Business growth: What it is and key to success

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BY : adminMarch Mon, 2023

Business growth is a crucial aspect of any organization's long-term success. In this article, we will explore in depth what business growth is and what are the factors that drive it. We will also explain how you can apply effective strategies to excel in the competitive business world.

What is Business Growth? 📌 Definition 

business growth is basically any activity or idea that aims to improve a company's operations over time. It is the process by which a company increases its size, scope and capacity to produce goods and services. This means leveraging customers, seeking strategic partnerships, tapping into existing markets and building the company's reputation.

This process is essential to maintain competitiveness in the market and to meet financial and strategic objectives.

Roles for business development to grow 📈 applies at all levels, from managers to vice presidents, analyze how they can ensure that the company increases revenue, expands and physically grows, while supporting strategic and long-term partnerships in the process.

Drivers of Business Growth

Drivers of Business Growth

1. Innovation and Development

Innovation is a fundamental pillar of business growth. Companies that invest in research and development can create unique products and services that capture the market's attention. The constant search for innovative solutions can make the difference in long-term success.

2. Market Expansion

Expansion into new markets, both nationally and internationally, is another strategy for driving business growth. This can be achieved through opening branches, exporting products or entering emerging markets.

► You may be interested in: Growing by acquiring companies. An alternative for SMEs

3. Effective Strategies

Implementing an effective strategy is essential for growth. Building a strong brand, smart advertising and online promotion can increase visibility and demand for your products or services.

4. Financial Management

Proper financial management is a critical component of business growth. Controlling costs, effectively managing cash flow and seeking strategic sources of financing are key elements.

Business growth: What it is and key to success

Business growth: What it is and key to success

1. Expansion in Spain or abroad

A company can grow by expanding its own operations in Spain or abroad. When you plan to expand your business elsewhere, you often need additional financing and various types of advice. You can apply for loan financing from banks. 

2. Business Acquisition 

Change of ownership is an essential strategy to foster business growth. This practice involves the acquisition of another company, thus enabling the expansion and consolidation of market presence. Acquisitions not only make it possible to expand a company's market share, but also offer the opportunity to enter new business areas and strengthen its competitive position. 

In addition to outright acquisitions, ownership changes also encompass situations such as generational transition and other arrangements related to company ownership. These strategic changes not only drive business development, but also serve as an effective means for innovation and adaptation to changing market demands.

3. Product development and innovation

Growth can be achieved by developing and launching new products and services on the market. Note that a growth-oriented company can apply for grants or loans for product development and innovation from, for example, Business Finland. In addition, it is worth remembering that innovation networks of companies and research organizations may offer opportunities to develop the company's operations.

For example, Empresa Nacional de Innovación, S.A (ENISA) is an entity of the Ministry of Industry, Trade and Tourism that provides financial support through participative loans to small and medium-sized enterprises (SMEs) that want to boost their innovative entrepreneurship projects.

4. Development of competencies

Business growth is intrinsic to continuous learning; it is at the very heart of business success. In this context, competency stands as one of the most critical assets of any company. It is essential to ensure that both individual and employee skills are always up-to-date and aligned with changing market demands. 

It is imperative to keep in mind the importance of learning. For an entrepreneur, continuous training is an effective way to recruit and train personnel for completely new roles. 

The entrepreneur himself can also benefit from internal learning, through structured programs in his own company, although it is important to bear in mind that growth may also imply the need to hire new employees, thus offering the possibility of expanding your team with highly qualified and motivated professionals. 

Ultimately, constant learning and skills development are not only essential for individual advancement, but are also the engine that drives the sustainable growth and prosperity of any company in a dynamic and competitive business world.This growth may also require new employees or make it possible to hire them.

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What hinders business growth?

There are several crucial barriers that impede the growth of a company:

1. The fundamental role of human resources in business growth.

Some employees prefer to be followers rather than doers. They may resist change, fear the unknown, and focus on the company's weaknesses and risks rather than its strengths and opportunities.

2. Strategies to overcome constraints and improve current management for proactive change.

Many managers tend to cling to old rules and patterns of past success, making it difficult to anticipate change and limiting the company's ability to adapt. In addition, some managers do not take their employees' concerns seriously and do not adequately challenge their team's talent.

3. Fostering a culture of high performance and talent development.

Performance appraisal systems and compensation may encourage mediocrity rather than high performance. In addition, lack of consistent guidance and late appointment of successors can lead to loss of information and experience during generational changes in leadership.

4. Agile structures and efficient decisions in the organization.

Rigid organizational structures, lack of horizontal coordination, and complex decision-making processes can hinder business dynamics. Too many large projects running simultaneously can overwhelm employees, paralyzing the value chain and management.

5. Implementing corporate culture

A culture that prioritizes safety over opportunities and lacks inspiring ideas can hinder growth. Furthermore, low tolerance for mistakes and leadership systems that breed distrust can inhibit innovation and development.

6. Business innovation

Many companies do not prioritize innovation and face obstacles such as bureaucracy, resistance to change, and a lack of innovative products for future markets. Resistance to new ideas is often perceived as a threat to tradition and stability.

7. Financing strategies to facilitate growth and competitiveness

Lack of financing can keep the company stagnant in its growth. Banks' reluctance to provide financial resources, especially after crises and restructurings, can limit expansion opportunities. The lack of capital can also negatively impact competitiveness, market share, and the company's value.

In conclusion, to overcome these barriers, companies must foster a growth mindset, promote innovation, and adopt agile organizational structures and effective management systems that encourage high performance and adaptability in an ever-changing business environment.

Baker Tilly GDA: Your Partner in Business Growth

At Baker Tilly GDA, we understand that business growth is the cornerstone of long-term success. Our growth consultancy specializes in unlocking your company's potential, overcoming barriers, and seizing opportunities for robust and sustainable development.

Why Choose Us as Your Partner in Business Growth?

  • Experience: We have a team of passionate experts who understand the unique challenges that businesses face in their journey towards growth. Our experience allows us to provide customized and strategic solutions.
  • Comprehensive Approach: We don't limit ourselves to providing temporary solutions. We work with you to develop comprehensive strategies that address not only the symptoms but also the root causes of the challenges hindering your company's growth.
  • Innovation and Adaptability: We stay at the forefront of the latest trends and business practices. We help you innovate, adapt, and thrive in an ever-changing business world.
  • Measurable Results: We measure our success through your achievements. We work tirelessly to provide you with tangible and measurable results, ensuring that every step we take together brings you closer to your growth objectives.

Contact us today and discover how we can turn your growth vision into a successful business reality. 

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Our team of market analysis specialists is continuously analyzing the investments of the most active markets in the industry in order to unceasingly contribute ideas of the current market situation and identify the most relevant trends for senior management. We integrate the most relevant sources of information which allows us to discover the most interesting companies for venture capital and similarly helps us to identify the investors with the highest probability of involvement in an M&A process to ensure the success of our sell-side operations.

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Advanced data anlytics is a weapon". Intelfin is an artificial intelligence tool we use for investing and creating value in SMEs through competitive analytics and the enterprise environment.

IntelFin consists of a cognitive system, which, through the application of advanced analytical technologies, facilitates the automation of investment and financing decisions in the field of non-listed companies and especially SMEs in high-growth sectors.

The information related to these companies is characterized by their lack of transparency and heterogeneity; thus, it is necessary to develop an advanced analysis which is as much predictive as prescriptive and is developed in a natural language custom, suitable to obtain greater clarity and knowledge of the investment scope.

The IntelFin system focuses especially on analyzing the variables that define and influence the competitive environment of a sector and the positioning of a company, analyzing their influence on future value creation. Therefore, IntelFin supports strategic decision-making to senior management by resolving questions such as:

¿What are my competitors' priorities, strategies and expansion plans? Who's my competition? Which competitor is most likely to grow at a higher rate?
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We have a culture of continuous improvement of our processes, closely related to the use of information systems that allow the enhancement of internal communication between our teams, as well as external communication with our customers. Hence, we extend best practices identified internally in an efficient and rapid manner among our members.

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