3 Steps That Define A Consistent Business Growth and Development Cycle

Mar 27, 2020 8:25 PM ET

Over the course of 2018, 57% of all small businesses experienced a significant amount of revenue growth, according to the  findings of the Small Business Credit Survey. If you’re a relatively new business owner yourself, you might be wondering what goes into such an expansion. The process of revenue growth and expansion can be condensed into three cyclic steps.

So, whether you’re getting a startup off the ground,  thinking of building an online business, or even just operating a shopfront, now’s the time to take the next step forward. Try out these three steps, and you’ll soon find your business in a steady state of growth.

Step 1: Thorough Self-Assessment

The step that primes the whole growth and development cycle is through self-assessment. First, you must identify what parts of your business give the most value. This comes down to three factors: reliability, relevance, and uniqueness. Any deficiencies in these departments should be marked down and focused on. If you exude any of these strongly, that could be a potent selling point to advertise to your customers.

Of these three factors, however,  uniqueness is the most critical. You must establish what aspect of your business puts you above others. This will let you identify your niche and think of ways to take control of it. To do this, find out who your primary target demographic is, as well as your secondary and tertiary for good measure.

Finally, establish a good handle on the effects of your actions and find out which have been harmful and which beneficial. You need to make sure it’s a measurable change as well. If it’s unmeasurable, you can’t know how good or bad its effect has been. Measuring change is essential to identify whether you can afford certain deficits if they serve a greater good or if certain actions have a better alternative. Having a firm grasp on cause and effect will tell you what actions to focus on growing your business.

Step 2: Formulating and Executing Plans of Action

The next step in the cycle is one of planning and executing the next viable moves that you’ve identified through your virtual assessments. One thing to keep in mind during this stage is that maximizing your strengths is often more vital than shoring up your weaknesses. Improving your business’s shortcomings is well and good, but you might stagnate trying to fix every little thing. Meanwhile, focusing on your strengths amplifies what you’re already good at. This significantly drives up revenue and growth.

Another important thing to keep in mind is that quality outweighs quantity in business. This applies to everywhere that you intend to invest company funds in, be it employees, equipment, supplies, or even company transport. Consider looking into reliable online resources when getting the things that your virtual company needs, such as  investing in quality vehicles for logistics. Though you may have to put forward a lot of cash, the return of an investment is well worth the initial burden. Where quality shows, customers and growth will follow.

Step 3: Surveying Effects and Performing Outward Observations

Finally, it’s time to look around and consider the aftermath of your actions.  Expansion naturally entails gaining new competition as well. Doing a thorough scouting of their strengths and weaknesses will tell you a lot about which of your own strengths and weaknesses you need to focus on more urgently.

As with the cyclic nature of fiscal matters, the virtual business growth cycle follows a set pattern. This pattern is one of assessing your own strength, using it to gain new ground, and then consolidating and scouting for further expansion. Revenue and clientele are the lifeblood of all business and taking steps to grow them are necessary to avoid stagnation and the death of your business.

Tags:
Content Marketing, Wire, English