Explain how a corporation can increase its growth rate using what you learned in this class.

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Expert Solution

There are 4 good ways to increase the growth rate for any corporation

1) Be data driven :

Data is the backbone of your most important business decisions. If your data is inaccurate, your outcomes and response rates pay the price. A report by IDG identified the importance in accurate data, with the finding that “companies with effective data grow 35% faster year-on-year”.

Accurate business intelligence allows owners to make the right decisions for the company, at a faster rate. Access to real-time data can also help customer service departments to be more efficient. This combination of faster decision-making and improved customer service supports business growth by increasing customer retention and allowing businesses to make continuous improvements based on results.

2) Collaboration should be encouraged:

Business works better when departments are able to collaborate.

With all of your business clear on business aims, plans and strategies, you will be in a better place for success.

3) Invest in R&D

Coming up with new products that are the need of the hour is essential. Always keep a sharp eye for what is working and eliminate products which are not

4) Have a good banker

Keep a good banking partner, which is there to provide dry powder to your firm when you need it

5) Keep a close track

From tracking employee expenses to managing accounts and costings, from monitoring inventory to winning a new sale, your business processes are key to ensuring your business is efficient. By having all of your business units in one central system, with workflows set for every business-critical process, you can ensure that your employees work to the correct procedures and no vital information is missed. You can also track outcomes and assign resources to projects.

jeff jeffy answered 1 year ago

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