Secrets to Growing Your Business
Every business is different, and while there is no surefire formula for instant success, there are some tips that can boost growth and expand any business.
New business owners have long lists of goals when they first start out, most of the time including rapid growth and recognition for their new venture. Overnight success isn’t often the standard though. There isn’t a specific recipe to success and nothing is guaranteed; however there are ways to reach growth milestones that can catapult a business to success. We put together a few tips for accelerating growth.
Hire the Right People
Before even beginning to think about your company’s growth, you need to ensure you have a solid foundation to achieve it. This means staffing correctly. It's all about having the right team. Hiring qualified, team oriented individuals can help your growth factor tremendously. Consider asking prospective hirees to take a personality test to see if they are the correct fit for your team and the type of business you do.
Focus on Established Revenue Sources
Don’t dive head first into acquiring new customers, try to instead direct your attention to the core customers you already have. You can do this through different avenues such as implementing a referral or customer loyalty program or trying out marketing strategies based on previous purchase behaviors to encourage repeat business. Focusing on your established market is important if you are also trying to get funding. Maximizing your current customer base and emphasizing that there is a large market for what you do, resonates more with banks.
Reduce Your Risks
Risk is inevitable. It is impossible to control everything, but there are numerous ways to limit internal and external threats to your company and its growth. An important resource to help you accomplish this is an insurance provider. Insurance coverage for your space or equipment as you grow is extremely important. Reevaluate your coverage as you create new products or offer more services, or increase your operating and distribution footprint, as it is easy to forget this step amid rapid expansion. Reducing risks reduces disruptions that can bring business to a complete halt.
Successful startups often have the knowledge and ability to switch directions quickly in response to changes in the market. A smart approach to development both in terms of the product and company, will help you to grow more quickly. With adaptability you are able to quickly test different approaches to business to figure out what works best. By being able to fail then pick
yourself back up and keep going, you are already setting yourself ahead of other businesses in your niche.
Focus on Your Customer Experience
Customers truly make or break a business. Delivering quality experiences and products can lead you to having 5 star reviews and praises on social media. Delivering anything below quality can mean that they will tell the world even faster then they would write that 5 star review. Fast growth depends on making your current and potential customers happy with their experience. Small businesses are often more nimble and better able to see, anticipate, and respond to their customers’ needs. The most successful small businesses use this to their advantage to gain and nurture long-term customer relationships. Engaging your customers is crucial, but making sure that their experience is personalized can boost and strengthen your relationship with them.
Invest in Yourself
Early in the beginning stages of your business, you will likely see a lean to nonexistent profit margin, so any money you do make should go directly towards helping you grow. The ability to invest in your business accelerates growth. In the early years it is critical to pay your business first and heavily to grow.
Focus on Social Media
Joining large social platforms can give you a major advantage. By creating a business profile on Instagram, Facebook, Twitter, etc it can allow you to better market yourself and interact with far more potential customers. Also when your business has an account and it is regularly updated, consumers can more easily find your business, while also being more likely to share it with their friends.
Attend Networking Events
Attending networking events allows you to connect with like minds, many of which have unique perspectives and insights that you wouldn't find elsewhere that can help you grow your business. The connections and relationships that come from attending networking events can be beneficial for years to come.
Work on Corporate Social Responsibility
Consumers want to buy from businesses that are passionate about causes that help make the world a better place. Whether you choose to donate to cancer research or support a nonprofit providing solutions to homelessness, look for ways to provide a meaningful contribution to the causes you support and share that with your customers.
Growing your business isn’t always a walk in the park, but it can be done. Your goals are achievable with some planning and hardwork. Don’t forget that Transworld Business Advisors are also there to help you at every step along the way!