When is the right time to consider a business growth partner
Disruption used to be a bit of a buzzword. But when everything has been disrupted by a global pandemic, what is it even? What we thought we knew about disruption has completely changed. (Ahem: It has been disrupted if you will.)
What nobody tells you about disruption is that just strutting around shaking things up does not count as disruption. Many businesses would have realized that when their infrastructure and systems were stress-tested during the various lockdowns across the world.
Business growth is generally perceived as a good thing. Unless you are not prepared for that growth. Don’t gasp.
According to a new “Global Shopping Index” report published by Salesforce, the number of unique digital shoppers rose 40% year-over-year (YoY). Digital shoppers drove 20% revenue growth compared to 12% in Q1 2019.
In May 2020, logistics vendor Narvar Inc., which has more than 650 retail clients in its network, said that ecommerce orders increased by nearly 47% in the last 30 days ended April 20 compared with the February average.
What fantastic growth, we hear you say. Well yes, but also not quite.
The spike in demand led to a delay in orders with retailers. Navar’s study found that retailers were taking almost two days longer to fill orders. Everything from staffing problems to the spike in demand caused these delays.
Retailers who had but a two-day delay were lucky. In some parts of the world ecommerce retailers in the high demand verticals – groceries especially – simply could not scale at the rate that they were growing. It might be funny now, but there were some online grocery platforms who only had a delivery date available after lockdown was scheduled to end.
These are extreme examples, sure. Nobody starts a business or does business growth consulting thinking “Hey, what are we going to do in a global pandemic that semi-shuts down almost every economy?”
Every business will reach that awkward teenager growth phase. You know the one. The growth spurt hits and suddenly your manageable baby becomes a behemoth eating you out of house and home.
But business growth consulting does help with the bigger picture. Whether it is your first, third, or four-hundredth start up, every approach is different.
At one stage of the business growth, your business will reach the awkward teenager phase where you want to accelerate growth, but you get stuck because the process to hire all the different roles required for that growth is both costly and not quite as senior as you would like.
*Cue the tada sound*
That is where picking the right business growth consulting partner can help.
So, what do these firms actually do? That really depends on who you are working with. But here are some of the things that growth partners can help you with:
- Reposition your go-to-market strategy
- Launch new products or services
- Engage and activate the digital transformation of your brand
- Do everything several junior roles can do, but faster and with far more experience
Business strategy, brand experience, paid and unpaid channel activations can all be merged into one package through the right partner. Not all growth consultation partners are alike, mind you.
So, when is the right time for you to take your business to the next level through consulting a growth partner? Preferably before things go to hell in a handcart.
None of the retailers who were swamped with orders and had shouty people on their customer service channels would have gone into the first quarter of the year even considering a global pandemic. In fact, very few people would have even considered it.
But the hurdles that businesses faced through the pandemic were not all pandemic induced. Think of a business growth consulting partner as that bestie who asks all the difficult questions and helps you solve the problems that arise from the answers effectively.
To get real and deal with the advice (and sometimes the shock) that will arise from those conversations, you will need a certain level of maturity.
That’s true for your business as well. While some business growth consultants will work with startups still in the phase where they have not raised any capital, we are best suited to those who have raised a solid round or are ready to rebuild their heritage brand into the digital world.
The results can catapult you and put you lightyears ahead of your competitors when something completely unforeseen happens. (But don’t just take our word for it. Check out what some of our partner brands have had to say.)
Ready? Okay. Let’s chat growth.
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