SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMCnet FEATURE

TMCNET eNEWSLETTER SIGNUP

July 09, 2019

How to convert small Clients into company growth?

Every business is created to make it grow and scale. At least that is what the company owners think. No one wants their company to stay at the same place forever because that will mean stagnation for the company and less potential for growth. It would also lead to lesser orders in the near future and eventually the company will phase out.



So, what makes a company grow? Ambition? Goal? Thirst for Power and Success?

In this article, we will discuss what features take one company from a garage to Wall Street while the second one stays at the same place all its life.

Let’s get started.

The amount of growth of any company depends on three things:

  • Planning
  • Strategies
  • Initiatives

As a business gets bigger, its founders will have to create strategies to foster and continue its growth. Eventually, they will make alliances and merge themselves with other businesses to become better and more successful companies.

Things Small Businesses Should Do to Become Big Companies

1. Set Goals

First thing first. A small business won’t grow if the founders of the business lack a clear vision. That’s why it is important to have a vision from the very start. The vision should answer just one question: Where do you see the company in the next five years?

Apt founders have an answer and a planned path to reach that destination. They don’t only create goals but also follow them wholeheartedly. And, they are not afraid of failure. They know that even if they lose, they are going to succeed eventually.

  • As a business owner, try to understand your marketing and make calculated decisions.
  • Make your products clear, defined, and beneficial for your customers.
  • Challenge your teams so that they work harder and reward them with better perks.

2. Diversify

Often times companies get killed when they can’t diversify. This usually happens when they stop getting creative and focus on just one product. Most companies may become successful by focusing on a single product, but they won’t experience exponential growth. Coca-Cola is one company that realized the need to diversify in its initial days and started preparing more products. Today, it doesn’t only sell soda in red cans. It also sells juice, sports drinks and bottled water. Similarly, Apple (News - Alert) used to manufacture a computer. But due to the needs of the time and to stay in the market, it also started selling MP3 players, phones and tablets. Today it is one of the best tech companies in the world. These are examples of major companies that grew just by diversifying their product line.

Note: It is important that you don’t start concentrating on other products until your primary products are selling well and your customers are satisfied with the results.

3. Expand

In order to keep growing at the same pace, you will need to expand your company. The expansion can be to establish office at a new location or to get funding from stakeholders of the company. But make sure that you deliver what you have promised because lenders want to see the growth of the company. Also, you can license your products so that other retailers can also selling them. This will lead to further growth of your company and open more opportunities for expansion.

4. Merge

Remember the saying, ‘Two are better than one?’

Similarly, in the business world, two companies working together on the same product are better than one. There are a few reasons for this.

  1. They both can expand together. And, when they work together for expansion, they will outgrow the competition and gain more market share.
  2. They will grow quickly because they will have more resources to work towards your goal.

Think about it. Yahoo and Bing both merged together because they were not able to beat Google (News - Alert) alone. Google has over 70 percent market share, and Yahoo and Bing were having market in single digits. But now they have combined and their profits have increased further.

5. Buy Small Companies

Do you know how Warren Buffet became one of the richest men in the world? By buying struggling companies, turning them into successful ones, and then selling them to other organizations.

This was his secret formula. And, this was what made him what he is today. In fact, his company still buys small companies, fixes them, and sells them for profits. It wasn’t just investment that made him successful.

Companies like Google, Amazon, and even Facebook (News - Alert) are following in his footsteps. Just check out how many small companies they have bought.

This is what made these companies one of the biggest tech giants of history. And, this is a lesson for small businesses that they should invest in other companies and buy them. Not only will this help them diversify and expand their product line, but it will also help them scale faster by using a pool of resources.

6. Keep Cash Flow Coming In

Growth is only possible when a company has cash. Expanding swiftly can put a lot of strain on a company, so to keep the business stable, companies will need to keep cash flow consistent. Many businesses fail because they grow too much too soon. Then, they can’t manage the growth and eventually collapse. It is important to ensure that a company has efficient management that can manage the growth of the company while keeping the cash pouring in. Make sure to make a forecast of the company’s growth and monitor cash flow diligently. Instead of bringing more stakeholders onboard, take business loan that helps the founders keep control of the company in their hands. This will lead to better management and saves them from many inevitable challenges.

Bottom-line

These are some of the best ways to steer the company in the right direction while also managing cash flow and growth. Also, it is important for founders to take calculated risks and not to worry about failures because that will take them forward.

If you are struggling with your company’s growth and need more resources to get the magic happened, then don’t forget to connect with Globex IT Solutions - your only stop for digital marketing solutions.



» More TMCnet Feature Articles

SHARE THIS ARTICLE

LATEST TMCNET ARTICLES

» More TMCnet Feature Articles








Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2019 Technology Marketing Corporation. All rights reserved | Privacy Policy