Business Growth Trends – 2016

by | Feb 10, 2016

This coming year brings its new set of challenges for businesses across all industries. The business owners who will succeed are the ones who understand that being flexible and willing to learn about new trends and adapt to the flow of new business growth practices.

If you want your business to succeed in 2016 here are few business growth trends that you need to be aware of and open minded to.

Outsourcing Explosion

In 2015 we saw more and more businesses re-evaluating just what the employer / employee relationship should look like. What many business owners are discovering is that jobs previously done by permanent employees can often be more efficiently and cost-effectively done by using outsourced freelancers and sub-contractors. The proliferation of sites such as Fiverr and UpWork (to name a couple) mean that freelancers have more verifiable certifications and qualifications than in the past.  Hence, it is easier for business owners to check out a freelancer and feel confident that this individual will be able to provide the services they advertise.

Many smaller businesses are enjoying the benefits of having the capability to get things done through outsourced services, and love the fact that they can have a casual freelancing relationship with an individual that is long lasting. Just because someone does work for you as a freelancer does not mean the working relationship cannot be an enduring one. This is literally the best of both worlds for business owners.

The Importance of Web Analytics

As the importance of – and ease by which we can access – online marketing grows, the importance of web analytics also grows. Businesses that are not using web analytics have no way of knowing how their online marketing efforts are progressing or profiting. Web analytics provide vital information which tracks online activity, how customers and potential customers interact on your website or social media pages, and how certain marketing efforts are translating into real leads and sales. Analyse your internet marketing, because without careful attention to web analytics, business owners are shooting in the dark with their online marketing efforts.

Pay Attention to Customer Retention

New customer acquisition should be an important aspect of your growth in 2016, but customer retention will see a renewed level of importance this year. Not only is customer retention proven to be a cheaper marketing endeavour than new customer acquisition, but it is also one of the most crucial elements to ongoing growth for new and start-up businesses.

This is especially important to pay attention to if you have marketing efforts which may clash with customer retention and customer acquisition. Sacrificing long standing customers for the chance of gaining a few new customers will not be in your best interest. Your business coach can teach you how to make the most of your current customer base and keep those customers for the long haul.

Online Collaboration and Remote Work

In 2016 companies will need to find more and more opportunities to provide remote work for their employees and collaborate with individuals to whom they normally would not have access. There is more technology available than ever before to bring people together from all corners of the globe so that they can work together to make your business the best it can possibly be. We regularly Skype-Coach clients in remote areas or interstate, and having this capacity and flexibility has helped our business immeasurably.  Being open minded to these types of innovations are important in order to keep your business moving forward in 2016.

It is also important to realise that you can retain great employees when you allow remote work to be an option for them when other obstacles arise. In the past if a great employee needed to move for family reasons then the company simply lost that team member. However, agile  employers can keep these employees by offering remote work options. This benefits your company as you save time and money when you do not need to train new staff.

To learn more tips and tricks on how to grow your business, call Steve Wanmer for business coaching that will help you take your company to the next level. Contact us on (07) 3205 1285 or fill out our short form for more information.