A 2018 article from Entrepreneur opened with a very startling statistic: “8 out of 10 businesses fail within the first few years of starting up…” Naturally, the causes for an 80% failure rate vary widely and can include inadequate market research, lack of planning, too little capital, and even flawed marketing, among others. Yet, even if a firm is initially successful, without plans for business growth, the tables can turn. This is why so many business experts suggest that, in addition to traditional planning, growth also be a focal point.
Understanding Modern Business Growth Methods
There are three more modern issues that any business eager to grow or sustain their success where business growth is concerned should consider:
- Employee satisfaction – In the age of the Millenial, it is more important than ever that staff are satisfied with earnings, opportunities, and environment. That can mean investing in their “physical health” as well as dedicating paid hours to creativity, innovation and more. Also in line with employee satisfaction is social action that allows employees to do good through the success of their firms.
- Investing in existing customers – One study has proven that a “5% increase in customer retention can increase company revenue by 25-95%.” Thus, investing in it is a sure way of ensuring business growth. Few firms can survive over the long-term if they are not also looking ahead and determining ways to improve products or processes that help to retain clients.
- Talent – Investing in a “talented and encouraged workforce” in addition to keeping employees satisfied is also a sure path to growth. The article in Entrepreneur cited one firm that witnessed 27% growth of the company because of talent recruitment and retention.
As you can see, business growth means business investment. If you are eager to employ such tactics and require working capital to do so, contact Value Capital Funding online or by phoning 800-944-6280. Their team of dedicated experts can help you obtain the kind of financing you need to speed up assure your growth.