Businesses have needed to respond to several challenges in recent years. One of the main issues was the recent Covid-19 pandemic which required many different types of businesses to adapt quickly.
Government restrictions on the movement of citizens and numerous lockdowns resulted in a situation where millions of employees needed to work remotely.
Businesses were swift to react, and by using cloud-based applications, workers could access essential business systems from home offices.
In addition, the use of video conferencing platforms ensured that collaboration and communication could remain effective during this period. After the pandemic had eased, businesses were subjected to higher inflation levels and an emerging cost of living crisis.
These two factors have combined to make it harder to enjoy similar levels of profitability as consumer purchasing power has been reduced and prices have risen in many markets.
In 2023, achieving efficient and sustainable growth is more challenging than ever for some businesses. However, large and efficient companies can be more resilient against economic challenges and changes in policy.
Put simply, the need to achieve sustained and effective growth can help companies to safeguard their long-term viability in the marketplace.
This article will explore some of the key business strategies that support an organization’s drive to achieve efficient and sustainable growth.
The need to unify software
As a business begins to grow and transforms from a smaller operation into a medium-sized organization, it needs to install more software systems and applications for its growing workforce.
There may be a need to expand existing teams and departments or even create completely new teams to support additional business functions.
For example, a company may need to grow or create new finance teams to support the payroll needs of a larger workforce and the increased number of business transactions.
IT teams may need to be expanded so that they can manage the additional business applications that are now required by the workforce.
A business may quickly start to understand that there is a need to unify its software systems to make them more efficient and accessible while reducing the time needed for routine maintenance and upgrading essential IT systems.
However, it should be understood that there are several challenges of software unification.
A significant amount of time will need to be planned in to complete the transition to a fully integrated and unified suite of IT applications. This will inevitably result in down-time for essential systems and thus will have a significant cost component.
A business must plan for this transition to a fully unified system supporting continued business growth.
In short, it must accept some short-term disruption to its IT systems whilst the unification process takes place to benefit from a more efficient system that is scalable and beneficial to the organization’s future growth.
Data driven growth strategies
In 2023, there is a need for all businesses to make effective decisions when planning for growth. Important decisions that will shape the future of an enterprise cannot be made simply by business intuition and judgment, as this leaves room for error and may not consider all factors.
“It is far better to make important decisions with the assistance of real-world business data,” said Tyler York, CEO at Achievable exam prep.
Today, several business intelligence platforms, such as Microsoft Power BI, can take high-volume business data from multiple sources. This data can then be subjected to sophisticated analytics processes so that it delivers actionable insights.
These business insights can then be used to effectively plan strategies for sustainable growth with the knowledge that accurate and reliable data from the organization back them up.
Build a strong team
Every business needs to rely on its staff to deliver business objectives. It can be argued that a business that seeks sustainable and effective growth needs a strong team.
Put simply, as a business grows, it will need to adapt its working practices, and a dynamic and resilient team will help these transitions to take place effectively.
The company should ensure that it also benefits from an effective leadership structure. Strong leaders can embody the core values of a company and can be visible throughout an organization to advise and mentor staff while demonstrating best practices.
SEO for increased website traffic
As a brief final point, a growing business will need to expand its web presence to ensure that it is benefitting from increased online sales. A high-performing corporate website also serves to improve the brand image and recognition of the firm.
As the business expands, it should ensure its corporate website obeys SEO best practices.
Optimizing the site will enable it to benefit from increased web traffic that originates through organic searches. This can be a vital component of achieving sustained and effective business growth.
