When the end of the year approaches or a new year begins, all or almost all companies make their list of resolutions for 2022. And I'm sure that you, like any businessman, include among your work objectives to make your company grow as much as possible.

Well, as you already know, the new context of The pandemic requires a quick adaptation to adapt to the new situation and ways of working. And this is a point that you have to keep in mind if you really want to make your company grow. Not sure where to start? Don't worry. Keep reading and find out.

Keys to boosting the growth of your business

Analyse your sources of income and expenses

Have an expense management tool or software that allows you to carry a financial control, with the purpose of making monthly reports and drawing conclusions, can be of great help to have a complete view of the evolution of your company.

With the information provided by this type of tool, you can make decisions. To find out what expenses to reduce or who your best customers have been, among many other things.

To draw conclusions, ask yourself questions such as: 'What was my growth rate in period X? ' 'Has my growth been stable or have there been several months with any notable peaks? ' If so, why? Answering all these questions will improve your decision-making.

Understand the variation in your income

In line with the previous advice, it is very important that you know and understand the reason for any change (for better or for worse) that happens in your company and that you make the appropriate decisions, always taking into account a reason.

'Why am I going to sell this product and not this other one? ' Why am I going to focus on this task and not on this other one? ''Why am I going to invest money in 'x' and not in 'y'?"

Changes in income of your small or medium-sized business, usually, are due to bad decisions: a bad pricing strategy, marketing actions that haven't worked... But don't get too overwhelmed because they can also be due to uncontrollable unforeseen events.

In any case, the important thing is understood why there have been variations in income of your business in order to carry out an action plan that provides a solution and increase the profitability of your company.

Improve your productivity and processes

You need to know how to delegate tasks and above all pay attention and spend time on those that have a direct impact on your small or medium-sized business, and not on all the others.

What do I mean by tasks that don't have a direct impact on your SME? A good example would be the management of expenditure on supplies. It is a task that must be done because it affects the expenses that your company has each month, but it does not contribute directly to the objective of your company, whatever your type of business.

So that we understand each other: if you have a restaurant, your focus will never be on managing the expense of your supplies, but rather on offering quality food and service for your customers to repeat. Now, how much money do you spend on supplies each month for the simple fact of having the restaurant open? What a barbarity!

That's why the important thing is delegated those kinds of tasks to external equipment or hire a person within your team to dedicate himself exclusively to this work so that you save a lot of time and money every month but, above all, that you take advantage of it for tasks that do have a direct impact on your business.

Develop strategies to position your business

This point is also very important. Markets change and technology continues to evolve.

That's why I have to recommend that ALWAYS, ALWAYS, ALWAYS be aware of the needs of your customers, that you ask them, that you don't get stuck, that you always know what they want and need. Because, if you are not aware of their needs, you may find yourself with an adaptation problem when taking action. Many businesses have failed for this reason.

For example, before the pandemic, many small and medium-sized companies had not considered paying the attention it requires to their e-commerce, until they had the need to sell remotely.

That's why I recommend that you try to promote the digitalization of your business so that it remains competitive and keep your company growing.

‍How to make my business grow fast

Increasing the profitability of your business is not something that can be achieved overnight, it requires time. But by reading these tips and starting to think about how to put them into practice, you've already taken the first step. Go for it!