What is the first thing that pops into your mind when you think of business growth?
Is it getting a new office to welcome your new staff? Are you worried about reaching out to new customers? Do you need to establish a highly visited website? You don’t need to choose between these forms of growth. Each one defines a successful stage in the lifetime of a company, and you can combine them together or focus only on certain elements of growth. There is, indeed, a theory that describes the 3 Ps of business growth, namely Premises, Profits, and Presence. The key to tackle business expansion is to juggle between your workplace needs effectively, your revenue flows, and your strategic visibility. In every business, there is a secret to managing the challenges of the office life, the customer retention and acquisition, and, of course, the online platforms. So, which P will you choose and how can you manage it best?
Premises: The organic growth
The first P, your premises, is the most visible and logical step towards growth. It’s about making sure that your office is equipped to face your resource needs, in terms of talent, space and work gear. Ultimately, if you’re looking to bring new talents on board, it’s fair to say that you’ll need to move to a bigger office and to find the best solutions for your team. Professional advisors and international experts are essential at this stage to help you tackle problems from defining the most secure IT system to exporting your products. Organic growth, as it happens, is a visible and physical step. As a result, it’s probably the phase during which you’ll experience the most frustrations, as physical issues are often more difficult to sort out than virtual and strategic errors.
Profits: The customer growth
If you’re confident in your company’s production and quality, you will naturally be looking at ways to increase your customer acquisition. Don’t only rely on the quality of your offering to serve as a catalyst for customer growth. Instead, you need to work closely with a professional promotions agency to make sure that your company’s voice can be heard and noticed in a crowded market. Advertising and promotional activities are very helpful in reaching out a new audience group. Additionally, you can also pair with an influential advocate, such as a celebrity or a renowned blogger to boost both sales and online presence.
Presence: The digital growth
Where do most customers start their search for a new product or service? Online. Consequently, the most important step you want to take to grow your business is to improve your online presence, from creating viral content – here’s a handy guideline from Neil Patel about content creation – to establishing dynamic social media activities. Ultimately being visible online means that you are more likely to be seen by potential customers. However, it can be a challenging task if you don’t have a content manager in-house, or if you have chosen a DIY approach to web management. Here too you need a digital specialist to support your growth.
In conclusion, the 3 Ps of growth – Premises, Profits, and Presence – have one crucial factor in common. They only exist through the work of experts. In other words, you can’t grow your business safely without finding professionals you can trust for each P!
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