– By Rajan Gupta
When the majority of businesses take off, entrepreneurs have this phenomenal ardour with the idea that their venture will grow to become revolutionary. They dream about whether their enterprise will be the next big multinational corporation, but the sad reality is that only a minute percentage of new businesses are able to achieve that kind of exponential growth. Far too many entrepreneurs begin their businesses by focusing on the products and services, but in order to achieve exponential growth, business owners need to introspect about the system that they build their business around.
Building Agile and Resilient Entrepreneurial Organization
Every exponential growth business is centered around both leadership and management. The foremost step is becoming highly accountable leaders of a hyper-competitive and disruptive world, capable of demonstrating tenacity, agility, and flexibility in adversity. In order to succeed as a leader in today’s rapidly evolving business landscape, it’s critical to be digital-savvy, embrace uncertainties and be the harbingers of driving change. Being a leader is also about fostering an optimized business management network catering to building multi-skilled teams, flexible supply chains, modular products, configurable systems and much more. Thus, you need to have both leadership and management, if you want to achieve that exponential growth.
Fail-safe Business Model and Performance
A fail-safe business model isn’t about providing safety from failures or sweeping problems under the rug. It’s also not about downplaying or discounting disaster failures with rationalization but about creating a holistic system that allows the business to make mistakes, learn, iterate and repeat that process until it succeeds. Develop a robust enterprise game plan that includes demand, financials, delivery, and capabilities and provides no-compromise performance. Thus, a high-confidence model that supports value creation is implementable and assures results has opened new doors for organizations to tap into innovation and exponential growth trajectory.
Maximise Sales Productivity
In order to navigate through today’s fast-paced business network, it’s pivotal for enterprises to adapt and be future-ready at all times. Preparing organizations for the future can be a hassle but by ensuring 110% sales discipline, consistency and efforts, businesses can attain future preparedness. Adopting a mix of fast-exploding concepts like a multi-facet marketplace, value-chain, micro-sites, productivity automation portals, borderless offerings and equipping the sales force with smart tools, excellent selling skills and winning-mind set, since an exponential mindset is incremental to acclaim exponential business value.
Developing Product Excellence and USPs
The foremost question that every business needs to ponder upon is what is the market gap that they are planning to bridge? It simply means that businesses need to look for opportunities in the market that they’re planning to foray into and that the product or service that they provide needs to have certain leveragability. Since businesses operate in a worldwide market it’s essential for them to shift towards a ‘product-driven’ approach which includes improving product development life-cycle, presenting the product as a service, product digitization, smart bundling, customer co-creation and a lot more. Product-oriented ideology will help businesses expand to potential markets, delivering true exponential growth.
Fostering 10X Relationship Value
Whether it’s a fintech company or a lifestyle brand, the success of all new ventures depends upon building a lasting relationship with customers. It doesn’t matter if you’ve created a one-of-a-kind product if it fails to pull and retain customers. Thus, companies need to automate internal sales and support operations to maximize productivity to best acquire, retain and serve customers. Lock-in high-quality customers by connecting with them through digitized channels for highly efficient brand building and scalable growth.
Final Thoughts
If you want your company to unlock exponential growth, you need to have a concrete vision, set measurable goals, invest in successful business management, and prioritize delivering immersive customer experience. The most successful businesses in the market have these strategies in position, but it’s important that exponential growth does not happen overnight but is in fact a rigorous journey.
(Rajan Gupta is the managing director of Make 10x Happen.)
(Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited.)
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