How To Accelerate Business Growth in 2022
For any business to grow and succeed, the managing team must maintain a focus on the future and adequately plan for what lies ahead. From understanding market trends and leveraging opportunities, to forecasting and monitoring health metrics, approaching the future with a strategy in place will make all the difference in accelerating business growth.
In this blog post, we'll take a look at some of the most important trends and insights helping accelerate business growth in 2022. It’s our hope that you’ll leave this article with a good understanding of where to look for acceleration levers, and if all goes well, a route for taking your business to the next level.
Identify Your Growth Trajectory Challenges
Understanding that you have an opportunity to grow is one thing, but realizing growth potential doesn't always come easy, and it can be quite challenging to predict what you may encounter along your journey.
Because of this, it's important to closely analyze your growth trajectory and identify potential obstacles as early as possible. By doing so, you can more accurately allocate your resources and prepare for success. Some of the key challenges you may face include difficulties scaling operations, inadequacies in staffing or skill, and shifting market conditions. By addressing these issues proactively, your business can ensure its growth trajectory remains on track.
This approach will allow you to build long-lasting acceleration and success, and although the ‘challenges that lie ahead’ are never ending, it will become easier to understand where you are, where you’re going, and what stands in your way.
Invest In New Technologies (Where Possible)
In addition to exploring the challenges that lie ahead, it’s important to explore the opportunities. Taking time to assess your critical growth levers – whether they be internal or external – and devising a plan to access them will be critical to acceleration.
Our world is centered around technology, and understanding how you can leverage the software tools available to grow your business has never been more important. As opposed to simply ‘going digital’, though, we encourage you to first start by exploring the digital landscape of your industry and understanding where success can be found (and created). Whether it be a virtual store-front, social engagement and web advertising, or the implementation of new tech-tools to improve operations and support scale, don’t underestimate the power of technology in powering your business’s future.
Create New Value
Sourcing new clients is a major component of business growth, but it doesn’t have to be the only component. If you already have a loyal customer base that trusts you – and pays you – for your products or services, it would be wise to find ways to create – and monetize – additional value for them.
You know your current customers best (or at least, you should), and that insight will allow you to find opportunities that others don’t see. Whether it be an extension of a current product or service or a completely new solution, the expansion opportunities are endless.
In order to find success in this space, we encourage you to spend some time wearing your product research hat. If you’re willing to listen, your customers will tell you all about the pains they’d happily pay to fix. With proper planning and a little bit of luck, you should be able to grow your business successfully with the user base you already have, any additional growth simply providing fuel to the fire.
Seek Expert Support
We know as well as you that endless challenges accompany a growing business, and ensuring that you have expert support each step of the way – from legal to financial and beyond – will be important to sustaining. Trying to manage every element of your business through growth will at its best cause overload and at its worst limit your potential. Because of this, it’s important to leverage the expertise of others, and lean on insights wherever possible.
For the purpose of supporting your business finances through growth, you may want to consider external CFO and advisory support. ParallelCFO has been assisting Canadian businesses through their growth journey for years, and we’re well prepared to help you navigate the challenges and opportunities that lie ahead. To learn more about our team and services, or to chat about our growth experience, contact our team today!