5 Ways to Supercharge Your Strategy to Accelerate Growth

Preparing your business for smart growth can be both thrilling and challenging. Whether you’ve secured additional capital for adopting modern technology or built a customer base eager to promote your product, designing a robust growth strategy ensures key aspects of your business model are addressed. Here are 5 ways you can get started today.

Understand growth objectives and business needs

Understanding the needs and pain points of your business helps maintain focus on areas critical to success. Conducting market research to better understand your industry, competitors and customers is a pivotal first step in building your unique plan for growth. Address these key objectives in your growth strategy.
  • Evaluate current and future costs
Identify your cost drivers, how costs may change as your business scales, return on investment (ROI) and opportunities to leverage technology to reduce costs.
  • Improve workforce productivity
Consider how employee productivity can be improved, which technology tools you can leverage and align company culture to support your growth goals. 
  • Assess the supply chain

Create a risk assessment for your supply chain to understand resiliency, efficiency and a strategy for managing supplier relationships. 

Integrate new technologies to enhance operational efficiency

Adopting new technologies can streamline your operations, improve customer service and drive innovation. These technologies could include cloud computing, AI, machine learning or data analytics tools. When integrating new technology, keep these points in mind.
  • Identify improvement opportunities 
Catalogue the problems or inefficiencies you’d like to solve with a technology investment such as automating manual tasks, improving data analysis, enhancing customer service or boosting product development. 
  • Create an implementation plan
Ensure you have a plan for implementing new technology and avoid overspending on technology that will be used infrequently. Integrate all IT systems including software, services, vendors and policies across the new enterprise to maintain consistency, coverage, support and security.
  • Conduct integration with an experienced team 
Managing your integration process can be complex, labor-intensive and time-consuming. You should lean on your in-house IT team if available or an experienced MSP to guide you through the IT integration process.

Manage the fluctuations in business demands with cloud services

It’s crucial that you expand at a manageable rate as rapid growth can strain resources and quality. Organizations of all sizes and types are recognizing the valuable cost savings, accessible speed and agile scalability of cloud computing. Consider the following potential benefits of cloud computing for your business.
  • Boost flexibility 
Provision and adjust your technology stack based on your business needs rather than trying to anticipate spikes in usage. 
  • Improve control
Utilizing cloud technology and services can help teams across your organization manage data and systems. Cloud services can be used to simplify complex business practices such as managing cybersecurity across a large organization by quickly setting security policies, monitoring compliance and responding to threats on a single dashboard.
  • Reduce costs
Cloud computing services can offer a pay-as-you-go pricing model, so you only pay for the technology your business needs. 
50% of those surveyed said their organization plans to invest in cloud services over the next 3 years.1

Focus on customer needs

Remember to maintain focus on your customer needs. A customer-centric growth strategy can help you keep more customers, earn more revenue and save money. Consider the following tips when integrating customer needs into a growth strategy.
  • Gain insights from data
Using technology to learn from data can help you stay ahead of the competition. Data can give insight into where a customer may leave the purchase or the best way to reach them.
  • Identify customer pain points
Understanding your customer can help in designing cloud services that directly address their pain points. This can help you fix issues faster and guide decision making around prioritizing product updates to improve efficiency. 
  • Create trusted partnerships
Work with a trusted partner to assess your current applications and create a secure, resilient and scalable digital infrastructure that can help keep your employees connected and consistently deliver next-gen customer experiences. 
44% of respondents stated customer experience is the top priority for organizations to help reduce churn and improve loyalty.1

Invest in cybersecurity today for a better tomorrow

Implementing strong cybersecurity solutions is crucial for protecting your business data and maintaining customer trust. Here are a few ways the right cybersecurity solutions can help your business.
  • Protect relationships and revenue
Cyber incidents can cause permanent damage to your customer relationships and organization’s reputation leading to long term revenue loss. 
  • Safeguard operations
As you add new technology to your expanding business, it’s important to incorporate modern cybersecurity measures to safeguard users and data at all levels of the organization. 
38% of those surveyed said security threats are the biggest challenge to digitally transform their network.2

Find the right technology for your organization

Remember, the best technology for your business is the one that meets your specific needs and fits within your budget. Lumen has the services, people and resources to help you implement the right technology and supercharge your growth strategy.
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1IDC, Modernizing the Network with Performance-Enabled Digital Infrastructure, November 2023.
2IDC, The State of Digital and Network Transformation in US Enterprises, December 2023.