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

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.

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