Company growth is a hugefactor when deciding if a company is going to succeed or fail.
Many companieshave went on to be successful but also many have either went bankrupt orclosed. While a company continues to grow, it has to be able to sustain thisgrowth of success for a long period of time. Growth of a company also relies onthe workers being able to keep up with the demand of a product the customersare wanting.
Company growth can be divided into three main parts: the customers,the quality of parts a company makes, and the resources the company is able toobtain. The customers are a main reason why a company begins togrow. If a customer really likes that company’s part, they will continue tocome back and buy that product. Making a customer loyal to a company is a goodgoal for company growth. As long as that customer keeps coming back and being anadvocate for your store, your company will grow. When a customer refers aproduct to a good friend, a company then gains another customer which willhopefully keep coming back and buying their products.
According to The Impactof Planning on Business Growth article, a business must expose opportunities toadditional customers. A company can grow by the word of mouth but it can alsogrow by the reviews left online. If a customer is highly satisfied with yourparts or item and it meets their specs, they will continue to purchase thatitem. More customers are able to see the reviews online than they can hear by theword of mouth.
Secondly,the quality of a company parts also decides the company’s growth. For manyyears in the U.S, a lot of people were just buying parts made in the U.S.
Aftera while many people started seeing they could buy parts overseas and they stillbe the same quality as higher in state parts. For these overseas companiestheir growth rally took off. For example, Toyota and Honda are very popular carbrands here in the U.S nowadays. Companies need to set a certain tolerance levelso that every employee can aim for the average number.
To the company’s workerstheir number one concern should be the quality of the parts they are producing. They should aim at producing the bestquality product so that people will choose them over some other company. Lastly and probably the most important part to a company’sgrowth is the resources a company has or can get. Being able to hire better welltrained people gives that company a good head start to growing. The more moneythe company they earn, the more or better equipment it can buy. Being able tospend the least amount of money and being able to make more really matters to acompany.
Most companies go after the same product, so being able to beat your competitorsat the product or to the product really matters. According to Five Critical Conceptsfor Business Growth and Profitability article, a company must have many differentways of producing or creating revenue. Companies need to look at their statisticaldata to see where they can improve and eliminate wasted time. The most successfulcompanies invest the most into their resources. As a company continues to grow it will have to rely ontheir customers, the quality of their parts, and the resources it can obtain. Accordingto the book, if the company pays attention to the people’s needs, their incomeand growth will follow.
The most successful companies are able to keep andobtain all three of these factors. Company growth is a huge deal in the industrialor manufacturing industries today.