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Types of Business SMS Transactional. This type allows e-commerce stores to confirm orders. For postal services, it is a way to provide tracking and delivery information. Internet services utilize transactional SMS for confirming access to accounts by sending temporary passwords or as an additional security check. Promotional. Helps in your marketing efforts, serves as a platform for sending proposals, discounts, and coupons. This type also serves to share relevant news or to invite to webinars, conferences, and other events.
There’s no doubt that one of the main objectives of any entrepreneur is to have their enterprise grow profitably. To achieve this, it is very important to understand the factors that contribute to growth. There is a general consensus that growth in enterprises is a complex process, which is neither linearly continuous nor dependent upon only a limited number of factors.
Whilst there are numerous variables that can influence the growth potential of a business, in our experience there are certain areas that business leaders need to pay particular attention to, such as the availability of financial, human, and social resources. Having technical and management skills that can adapt to and cope with a changing environment are also fundamental, as is the potential to train and develop staff. And any enterprise cannot survive without a dash of creativity and opportunity recognition.
Four key factors that influence business growth
Here are the four key areas that we at Cranfield recommend any business owner to pay particular attention to when looking to grow their business.
Behavioural and personal traits A business leader's characteristics such as behaviour, personality and attitude can certainly have an impact of the growth of the business. Furthermore, their capabilities, including education and training create higher expectations in some industry sectors, whilst their social capital influences access to resources. Management experience, family history, functional skills and relevant business sector knowledge are also ingredients that will influence the recipe for success.
Business structure and management How the business is structured, its goals and the performance of its management team, in particular their ability to make rational decisions about its operation, will highly impact the successful development of the business.
External factors Whilst the above two considerations can be managed to an extent, external factors over which we have virtually no control are also going to have an effect on the business' growth. Such factors are the cultural, political and economic conditions of the country or region in which the company operates. The triggers for enterprise growth are found along a continuum from the attributes possessed by individuals to complex interrelationships among often changing cultural, political and economic conditions at national, regional and local levels.
Location Variation in size, scope and buoyancy of demand in local markets is likely to affect growth opportunities. On the supply side, variation in the cost and availability of labour, premises and services are also influential. Nevertheless, owner-managed businesses are often adaptable, employing different strategies to deal with these local variables so that their impact is minimised.
Growth strategies are varied and should be bespoke to your business.
At a local level, reputation and word of mouth are powerful ways of attracting loyal customers, while companies with a wider geographic reach are likely to need to devote more resources to sales and marketing. However, it is important not to cast the net too wide, as targeted marketing activities are likely to be more productive in building a strong customer base. Expanding into new geographic regions is a well-trodden path for growth; the increase in remote working and e-commerce potentially makes that more straightforward than historically. Businesses can also look to grow through expanding existing product or service lines or vertical integration up or down the supply chain.
Organic growth can provide a steady increase in profit, and is easier to manage than the alternatives, but more rapid growth can be adopted through acquisition. Caution should be urged here; carefully targeted acquisitions can create real value for a business, but poorly thought through purchases can be highly disruptive to both businesses. It is always important to undertake an appropriate level of due diligence, and to have an objective in mind for any acquisition beyond growth for growths sake. For example, are you looking to expand your geographic reach, or add a new service line to your offering that customers will value?
A key theme here is a that a business needs to be clear on its desired destination before settling on the strategies it will adopt to get there. Clear communication is key; all employees and management need to be aware of the business’ values, objectives and strategy so that they can buy in and work towards those goals.
Do you run a business and need to keep track of your meetings and events? If yes, then you should certainly consider syncing your Outlook and Salesforce calendars. By syncing Outlook and Salesforce calendars, you can easily keep track of all your meetings and events and stay organized. With The Revenue Grid’s https://revenuegrid.com/product/calendar-sync/ Salesforce calendar sync Outlook feature, you can sync the two tools in just a single click.