5 Common Misconceptions About Business Growth
Business growth entails a lot of hard work and it can be expensive too. But still it isn’t discouraging. What makes it a little daunting are the misconceptions and myths associated with it that often leaves many people in a great dilemma.
So let’s quickly differentiate such misconceptions from facts! These will not only aid you to understand things that are important for your business growth but will also help you enhance your Business Intelligence Solutions.
Myth I: Business growth increases revenues
Fact: Business growth ensures increased revenues, but not always! Today, new- age companies that are more focussed on growth consider their health and viability as top- line revenue. For such organisations, growth means increased visibility, long- term customer relationships, more value for customers, enhanced presence across cities & towns and continued survival. Therefore, growth is not always counted or calculated in revenues.
Myth II: Adequate cash flow, capital can make you meet growth
Fact: Capital can powerfully support your business; it can act like a foundation to your trade and assist you in establishing a venture but it may not help you meet growth and success! In today’s evolving business arena, market demographics constantly change and so do the demands and expectations of buyers. In such a scenario, you need to regularly anticipate new developments and accordingly invent business strategies to achieve continued growth; something more than what your cash does.
Myth III: I can do it without help
Fact: You may have a brilliant business idea but you cannot conquer the business forefront if you don’t have expertise to enrich each aspect of trade. Today, you may be good at Marketing or Sales but what about other important divisions such as Business Development, Human Resources and Accounts? Hence, if you don’t have the required knowledge and proficiency to look into and enhance each aspect of business then incorporate another brain/ a partner/ a team in business.
Remember- Teamwork of a passionate crew that can run the show led by you has the potential to achieve growth at a speedy pace.
Fact: We are living in the era of innovation and technology where every customer, brand or a business is increasingly embracing it. Many sales professionals take help from technological tools such as Sales CRM, Marketing Automation CRM, Leads Management CRM Tool and more to streamline their business course. This innovation helps them reach out to their customers more wisely and with a more customised approach that often leads to sure- shot sale, helping them to spur business growth.
Myth V: Growth is an outcome of sales and not your marketing plan
Fact: A marketing plan is equally important as sales. In fact, you cannot initiate sales if you don’t have a strategic marketing plan by-your-side. It is the Business Intelligence that has the power to connect you with customers, locally and globally; which is an integral requirement for growth of any business.
It significantly differentiates you from market competition and positions you well ahead of them therefore, majority of your growth is dependent on your marketing plan