A common issue most executives run up against when planning for growth is figuring out how many more people must be hired to do so. It’s a common predicament; what kind of revenue line must be obtained to sustain the increased head count as well as the salary and benefit costs that come with it.
While some businesses may very well need to add new team members, there are multiple ways for companies to further their goals by first improving what’s already in place. For instance, at my company, TV Ears, we’ve been fortunate to achieve great success since our inception and discovered that there are many opportunities to increase sales with our existing infrastructure. Doing so ensures we have the most efficient productive operations possible. Here are three key steps we take to growing our business before hiring the next employee:
Expand your sales channels
There are multiple ways to reach the same audience, but customers may prefer one method over another. For instance, many TV Ears users bought their systems through an audiologist or hearing aid store. Others, however, may be hesitant to visit such an outlet, preferring instead to find such products at other venues like Costco. More still may desire to order products like ours via home shopping television networks or online venues. In short, you may not need more people to reach out to more customers, but rather more distribution partners to do that for you.
Expand your product lines
I’ve never bought into the saying: "If it’s not broken, don’t fix it." While a company may be operating successfully, there is almost always room for improvement. While our products have helped over a million folks around the world, we still regularly look to see if there is anything more we can sell or perhaps improve. For example, we found that our wireless headsets were extremely popular, but some customers were interested in a product that didn’t involve any physical contact; thus the speaker system was introduced. Listen to customer feedback and determine if any new product lines would benefit the company..
Expand your target audience
More recently I’ve learned that seniors are not the only demographic benefiting from our offerings. Various individuals ranging from young children to elderly folks are using the products. For example, more employees are working from home these days and must deal with distractions from children or spouses wanting to watch TV. Because of this trend towards a virtual work environment, we’ve discovered that our products are benefiting those employees. By understanding new economic trends, a business may be able to reach new demographics. Conduct research and discover if your company can expand its reach and make adjustments to the marketing plan accordingly.
Expansion can be a very exciting process, and people will certainly be the lynchpin if a company is to realize healthy growth. However, this doesn’t mean that businesses need to throw more bodies at an initiative to make it happen. In fact, making improvements to what a company already possesses first will ensure that any new hires will be placed in an efficient, lean – and therefore viable – going concern. For the last thing any executive wants to do is to follow a hiring boom with a round of layoffs.