As the founder of FDH Financial Holdings Limited, Dr Thomson Mpinganjira has hands-on experience of growing a business empire from the ground up.
This article imparts six key elements of creating and maintaining sustainable business growth. See the attached infographic for information about business growth in Africa.
#1 Building the Right Team
No business leader can do it all on his or her own. It is crucial for entrepreneurs to identify and recruit a team of competent professionals to help them establish and grow the business. Team players must collaborate cohesively, prioritising the organisation above their individual interests.
As Blackford Capital founder Martin Stein explains in his interview with Forbes, it is important to seek out salespeople who collaborate with other teams in order to solve problems quickly. In rapidly growing organisations, sales teams that liaise effectively with other departments typically outperform their counterparts.
It is important to thoroughly vet candidates, hiring salespeople with an established track record of getting results and driving growth.
#2 Investing in Staff
It is important to keep staff skills up to date, investing in high ‘return on investment’ (ROI) training activities. According to Sales Management Association research, peer learning and field coaching are amongst the most effective methods of sales training, with 73% of businesses polled reporting high ROI through peer learning, and 78% achieving high ROI through field coaching.
Where training is concerned, it pays to be creative. Helping employees develop the skills they need to stay on top of their game not only benefits them as individuals, but the company as a whole. View the attached PDF to find out more about the benefits of investing in staff training.
#3 Investing in Technology
With technological advancements revolutionising all aspects of industry, companies are increasingly leveraging automation, artificial intelligence and big data to streamline processes, improve efficiency, provide better customer experiences, and ultimately increase profitability.
A recent study published by McKinsey revealed that AI-integrated sales processes increased leads by over 50%, reducing costs by up to 60%.
#4 Identifying and Engaging with the Right Clients
To be an effective entrepreneur it is important to seize the right opportunities, particularly those others fail to recognise. Reaching untapped markets requires business leaders to embrace the entrepreneurial spirit, prospecting the right clients and ensuring that the business grows in a sustainable way over time.
Generating the right leads is essential in growing any business. Seeing beyond the obvious to identify optimal client bases can supercharge any business model.
#5 Implementing Corporate Social Responsibility Strategies
Research reveals tangible links between the adoption of corporate social responsibility policies in improved financial performance. From protecting the environment to championing women’s rights, companies are increasingly ramping up their social responsibility efforts, projecting an enhanced brand image to shareholders and consumers alike, while increasing their bottom line at the same time.
Being socially responsible bolsters a company’s reputation, helping raise its profile in the local community. Not only that, but social responsibility initiatives empower employees, strengthening internal cohesion and boosting employee morale, which in turn leads to increased productivity.
#6 Making the Right Business Choices
One of the main roles of management is to minimise the occurrence of problems, and where issues do arise, to find swift and effective solutions. Business leaders must have the ability to problem solve and make sound choices. Where they do not possess the requisite expertise to make that choice themselves, they must have the humility to step back, empowering those with the necessary skills to choose for them.
Find out more about the importance of delegation in effective business leadership by viewing the attached video.