Key Business Growth Drivers

Priorities and how businesses are conducted changed overnight with the sudden outbreak of COVID-19. Some saw this as a great opportunity to review how they conduct their businesses: re-evaluating business models, operational costs, their offerings and thinking of innovative ways for service delivery.

Looking ahead to 2021, small businesses do well to review 2020 and analyse key growth drivers that will enable them to maintain and achieve their future goals. A thorough analysis of these drivers can influence your current business model and help you build successful business plan for 2021. Here are some key growth drivers that important to take into consideration:

The Right People

“You know, as most entrepreneurs do, that a company is only as good as its people. The hard part is actually building the team that will embody your company culture and propel you forward.”

Kathryn Minshew, The Muse

2020 emphasised the truthfulness behind this quote – a major key to a business survival is their people. Companies do well to create a work environment that values diversity and attracts and retains people that fit into the company’s culture. These talented individuals will share your purpose and vision as a business, therefore having a hand in helping the business thrive.

Strong leadership coupled with inclusiveness, clear purpose and a rewarding environment will encourage employees to innovate to keep the business pressing forward. Companies need to invest in their talent, nurture their potential and help them develop skills required to fulfil business demands.

Funding

Money makes the world go around! So it comes as no surprise that a key driver for business growth is funding.  Business owners do well to constantly refer to their growth strategy in order to determine the best financial approach and to allocate capital the best possible way.

Again, as a result of the pandemic it has become even more apparent that SMEs may need additional support from the funding sector. If this is the case for your business be sure to research the available options and choose the best route for your business.

The customer

Is your business customer-centric? To ensure growth, businesses should make their customer and their customer needs as their primary focus. A customer focus enables businesses to really listen to their customer base and understand them. This help identifying and anticipating future needs which leads to more target services. This results in a loyal customer base that will support your business (especially in times of crisis), creating long-term sustainable growth.

Technology

2020 has been the year of digital transformation! Technology has become a big part of how we do business and this trend shows no sign of slowing down. Through use of technology, business owners can make quicker and smarter decisions as they can easily follow emerging trends. Technology has also come to help businesses better engage with their customers, it facilitates communications by increasing response rates and creating a real sense of community. Digital technologies such as data analytics are having a substantial impact on businesses, presenting real challenges but most of all great opportunities. Companies hoping to grow do well to keep up with the latest technological developments.