It is now a key requirement for many businesses that they seek to achieve meaningful and sustainable levels of growth. Owners and business leaders recognize that effective growth can lead to increased revenue streams, the ability to enter new markets and the financial power to deal with unexpected circumstances and changes in the economic climate. Today, in 2023, it is harder to achieve sustainable growth. There are several economic and geopolitical factors that make growth and continued profitability challenging in business. The emerging cost of living crisis has resulted in lower consumer spending power. In addition, high inflation rates in many countries make it harder for businesses to enjoy the same levels of profitability without having to increase their prices. However, even in this challenging business environment, it is still possible to achieve structured and effective business growth that will help to safeguard the longevity of an organization. In this article, some of the key ways in which small businesses can achieve growth in 2023 will be discussed.
Hire talented leaders
A key stage in achieving growth in your business is by expanding the pool of talent that is present in your staff. As a company grows, it will need to accomplish more and may need to build new departments and teams that were not previously needed. Effective leaders are a vital part of a growing workforce. There is a growing body of evidence that high-performing leaders can play an instrumental role in business growth. The best leaders serve to motivate the workforce and can help to improve the culture of an organization. Leaders should be visible at every level of a company and must demonstrate best practices in their actions as well as in their words. By acting as mentors to other staff members, they can help to develop a workforce that looks for inventive and more efficient ways to complete tasks. You can read more about the key traits that make an effective leader here. To sum up, the best leaders will embody company culture and best practices whilst inspiring the wider workforce to work harder and more effectively.
Upgrade key IT services
Firstly, it is important to ensure that key IT services are modern and efficient. For example, a company internet connection will play a key role in determining the volume and speed of tasks that can be completed online. Slower internet connections can lead to increased time being needed to accomplish online activities and over time, this will reduce the productivity of the wider workforce. Low levels of worker productivity can hamper the growth of a business as they may impact directly on a firm’s profitability.
It is important to learn more about the latest internet connections. Many businesses can now benefit from fiber optic connections which will dramatically reduce waiting time for many different online tasks (such as downloading large files or streaming content in high definition when holding video conferences). Test your organization’s internet speed online and ask your staff if they encounter problems that are caused by low bandwidth and slow internet connections. This one upgrade could lead to productivity gains that help to foster the growth and improved profitability of your small business.