By Ravinder Goyal
You know what they say: “If you can’t grow, you must insert something sad here”. It’s a common saying that we have all heard before and is an unfortunate reality for many businesses. In fact, according to Statistica, in 2020 there will be an average of 5.5% -10% decline in businesses worldwide. Get ready to feel a little scared, sad and worried about the state of business — and then read on because we’ve got some great news for you! There are companies who are thriving in this volatile market and it’s because they have created a growth culture – which essentially means that the company has set its sights on continuous growth rather than just keeping its head above water until things get better. You will learn one key thing that all successful companies have in common: setting a growth culture.
What is a growth culture?
A growth culture is a culture within an organisation that focuses on continuous growth. If a business has a growth culture, everyone in the organisation, from the board of directors to the front-line workers, is focused on growing the company – not just surviving. A growth culture is based on three core components:
- A strong brand: A company’s brand is one of its most valuable assets because it differentiates the company from its competitors and helps employees understand what the company does and why it should be trusted.
- A clear strategy: A company’s growth strategy should be clearly defined. It should include measurable goals and benchmarks, as well as strategies for how to achieve those goals.
- Competent employees: In order to meet the goals outlined in the company’s growth strategy, a company must have competent employees who can do the job, whether it be in the marketing department or on the factory floor.
Why is it important to have a growth culture?
A growth culture is important because it fosters a company-wide desire to succeed and grow. Having a growth culture will help your company to:
- Stay relevant: If you’re a small business, you know that every day you’re fighting to stay afloat. You have to make sure that the lights stay on, the doors are open and you have enough cash to make payroll. But if you have a growth culture, you’ll be able to look beyond today. You’ll be able to plan for the future. You’ll be able to invest in new technologies, expand your services or rebrand your company.
- Attract top talent: Employees want to work for companies that are growing and that have ambitious goals. Having a growth culture will help you to attract the best employees.
- Improve your bottom line: A company that has a growth culture isn’t content with just surviving. It wants to thrive. It wants to grow. It wants to make more money. All of those things are great for your bottom line.
Build a strong brand
A strong brand is the cornerstone of any growth culture. But what exactly is a brand? And what does it have to do with growth? A brand is your promise to your customers. It’s what they can expect when they do business with you. For example, Apple’s brand is innovative, creative technology that doesn’t just meet a customer’s needs but exceeds them. A growth culture will help you identify and build your brand. To do this, ask yourself: What is your company’s unique value proposition? What makes your business stand out from the competition? You can also think about your target market and whom you want to do business with. Once you have a better understanding of your brand, you can use it to attract new customers and make your current customers feel more loyal.
Defining your company’s growth strategy
A growth strategy is what your company’s goals are, as well as how you will meet those goals. For example, your company’s growth strategy might be to increase your revenue by a million dollars by the end of the year. Or maybe one of your goals is to bring on two new clients by the end of the month. Having a growth strategy will help you to:
- Know what your company’s goals are for the year, quarter and month
- Set realistic goals
- Stay focused on your company’s biggest priorities
- Make sure that everyone in the company is on the same page
Hiring and retention of talent
One of the most important aspects of growth is acquiring and retaining quality talent. Whether you’re hiring for administrative or manufacturing roles, or even for executive positions, you want to make sure that the person you bring on board is the right fit for your company. Having a growth culture will help you attract the best talent by showing them that you have ambitious goals and that you’re focused on growing and progressing as a company. As a company that’s focused on growth and acquiring new clients, you also have to make sure that you keep the talent you already have on board. According to SHRM, employee turnover is expected to reach 39% in 2022, up from 36% in 2018. Having a growth culture will help you to retain your top talent by offering competitive salaries, a great benefits package and a work environment that is focused on continuous growth and learning.
Build a platform for collaboration and communication
A company that has a growth culture fosters a culture of collaboration. Everyone from the CEO to the front-line workers is actively collaborating with each other to achieve their company’s goals. They’re also promoting a culture of communication so that everyone on the team knows what their role is and how their role contributes to the company’s overall success. Having a growth culture will help you to: Having open communication is important because it will allow you to learn from your successes as well as from your failures. You can also use it to make sure that everyone in the company has a clear understanding of their role and how their role contributes to the success of the company.
Set marketing goals
A growth culture is all about making the most of your resources. It’s about knowing what your strengths are and focusing on those strengths. It’s also about knowing where your weaknesses are and making sure that you have a plan in place to correct them. Marketing is critical to any company. All companies have to do some form of marketing in order to bring in new customers and let their current customers know what they have to offer. Having a growth culture will help you to set marketing goals that are specific to your company. You’ll be able to identify what your company’s strengths and weaknesses are when it comes to marketing. Once you’ve identified those things, you’ll want to set marketing goals that will help to correct your weaknesses and make the most of your strengths.
A growth culture is important because it fosters a company-wide desire to succeed and grow. Having a growth culture will help your company to stay relevant, attract top talent, improve your bottom line and set marketing goals that are specific to your company. Having a growth culture will help your company to stay relevant and attract top talent. It will also help your company to improve its bottom line and set marketing goals that are specific to your company.
The author is the co-founder of Erekrut HR Automation Solutions