Archivio mensile:giugno 2022

Business Expansion Tips by the top business coach Ratish Pandey

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Running a specialized business offers you a niche in the market. The very nature of business requires you to identify your Unique Selling Proposition (USP) and focus all your communication efforts on the USP, giving you high visibility among your target audience. Like all good things, it comes with its share of highs and lows.
Some of the challenges rear their head in terms of the need for expansion, product or service diversification, competition, etc. Unlike a business offering a traditional range of products / services, this can pose many constraints and complexities in the case of a specialized product or service company.
To consistently achieve long-term growth, offering products / services that evolve with time to stay relevant is the goal for every company. Why should you be different? Without growth, there are no opportunities for staff to grow and develop and less reason for talent to stick around, seriously impacting retention.
So, let’s take a minute to understand the possible hurdles you may encounter as you plan an aggressive growth strategy for business expansion and how you can possibly mitigate it.
From managing volatility to preserving efficiency in a more complex organization, the below are a few tried and tested tips that I believe you will find useful you carve out your growth trajectory.
  • Referrals
  • Analyze Marketplace Possibilities
  • Discuss Different Ways to commercialize Intellectual Property
  • Market Dominance
  • Provide exceptional customer service and support.
  • Add Support Personnel
  • Attract new clients with discounts and promotions.
  • Identify Ways To Systemize Skills
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In an uncertain economy, how can businesses adapt?

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In today’s article,  Business Coach Ratish Pandey  will discuss a topic you suggested – Given the Uncertain Economy,  how can Businesses Adapt . 

As in a human being, for business, too, it is the mindset that defines adaptability. The frame of mind is to accept change, respond to it, and adapt effectively. We have to remember that change is only CONSTANT.

In times of drastic, unexpected change, as we faced during the pandemic, it is the time to open your mind – seek counsel, share ideas, brainstorm, and learn unashamedly from others about how they are addressing the situation, what is working, what is not. 

It is time to challenge the traditional approach to business. One must explore and welcome new ideas and ways to run one’s business. In today’s context, technology adoption across the organization is one new entrant that all companies cannot avoid. 

Next is keeping the ear to the ground. See how the change is impacting your customer and the purchase journey. 

A business that is nimble in responding to the customer’s changing demands will thrive.

Adapting to the customer’s altered purchase journey may call for change in operations or product offerings, the go-to-market approach, accessibility, or post-sales support. Whatever be the requirement – as an entrepreneur, you need to be swift in your response.

But how does one challenge the “old thinking”? Simple, by new and different thinking.

Think out of the box; in other words, let go of the barriers. Welcome new ideas and explore innovative ways that come to the fore – which in turn will help the business navigate these uncertain times successfully.

In coaching, we have an adage- “It is better to be consistent that be perfect”. So do not wait for perfection; instead, value speed and consistency. Start now and let improvement be an ongoing process.

All this is good going, but for it to sustain, there is one more important step. Leadership style will need to change for new ideas and ways of operations to take wing. Leaders must be keen listeners and be more inclusive, empathetic, and supportive. On the other hand, leaders will need to be decisive and lead from the front.

If you have any questions on this topic, let me know, and we would love to address them.

Growth consultant – why you need one?

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We live in an era of cutthroat competition, with all businesses fighting for the highest returns on their investments. With so many successful companies on the horizon and new start-ups joining the race every day, one must think outside the box to attain their company’s competitive edge. In fact, business  growth consultants  have been game-changers. By providing their affiliated client with excellent and super-effective consulting options, a business growth consultant is integral to the business’s growth and success.

At some stage of their growth, most businesses hit a saturation point where they struggle with the next level of business growth that will catapult the company to the next level. It occurs for various reasons, but the most often, it’s because of a lack of perspective, fresh insights and the absence of a “growth mindset.”

Here is where a Growth Consultant would significantly impact the narrative, helping the company progress in terms of expansion and new revenue sources. Growth consultants also help start-ups, and emerging businesses boost their success.

Before we get into how growth consultants can help your company, let’s look at several scenarios when Growth Advisory and a  Strategy for Business Growth  are the need of the hour.

  • The Results are missing the mark.
  • Mature Businesses Need To Reinvent Themselves
  • Maintaining Employee Morale in the Face of Dynamic Business Growth
  • Bringing a Fresh Vision to Your Business
  • Unlocking Hidden Potential & Opportunities :  Sales, Marketing, Strategy, and Leadership are the  4 pillars  for maintaining consistent  Business Growth.
  • Instilling A Growth Mindset Among Employees & Management

Need an expert business growth consultant for your business? We’ve got your back!

Ethique Advisory  is a top business consultancy in India that offers the most comprehensive consulting services to businesses like yours.

We have years of expertise and are just as passionate as our clients in helping them achieve market growth.

What distinguishes us from the competition is that our emphasis is on developing cost-effective consulting solutions that maximize your company’s efficiency and productivity to consistently create an excellent return on investment.

So, if you’re seeking a perfect growth partner that can help you take your business to the top and reach its goals and objectives smoothly and without hiccups, Ethique Advisory is just what you’re looking for!

To know more about Growth Consulting, book an appointment today.

A Successful Business Growth Strategy – 7 Tips that works

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Crafting a business growth strategy isn’t a one-size-fits-all affair. Given the fluctuating market dynamics, modeling strategic plans on the triumphs of others would be a folly. One should not mistake this for not learning from other businesses. Instead, it suggests that employing a cookie-cutter strategy is not an option.

Your strategy should smoothen out inefficiencies in your organization and hone its strengths to suit your clients- who are unique to your organization.

Remember Specific is Terrific.

More specific the strategy, the more the probability of success.

If you draft your strategy focusing on your business and customer, the resulting actions will more likely result in customer delight. Which will keep your customers content and keep them coming back.

Factoring in business data analytics to  draft a successful strategy  is a must for a greater understanding of your business and its complexities, which will impact the way forward and the growth.

The key to any growth strategy is to plan for time. However, for an effective growth strategy, you must consider these factors:

  • Determine your value proposition.
  • Choose a specific area for expansion.
  • Place more emphasis on your strong points.
  • Design your course of action.
  • Set business growth goals.
  • Analyze your competition.
  • Finally, Action Time.

You don’t have to be a multi-billion-dollar global brand to grab market share from your competition. What you require is an unstoppable business expansion strategy.

Of course, with growth comes risk. That’s why successful businesses seldom rely on a single strategy. Instead, they mix multiple growth strategies to win, like market development, disruption, product expansion, channel expansion, strategic partnerships, acquisitions, and organic growth.

Crafting a growth strategy is critical, but so is executing that strategy. Use the actionable measures and compare results to the forecasting model to reconfirm you’re on the right track.

If not, don’t be afraid to make changes. You may boost your chances of successfully expanding your business if you have a well-developed growth strategy with its proper execution in place.

Controlled, long-term growth is the key to corporate success. Industries are continually evolving, and it is a necessity for businesses to acclimate.

So, ready to draft your growth strategy?