Monday, September 25, 2023

Three Strategies to Cultivate Sustained Business Growth

Businesses in all sectors are currently operating in challenging conditions. The ongoing war in Ukraine is creating uncertainty in global financial markets and is increasing the prices of both energy and some staple goods. In addition, consumer spending power is at an all-time low in many Western countries due to high rates of inflation and a developing cost of living crisis. 

In these economic circumstances, it can be difficult to plan for growth in your business. In fact, many business owners and leaders believe that simply “weathering the economic storm” is an adequate strategy during these times. However, a business that can achieve sustained growth is one that’s better protected from external economic factors and can secure its long-term future. In this article, three key strategies that can be used to cultivate sustained business growth will be outlined.

  • Consider outsourcing

Outsourcing can be defined as the business practice of hiring external parties to undertake services on behalf of your business. Traditionally, outsourcing was seen as a cost-cutting strategy when a struggling company needed to reduce its staffing costs or undertake a business restructure to stabilise its operations and improve profitability. 

However, it’s important to understand that outsourcing can help to promote sustained growth within a business. As a business grows, it will need to take on extra staff to support its growing functions and departments. By using third-party specialist staff, the company gains access to highly skilled workers who have the latest specialist knowledge in their field. 

The cost of using an outsourced team is often lower than employing them directly. In addition, they can be ideal for project work where they’ll only be contracted until the work is completed. In short, outsourcing can be an ideal way to grow your business and utilize the best talent, whilst keeping staffing costs to a minimum. 

  • Manage your cloud operations effectively 

In the last decade, millions of businesses have moved their essential IT applications, platforms, and services to the cloud. This can be a more effective solution to running multiple applications and benefits from an increased security and cost-saving perspective. However, a growing business will inevitably use an increasing number of applications in the cloud and needs to manage them effectively to support sustained growth and improved efficiency. 

Growing companies should look to incorporate a class-leading API management platform to deploy, monitor, and control their online business applications. These platforms can provide a single point of access to manage and control business applications and many come with sophisticated security features such as encryption and traffic monitoring. IT experts now recognize that effective API management supports sustained business growth and helps to create efficient and cost-effective online systems.

  • Improve your website visibility 

As a final point, it’s vitally important to improve the visibility of your company website, especially if you sell products and services on it. Companies need to strive to ensure that their website ranks highly on organic web searches so they receive more traffic which can be converted into sales. 

A key way to assist this is to adopt SEO best practices. These include optimizing web pages for easy navigation on a range of devices and ensuring that pages load quickly. Put simply, a fully optimized website will rank higher on search engine results and will enjoy increased online visibility which can be harnessed to drive business growth.