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Understanding The Factors That Determine The Growth Of Your Business

Posted May 28, 2019 by EasyFinance.com to Small Business / Entrepreneurship 1 0

Business often appears appealing to people for a lot of reasons- you can be your boss, you get to work with amazing people, can work on your own schedule and it gives you good returns. However, there is nothing easy about a business, especially when talking about profits.

Every business aspires for significant growth, whether it is a seasoned veteran or a startup, everyone wants to grow. While growing a business, there can be an awful lot of things to look into and it’s easy to get overwhelmed. Thus, it is essential to prevent these little things fall through the cracks.

To help you get through this, we have found some most critical factors to enhance your business.

  • Innovative idea

In today’s times, the business industry is flooding with startups. Unless you have a distinguishing factor in setting you apart from your contemporaries, you can have a tough chance of surviving. Exciting technology and clever marketing alone won’t ensure a significant growth rate.

You need to keep a look at the current popular trends and try to build an improvised service by using what is already out there. You don’t always need to have a completely original idea, focus on making the existing ones better.

  • Workforce

A rightly talented workforce is the key to good business growth. Your team is your backbone. Especially in the startup phase, a tremendous amount of dedication is required. It becomes much easier when the team is ready to work hard and hit milestones together.

The team should share a common vision along with having the relevant experience in the field. The experience of your team contributes highly to the growth of your business.

  • To have a good CAGR

CAGR stands for Compound Annual Growth Rate. It is the average annual growth rate of your investment for a specific period of time, usually more than a year.  It turns out to be an accurate way to calculate returns for investment portfolios, individual assets, etc.

You can calculate it manually, or you can even use this reliable CAGR calculator for help. It tells the investors what they can have at the end of the investment period. Thus, a good CAGR will help you attract new investors, thus, contributing to the success of your business.

  • Core values

Having an established set of values and culture ensures long term sustainability and growth. Strong core values set a foundation for the employees to work on. It guides their decision making and gives employees a purpose.

Continuous investment in maintaining strong values and culture will guide you and your business through seasons of change.

  • Behavioral and personal traits

For a business to have positive growth, it is essential to have strong leadership. The characteristics like attitude, personality, and behavior of the leader can be very influential in improving your business.

Furthermore, capabilities like a good educational background, relevant business experience, and a good network are qualifiers of a desirable leader.

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