How to grow

Improvement of corporate identity

Wikipedia defines corporate identity as follows A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public (such as customers and investors as well as employees). The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc.

Pros:

• A company that invests in corporate identity indicates that it will stay
• The customer takes the company seriously
• Customers tend to trust trusted brands
• In creating a consistent identity, a company is ensuring that they will be recognised and remembered

Contras:

There are no disadvantages

Highly automated business processes

Probably the most important step before you enlarge your company is to streamline the organization and processes in your company. It is much more advantageous to achieve double sales with the same resources than to need double the resources.

Pros:

• Improve work processes
• Avoiding mistakes
• Improved processing times
• Optimized communication with the customer
• Avoidance of accounting errors
• Saving costs and resources

Contras:

• It can lead to rejection among employees if work absences are changed without their involvement
• Rejection by the customer if the traditional methods are deleted without replacement (Sorry we no longer have a bank counter, you have to go to the ATM machine)

Reach new customers

No company can do without customer acquisition. At a time when the competitive pressure is higher than ever and when more and more new start-ups want to conquer the market, a reliable and effective customer acquisition is worth its weight in gold.

Pros:

• New customers always mean expanding your existing network
• Free Word of Mouth advertising
• Increase in sales
• Lowering fixed costs

Contras:

Make sure that your resources and capacities can serve new customers reliably. There is nothing worse than an unsatisfied customer

Aquire new markets

There are several expansion strategies you can use to find your new markets. The following approaches are particularly worth mentioning:

• Adaptation, addition or change of the products
• Enlarge the region
• Expansion through the target group

Pros:

• Gain new clients
• Increase in sales
• Lowering fixed costs

Contras:

Entering new markets always carries a risk:

• Misjudgment of the market
• The market is already in firm hands
• The product is not accepted
• Ignoring laws, restrictions or guidelines

Do more advertising

Nobody has money to give away. Small businesses cannot afford it. And large companies take great care not to throw their advertising money out of the controlling window or to put them in advertising agency overheads.

If you want to advertise successfully, you have to get more out of your advertising budget than you put into it.

Pros:

• Acquire new customers
• Open up new markets
• Selling new products or ideas

Contras:

Throwing away money through bad or misplaced advertising