Growth is vital to create sustainable success and ensure the future health of your business. If a business is not growing, it’s stalling. But the process can be fraught with uncertainties. The key is to create tangible growth strategies that lock down your future goals by creating a roadmap for your business. It’s the link between a great idea and a successful business.
GENFIN’s alternative business finance solutions give South Africa’s companies the tools to effectively plan and roll out their growth plans.
At the heart of every growth strategy is a differentiator – a very clear value proposition that sets you apart from the competition. If your competitive advantage is murky or overly complicated, it’s time to revisit the drawing board. Make sure your customers know exactly why they should choose you over others. And once your differentiator is established – weave it into your branding, company culture, and communication. It is your main focus. Keep it that way.
While you’re there, make a note of what your competitors are up to, and plot your gap in the market. Where are your competitors falling short? Where do they excel? What can you do better? You’ll be surprised where you might find opportunities for growth.
Your competitive advantage is your growth engine. But if you’re under delivering on your unique selling point, your growth strategy will be built on shaky ground. Your workforce has to align with your differentiator and business goals. If they don’t, it’s time to recruit a strong, committed team or invest to train and upskill your staff. And don’t be afraid to delegate.
Secondly – do you have the space, systems, and distribution network to power your growth? When growth eventually surges, you’ll need a solid foundation. Unpack your workflow and identify weak spots or bottlenecks. Eliminate inefficiencies and invest in systems that optimise your workflow and support your ability to scale.
Scaling a business successfully, heavily relies on reaching more of the right people. If your target is off to start with, your marketing efforts will fall flat. It’s vital that the people you reach are the ones that stand to benefit from your differentiator.
If your messaging is targeting the right people, review how they respond to your efforts. Powerful tracking tools like Google Analytics enable you to analyse customer data and optimise your marketing spend.
If you are attracting the right people but struggling to convert customers, review your touchpoints – in-person and online. Are you managing the customer journey and keeping visitors engaged? Live through the customer experience from all angles and identify where people lose interest.
Revenue keeps your business alive. If you want to increase your profit, you have to increase your revenue. Revenue streams need to be proactively monitored, reviewed, and maintained. Which channels are converting customers? Is there room to grow? What should I be testing? It’s equally important to pull the plug on channels that are simply not cost-efficient – sooner rather than later. Growth is about maximising successful revenue streams but also finding and testing new avenues.
If your business is ready to grow, it’s time to forecast. Carefully map out your goals, growth engines, and targets. Access to affordable business funding empowers business owners to prioritise sustainable growth, scale without jeopardising day-to-day operations, and achieve long-term success. GENFIN’s fair and flexible business funding products are purpose-built to protect your cash flow and keep your growth agenda on track.
Release up to R5 million with a 90-day repayment grace period.
An assigned funding analyst supports you throughout your entire GENFIN journey – from your first application to your final installment, including refinancing and any ongoing queries. We bolster your growth plan with our innovative funding solutions so you can invest, forecast expenses, and balance cash flow with confidence. GENFIN supports and guides your process to ensure sustainable success.
