The COVID-19 crisis proved to be a great challenge to businesses of all sorts. Since the pandemic swept the planet, some businesses had to cease their operations, while others had to close their business altogether. But for those who were able to make a comeback, the next step is not just to make it through the pandemic. Now is a great time to try to scale the company to better accommodate growth. Thankfully, various growth tactics are made available to business owners and entrepreneurs alike.
There is no one-size-fits-all formula when it comes to growing a company. But there are things you can do to better facilitate growth. During these trying times, you can consider the following depending on your company’s current situation.
Start Hiring the New Generation of Employees
Companies are now keen on attracting Generation Z. The youngest generational cohort to enter the workforce may not have years of experience compared to millennials and other generations. But they have motivations that make them the perfect new addition to your workforce.
Gen Z candidates are:
- Eager to build their skills and gain experience
- More concerned about career advancements than salary
- Efficient when it comes to making the most out of their time
- Dedicated, persistent, and are motivated to find solutions on their own
- Knowledgeable in tech innovations and can offer tremendous value to the company
With Gen Zs in your team, you can have fresh ideas straight from the generation which will be the next big consumer group after millennials. Their talents and traits make them a valuable addition to the team. They are shaping the future of work and can help you bring greater success to the company in the years to come.
To entice and retain Gen Z, make sure to leverage technology in reaching out and engaging them to be part of your team. Be quick and direct to the point when responding to their messages in their preferred medium. Don’t forget to offer them attractive benefits.
Gen Z prefers financial security which means benefits like healthcare insurance, 401K matching their and even flexible benefits can be enough to attract them and make them stay. Make sure you have reliable disability insurance in place. This way, your employees will have better peace of mind knowing they can make long-term disability claims as needed.
Invest in the Right Technology
Investing in technology may require you to invest a considerable amount of capital. But then, this is a cheaper and easier option that allows you to do more and create more at a faster and more efficient rate. The right technology helps minimize errors and run the company at a more affordable rate.
It can be tricky trying to figure out which technology is worth investing in. Consider your company’s current pain points. This will give you an idea of which technology will best suit your needs.
For instance, if your business still relies mostly on printed documents, then it is time to cut down your paper use and go paperless. This will allow you to save time, money, and space while boosting business data security and promote a faster way of transferring and sharing information. Using a reliable cloud-based service is a good way to start going paperless.
When it comes to your company’s equipment, you have the option to rent new equipment, buy a new one or settle for used equipment instead. The option you will choose should depend on your budget, how often you will need the equipment and the efficiency of each machine. With the right technology, it will be easier to cater to your customer’s growing needs while providing your employees with a safer way of creating your offers.
Invest in Your Customers
When customers are happy with what you have to offer, they will have no reasons to switch brands. So, make sure to focus on delighting your current customers. While client acquisition is important, your clients can bring in more sales and recommendations if you keep them engaged.
Aside from maintaining if not improving the quality of your offers, make sure to welcome customer feedback and suggestions. Take advantage of social media to get to know them better, learn about their pain points, and address their frustrations. Always make it a point to deliver a quality customer experience and it will be easier to entice them to recommend your business to their loved ones.
Don’t forget about empowering your employees. The more engaged your employees are, the higher your chances of retaining your customers. It goes to show that customer satisfaction and loyalty are directly affected by employee engagement.
These are but three important strategies you can start investing in if you want to start scaling your business. The COVID-19 crisis may have postponed your business growth. But the post-pandemic world can be the perfect time to start scaling your brand. Think about your customers, employees, and technology. With a solid business plan, enough funding, and the right strategies, you can soon accommodate business growth and bring more success to your brand.
