When you are establishing your image or developing your identity, the notion of growth is somewhat a misnomer. It’s a common misconception that growth is determined by sales and the bottom line. But there is so much more to growth than this. The idea of growth is how you define it. It’s important to define growth on your terms. So how can you define this, but also how can you achieve growth in your own way?
Professional Growth
If you are looking to achieve professional growth, you can break this down into a number of different components. For example, you could look at the market in aspects and figure out how you can diversify your approach. Working with companies like an online marketing agency forces you to identify what areas of professional growth you need. This means that professional growth is not just about performing well, but it’s about the ability to promote yourself effectively, but also make sure you have the right products. This means you have to undertake a form of self-examination where you recognise your strengths and weaknesses. A SWOT analysis can help you identify how you wish to grow professionally.
Financial Growth
Financial growth is to do with the bottom line and profit. And this relies on sales. If you are to grow your business and finances you will have to, again, look at your strengths and weaknesses, however, when it comes to financial growth it’s about offering the right products, while also having the business acumen to deliver this growth effectively. Financial growth is the end product we are all after, but in order to do this effectively, we have to implement strategic plans. This is where your long-term business plan would come into effect. It doesn’t have to be a lengthy document, but it should highlight key milestones for the business that you define as barometers for growth. This could comprise KPIs such as the percentage of conversion rates.
Cultural Growth
Growth is also about what occurs on the inside. If you want to focus on turning your business into a healthy entity, it’s not purely about profit and percentages. Cultural growth is integral to the growth of your business. When we talk about cultural growth, especially in the modern-day, this highlights our abilities to work with other suppliers, and forge key relationships. If you want to grow your business in an ethical sense, you’ve got to focus directly on the cultural components. Is your organisation a great place to work?
Many businesses make the mistake of avoiding defining what their cultural identity is and focus purely on profits; however, we must recognise that businesses need to grow in all three of these aspects. When you define growth on your terms, you can look at one of these three areas, but the best types of businesses will be able to incorporate a comprehensive approach to growth. When we understand how growth becomes an effective method to implement change in how a business improves its profits, this is how you can turn a company from a small, seemingly ineffective entity, to something that has a far wider impact.
