Every business owner or entrepreneur starts or maintains a business with the hope that it will grow. Growth allows organisations to overtake their competitors and dominate the market. With it may come diversification in services, products, and strategies which are beneficial for business.

When a business resists growth

Sadly, some companies that reach a certain level of success become content with where they are. They have little motivation to make changes as they are assured of their position in the market. This is a dangerous stance because a company that stops growing is a company that’s dying.

Here are some of the things that are likely to happen when your organisation resists growth:

1. You’re unable to hire remote staff in the Philippines to add to your team.
2. You’re unable to offer your existing team members higher pay, especially the loyal ones.
3. You’re unable to provide your customers with trendy and innovate services and products.
4. You’re unable to increase the profits of your business, if they don’t shrink.
5. You’re unable to keep top talents who are wanting to move up in their careers.
6. You’re unable to keep up with the competition so you will lose your customers to them.
7. You’re unable to stay motivated in the business due to monotonous activities.
8. You’re unable to provide for the families and loved ones of everyone in your team.
9. You’re unable to tap into the maximum potential when you hire a Filipino VA and more.
10. You’re unable to stay up-to-date on the latest trends in your industry.

Strategies for efficient business growth

As you can see, there’s a lot you’ll miss when you stop growing. That isn’t to say that growing comes without risks though. There’s never any assurance that your new ventures will be successful. To ensure your company remains profitable and expanding in the new year, try the following tips.

Determine what customers like

A lot of customers are becoming more conscious about the brands they buy from. According to the Money Matters report by Bank of the West, four out of five Americans purchase services and goods from companies that support the societal or environmental issues they care about sometimes.

When you focus your message and values towards these causes, you have greater chances of appealing to their needs and preferences. You are doing your business a disservice when you fail to address this matter as sustainable business has become mainstream as said in the Harvard Business Review.

Know what workers care about

From the same Money Matters report, it’s been revealed that one out of two leaders would look for other jobs if their employer didn’t support social and environmental causes valuable to them. For instance, if they are from Asia yet you don’t believe in hiring Filipino remote workers.

Gallup reports that US business lose up to a trillion dollars every year because of voluntary employee turnover. To boost retention, ensure your employees know how their work contributes towards your objectives. You also want to show them that you see and appreciate their efforts.

Learn what makes paying easier

A key global insight by Visa reveals that over 70% of small businesses believe that new forms of inbound payments are essential for growing and over 50% say their revenue came through online mediums. In the perspective of consumers, over 30% of those surveyed prefer stores that accept non-cash payments.

With the rising costs of goods and services, sales and other forms of economic activity are expected to slow down in 2023. Your organisation has no choice but to consider automating tasks and allow for digital payments in order to reduce costs while improving the speed of transactions.

Search for debt financing early

It’s never easy to get funding, regardless of the season. Many companies seek financing when they’re strapped for funds but that’s actually too late. You have to think about how inflation will possibly affect your business in 2023 and decide from there.

To apply for financing, it’s a good idea to prepare your income statement, balance sheet, and repayment schedule. You want to assure the financing company that you are capable of paying off your loan every single month. This boosts your chances of getting approved for funding from your preferred company.

Increase contingency coverage

The pandemic showed us how important it is to forecast the trends and prepare for the worst so we aren’t caught off guard. Even as the world opens up again, the number of business risks continue to grow. This is why it’s crucial to have a contingency plan for natural disasters, cyber attacks, and more.

The CNBC say that four out of five small business owners are capable of facing a recession but inflation is challenging for their revenue. They believe that they will struggle through inflation up to the summer of 2023. if you’re thinking to hire a virtual assistant in the Philippines, prepare to address increasing salary ranges and more.

Hire a Filipino virtual assistant

Many employers believe that they should only hire a VA in the Philippines when they have money to spare. The truth is that it’s easier to grow your business through outsourcing. With the greater reach of high-speed internet, you can now outsource jobs to Filipinos at reasonable rates.

When you hire a freelancer in the Philippines, you will reduce costs for office space, equipment, and more. A flexible schedule must be considered when you outsource jobs to the Philippines but it enables you to provide 24/7 customer service if you’re based in the west.

If you’re interested to grow your business with VAs, hire a Filipino freelancer or full-time online worker through us at Remote Workmate. Choose the most suitable candidate from our existing talent pool or allow us to screen additional applicants according to your needs.