are as follows:
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.
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.
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.
Influencer partnerships are another collaboration strategy with a celebrity or an influencer where the traction comes from their fanbase. Examples of this are the collaboration of Blackpink and BTS with brands like Dior, Celine, Chanel, Oreo, Pepsi, and McDonald’s.
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:
Common expectations and goals.
Exchange of value and benefits.
Visibility of both brands during the campaign.
Seasonality of service/product.
Crossover in target audiences.
Value to customers.
#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:
Joining groups and connecting with professionals in your niche or industry.
Attending summits and workshops.
Participating in events related to your industry.
Reading the latest trends in the market.
#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:
Perhaps the most obvious benefit is that it allows a company to grow at a much faster rate than would otherwise be possible. This can have many knock-on effects, such as increasing market share, economies of scale, and so on.
Investors are always on the lookout for companies that are growing rapidly, as this represents an opportunity to make a lot of money. By growing quickly, businesses can make themselves more attractive to potential investors.
There are also fewer tangible benefits to accelerated growth. For example, it can help to create a buzz around a company and its products or services. This can lead to increased media coverage, which in turn can generate more interest from customers and help to boost sales.
A business can enjoy higher profits and improved employee morale with its rapid growth. Accelerated growth can also lead to new opportunities for partnerships, and expansion into new markets.
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:
Source of additional capital: Access to capital is essential for any business looking to grow at a rapid pace. Equity financing can provide the necessary funds to help a business expand its operations and hire additional staff. However, it is important to remember that diluting ownership can also create challenges down the road.
Need for extra hands: As a business expands, it will need to hire additional staff to support its operations. This can be a challenge, as finding the right talent can be difficult. Additionally, managing payroll and benefits for a larger workforce can be costly and time-consuming.
Require exhaustive marketing efforts: A well-executed marketing campaign can generate a lot of buzz and excitement around a product or service. This can help attract new customers and drive sales. However, it is important to ensure that the marketing budget is managed carefully so that it does not drag on profitability.
Capacity to handle bigger transactions per day. A business needs to have efficient processes in place to support its expanded operations. This includes things like supply chain management, customer service, and accounting. Having streamlined operations will help a business run smoothly as it grows.
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:
Culture: A company's culture will have a direct impact on its ability to sustain accelerated growth. If the culture encourages risk-taking and innovation, then it is more likely that the company will be able to continue to grow at a fast pace. Conversely, if the culture is risk-averse and conservative, then sustaining accelerated growth will be more difficult.
A company's culture should be aligned with its strategy to create a clear connection between what the company stands for and how it operates. Here are some of teh reasons why culture makes a difference in accelerated growth in business:
A strong culture can help a company weather tough times and continue to grow even when other companies are failing.
Culture is the glue that binds employees together and motivates them to do their best work.
It is also what attracts and retains the best talent.
Advanced technology: A company needs to have the latest and best technology to stay ahead of the competition. This includes both hardware and software, as well as things like data analytics and artificial intelligence.
Creative marketing team: A company needs to have a strong marketing strategy to reach new customers and markets. This might involve things like digital marketing, PR, and advertising.
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.