When companies think of growth, they don’t always differentiate between internal and external strategies. However, there is a significant difference between both approaches. When you deploy an externally targeted approach to growth, you essentially build your company outwards. It’s likely to have an immediate impact on your local market because the changes are “immediately” visible.
For instance, one of the most frequent external growth strategies consists of building a partnership to reach out to a new market, whether at a national or international level. Say you are a B2B company that targets a specific demographic within your market. Partnering with a complementary business could broaden your reach, even in your local market. Yet, internal growth, on the other hand, plays a huge role in your brand reputation and positioning. The changes may not be out there for all to see but they reshape your brand profile, values, and processes significantly. It’s important not to confuse internal growth with recruitment. Internal growth generates a transformation process within the company while recruiting new employees typically expands your skill pool without redefining the brand. Here are 3 internal ways to bring your business to the next level of success.
Change your database management system
Your business uses data every day for all sorts of operations. Therefore, it makes sense to keep the data streamlined and accessible to deliver high-value performance. It can be advantageous to transform your database management system to bring data from different sources together on a meaningful and manageable platform. Indeed, most businesses don’t use their data properly and many fail to consider all their data in future decisions. Consequently, the introduction of a data management solution that provides visibility, accessibility, and full analysis will transform all data-focused strategies.
Change the boss
Admittedly, we have explained that the recruitment process is not an internal transformation. There are, however, exceptions that need to be considered. Indeed, a change of management will affect the direction of the company, its strategy, and its interactions with the audience. That’s precisely the reasoning behind the Todd Perry UBS change that happened at the end of last year when UBS’s wealth management office in LA recruited Todd Locicero to replace Barclay Perry. Locicero brings his long experience in private wealth management of high net worth investment assets in a banking institution to the private company. Clients are unlikely to notice a change in pace, but the purpose of the move is to create a strong support structure to support further growth.
Change the workweek
The pandemic has transformed the typical office mindset. Companies have encouraged remote work whenever it was possible. Some businesses have also seized the opportunity to cut down on working hours, promoting a four-day week. The four-day week solution is unique in the sense that it genuinely drives productivity forward, despite working less. According to countless studies, it can actively elevate the team’s mood, cut down stress, and boost overall happiness. All combined, the benefits are strikingly noticeable: The productivity is increased and the work quality is superior to a five-day week.
In conclusion, changes that occur within the company’s structure and processes can have long-lasting effects on the brand’s reputation, productivity, and growth. In short, if you’re going to build a successful business, you have to build it from the inside out.