How the company will grow?
SMART growth objectives
There is a need to set up SMART growth objectives for I face. These objectives will serve as the motivation for the employees and keep the organization on the right path of progress. The objectives can be as follows:
- a) To increase the revenue by 1 million in 3 years
- b) Increasing the profit margin by 30% in 3 years
- c) Increasing the customer retention rate
- d) Increasing the number of loyal customers
- e) To achieve the conversion rate of 30 %
- f) Increasing the number of active users by 10%
There are tremendous opportunities for the organization as all the persons are concerned about their look and facial value. In developed countries, people spend the considerate amount on beauty products and treatments. In the USA, from 2014-2018, on an average $45 billion have been spent on cosmetic procedures. In addition to this, the population is continuously increasing. So the market is expanding. The world economy is on the trajectory of growth so the market is further going to be increased in the future (Baluku, Kikooma & Otto, 2017). There is a need to access the first time users before competitors reach to them. There is a need to widen the customer base so that the volume of sales can be increased. The medical aesthetics is a high growth industry and will remain so in near future. So there is a need to tap the potential of this industry and utilize its essential traits to build successful business ventures.
Growth blueprint includes the following stages:
- A) Making a distinct landing page
For any business organization to grow, online presence is the priority. This is the first step so IFACE needs to create a landing page highlighting the legitimacy of the products and services of the company. The distinctiveness of the services provided by the company must not only be established but this should be conveyed to all the stakeholders. The investor will invest in startup only when they are sure that startup sells legitimate product and services along with distinctiveness (Reilly & Robbins, 2018).
- B) Active front desk and live chat option
The next step is to assist the investors and consumers. They must get the right information at right time (Anwar & Shah, 2018). Their questions must be answered properly. Front desk policies will help in customer retention. They will persuade the investors to invest in the start-up. There need to have state of the art facility so that organization can grow at the fast pace
- C) Adopting a business model
The plethoras of options are available on search engines. Instead of using all of them, use the only one which is most suitable for the startup. There is a need to have a clear focus which will keep the organization on the trajectory of growth
- D) Drive traffic
Next approach is to drive traffic on the site of the organization. Once the traffic is adequate, there is a need to focus on customer retention. There must be a conversion of visitors into potential customers (Dana, 2017).
- E) Set up the location- the next step is to create offices for the companies at the right location. The globalized world demands major expansion to fulfill the demands of all customers
- F) Network building- through prudent merger and acquisition policies try to build the best network for the particular organization. It has been proved that the start-up which has a team, has more chances to get success as compared to solo entrepreneurs (Nair, Cohen, & Meyer, 2017).
The system should be scaled up only when there is genuine need and customers and employees are convinced for the change in the organization. Overscaling or under scaling will only waste the resources and time. There is a need to scale up the company with time if the company makes progress. The organization which is not performing well at a low scale, will also not work at higher scale. It means there is a need to find the causative factors of failures (Ferreira, Fernandes, & Ratten, 2017).
The next step is to control progress. There must be the right amount of products and services for the target population. along with that, there is a need to have effective monitoring. Any unintended deviation must be checked and fixed immediately. The contingency plan should be employed to mitigate the effects of deviation. There is a need to assure that progress is in line with the objectives of the organization. So there may need to revamp the whole structure if the progress is not smooth or going in the wrong direction (Kamei, Shinato, & Dana, 2017).
Talent recruitment is definitely necessary for each organization. The diversity must be embraced so that people of wide creed having experience in different fields work to gather to meet the objectives of the organization. To explore the benefits of talented employees they must be provided with the vision so that they have measurable targets to achieve. They must be rewarded for their exemplary performance. Here again legitimacy and distinctiveness come into play (Sriram & Mersha, 2017). The talented people will choose the particular organization if they are sure on these two fronts. The organization’s future depends upon the legitimacy and distinctiveness.
All other miscellaneous aspects like intellectual property rights, innovation, creativity etc. need to be considered. A column on the site will be maintained exclusively for the purpose of getting genuine reviews from the customers. Majority of the people consider reviews at the site which impact their decision regarding hiring the particular organization. One more thing to consider is the digital transformation. Microsoft has shown that what is the power of digital transformation (Boermans & Willebrands, 2017). There is no need to blindly imitate the Microsoft as the startup cannot put as many resources a the corporate giant Microsoft can put. But, it is proved beyond doubt that digital transformation is the need of the hour. It will help to achieve economies of scale.
- Every organization has its own needs. There is a need to identify and analyze these needs at right time. After that, the right action in the right manner will yield the positive result. The organization needs to plan according to its unique needs like the cultural beliefs of the targeted population, ethnicity, gender, and age of relevant stakeholders, the location of the offices etc. It is proved that the organizations in which female are employed along with males, progress much faster and yield better results as compared to organizations having only males (Tiwari & Goel, 2017).
- Every organization must have a vision so that timely progress against the set criteria or vision can be monitored and evaluated. Without vision, the organization cannot sustain itself (Gill, Gur?u, Dana, & Sánchez, 2017). There must be parameters to assess the tangible outcome at the end of the process. The organizations need to follow the vision and accomplish the target.
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