Grow Steady, Grow Big: Big Business Analyzing.
Updated: Jul 7, 2021
TGFLIP MARKETING AGENCY
June 11, 2021
Content:
Introduction
Focusing on Steady Growth
Managing Goals
How Adidas Did It?
Conclusion
1. Introduction
Entrepreneurship and start-up are generally considered to be a rapid, game-changing process generating instant results. It is true to some extent as we are living in this digital work but not the same across the table. Acknowledging this fact is insanely important that speed might boost your results for a while but after that, you would still need enough energy to complete the race.
"There is always a desire to move it to market as soon as possible, lest [the business] become obsolete or a competitor yanks the title of pioneer."
(Jay Jumper, CEO SIGNiX)
This natural psyche is persistent and sometimes drifts the company towards early destruction. Sidelining the significance of strategy building and not providing time to every aspect is not a wise approach as a startup. A strong foundation is necessary for long-term growth and should not be ignored while working on the company.
Keeping a slow strategy is never a problem but the key is steadiness, you need a plan to steadily grow your business. In this blog, we are going to line up some fundamental concepts that you should have while running a business.
2. Focusing on Steady Growth
The financial devastation due to COVID-19 has produced a deep impression on the growth of many small businesses. Many businesses survived the impact and many failed to do so. The ones who survived were forced to undergo a slow growth but as mentioned earlier being slow is not an issue unless you are steady in your approach. You need to understand and implement the benefits of consistency, there’s no overnight success!
Now we are going to provide some effective tips for your “slow and steady growth” strategy:
There’s no rush, but be ready to take quick action when required!
Understand the whole process and accept the time required for different procedures. Before jumping into the market and making headlines, take your time to enhance your product. Be prepared at the moment to launch yourself, everything takes time, and therefore be patient with your decisions.
However, at the same moment keep researching the business environment around you, and be always ready to take action. You need to understand the fact that every action is required to be taken at a perfect time. If you delay or take it before that time, it is going to cost you. You can only perform your best when you are constantly analyzing the market and are attentive towards the minute changes.
Invest wisely in your staff!
One common myth that we often come around is, hiring more staff ensures growth. But it is not completely true. More staff may prove to be more manpower at the table but when running a small business that is not exactly what you need. You need professional staff even if it is small in number. Hiring the right people at the right time is literally the fundamental step of a highly successful business.
Hiring is like investing, and therefore you precisely need to look upon the ROI coming from it. You need to gather absolute professionals who are highly productive in their areas and therefore would team up to boost your business’s growth. Moreover, a constant check and balance environment are also beneficial as it enhances the sense of responsibility among them.
Monitoring the ins and outs!
Although in slow and steady growth everything is under the radar still there are certain areas that you need to work upon. We all know the significance of marketing and therefore we sometimes blindly invest in it, that’s not a good approach to do. In terms of marketing, you need to work smartly and prefer cutting-edge strategies. Similarly, there are several other unnecessary factors on the expenses list which should be reduced or even removed if not required at all.
3. Managing Goals
Business goals are crucial factors in a business growth strategy. It’s the representation of what should be achieved in upcoming weeks, months, years, and so on. Goals drive the business’s growth and are therefore set up intelligently.
A realistic approach to managing and setting the goal should be the prime purpose. Goals that are accomplishable, and are marked after researching the future market motivate the daily growth of a business. Considering the future ups and downs of the niche market enhances goal management. Set milestones in your way to achieving the long-term goals. And be sincere and honest with yourself regarding the goals because your business’s future depends upon what you are trying and achieving and when you are trying to achieve it.
An effective way of accomplishing your goals is to mark deadlines and reward yourself and the team after achieving them. This step seems a minute one but in reality, it boosts up the level of productivity on an individual as well as collective level. It is in human nature that he is driven by rewards and bonuses therefore you should try it at least once.
4. How Adidas Did It
Adidas, one of the leading sportswear manufacturers in the world, has been in this business run for a long time. Having multiple competitors and rivals in the industry, Adidas managed to lead the manufacturing board many times in international events. Now, we are going to share with you the growth strategy of Adidas.
Speed:
Adidas puts customers at the center of its every strategy. Customers are treated and assisted in the best possible way. Adidas keeps it simple by fasting up the whole process of different products. It ensures an in-season creation, never running out of stock, and responsive replies to queries. The brand has been exponentially growing throughout the years and they are focused on providing the best services at each outlet.
Open Source:
Another strategic step that Adidas took is being open source. It is also regarded as the collaboration with athletes, partners, and other influential factors. This initiative helps gain brand visibility on a great level. Adidas partners up with many prominent entities across the world especially focusing upon North America and therefore succeeds in presenting the best of its services to laymen.
Supporting a Cause:
Adidas actively participates in cause promotion such as environmental protection. Adidas decided to reduce the use of virgin plastic and partner up with Parley Ocean plastic to compensate for the plastic use. Also, it took an initiative to create offices “plastic-free” and therefore avoid the use of approximately 40 tons of single-use plastic. This is just one example of how Adidas is committed to crafting a perfect image of the brand. It is generally observed that the brands which show and connect themselves to a cause are highly regarded by the customers.
Digitalization:
Adidas has been transforming to digitalization throughout the years. Being digital is really beneficial for the company as it is easy to keep the records of the stocks, complaints, resolve them, get in touch with new trends, etc. In 2017 Adidas launched its app facilitating the customers further. Adidas app is a major milestone in e-commerce as everything is transforming rapidly towards online platforms. Moreover, through social platforms, Adidas is creating inspirational and motivational content pushing the athletes and their audience to never give up! Through these and several other ways, Adidas is utilizing digital platforms to interact, facilitate, engage, and respond to their audience.
5. Conclusion
Growth is all about making the right decisions and choosing the right path. Making instant decisions that put the whole of your business at risk is not an act of wiseness. Slow growth is better than total destruction or no growth at all. Difficult times hit every growing company but what matters is how you handle and manage that difficulty.
Your business goals should be realistic and achievable. Distributing the long-term goals in small milestones makes you able to achieve them easily. Similarly hiring the most efficient professionals for the job enhances the whole process of growth.
© All rights reserved
PHILADELPHIA PA 19149