In today’s business environment, growth is the best way to survive. Growth cannot be measured if there are no parameters to define it. The basic determinants of growth revolve around the same factors ( sales, revenue, markets, customers etc. ) irrespective of the size of the business.
The difference lies in the scope and degree with which businesses define these parameters. For example, an electronics retail store may not have a separate employee to take care of customer grievances. However, a customer oriented company will assign a separate customer care cell to deal with customer grievances.
With time, the definition of growth has expanded. Apart from the conventional objectives of higher sales and profitability, the key to growth now includes customer orientation, brand loyalty, adaptation, speed and accuracy in business decision making and operations, expansionist approach, risk management, share value, net worth, employee turnover, customer delight, professional management and so on. This shift can be attributed to the changes in the external environment over the decades like globalization, shifts in customer demographics, changes in regulations, technological advancements etc.
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