Tips For Business GrowthOluwaseun Olayisade
As an entrepreneur you are constantly faced with the challenge of speed in your business growth. You listen/read so many tips and advice from all sorts of sources thinking if you just do all they said you will break out into the big leagues.
Exerting energy in the wrong direction takes you nowhere. Applying the wrong techniques will only stunt your business growth. Have you heard the saying a lot of people are going nowhere fast? Speed without direction is zero.
In this article I share tips that I read and tried out (still using) which actually aided my business growth. You can try them too.
Growing a business should not be a race most especially if you intend to leave behind a legacy rather it should be done systematically with planning and great organizational skills.
These tips will contribute positively to your business growth:
- BE ORGANIZED AND ORDERLY
There is nothing more systematic than being organized and orderly. Ensure you keep detailed and accurate record of everything; every document signed, transactions done and not done, receipts issued, complete data of every employee even applicants etc. Also ensure your goals are properly outlined into daily, weekly and monthly targets. You cannot measure business growth without goals. This makes it simpler and achievable.
- BE CREATIVE AND INNOVATIVE
As an entrepreneur be open to new ideas. Innovation is the bedrock of entrepreneurship. If you feel you are not innovation savvy then get a team that is. Surround yourself with smart people; employ based on what they have to offer and not on who they know. This will only speed up your business growth.
- RE-TARGET YOUR EXISTING CLIENTS
Getting clients to do repeat business with you is far cheaper than what it costs to get new clients e.g. adverts, publicity etc. Applying the Pareto’s principle 20% of your clientele brings in 80% of your entire business earnings therefore it only makes sense to re-target your existing clients for your business growth.
- NEVER NEGLECT COMPETITION
Become a competitive entrepreneur. Look closely at your niche and pay close attention to what the influencers are doing then do something better or improvise on what has already been done. Monitor your competitors on all levels. Be all up in their business but not in a rude way and find out through questionnaires, suggestion boxes etc. why your customers prefer your competitors to you and work on improving on their concerns.
- BE PREPARED AND TAKE CALCULATED RISKS
Adequate preparation is a must for business growth. Ensure you have all it takes to meet up with demand for your products and services e.g. if you run a manufacturing business make sure your machinery is at top notch. Your methods, policies, procedures etc. should be such that allows for expansion on a short notice to meet up with the business growth.
- PARTNER WITH COMPLEMENTARY BUSINESSES
Work together with companies whose business complements yours that is it either completes or adds more value to yours e.g. if you own a PR company and you feel Social media is overwhelming for you then work together with companies that do Social media expertly on a full time basis.
- STAY DETERMINED
Have you heard the saying fake it till you make it? I am not saying lie; I am saying hang in there till you eventually get there. Being positive minded will get you to your destination faster than fear. Mentally see your business growth rather than give in to fear.
- REGULARLY BE IN THE FACES OF PEOPLE
Increase your online and offline presence either organically or otherwise (free or paid). As much as people have gotten to know your business offline there is a certain reach you can cover offline. You should use the opportunity social media offers to expand your business reach thereby expanding your business growth.
- DIFFERENTIATE YOUR ACCOUNTS
Never see your business account as same as your personal account. A lot of entrepreneurs fail to distinguish between their personal purse and the business purse thereby spending uncontrollably and in turn ruining the business. Rather pay yourself a certain amount as salary and use it to cover your personal expenses. Also always plan ahead for expenses so it does not catch you unawares.
- CONNECT WITH CLIENTS
As the business owner you ought to connect more with your clients and more often with the 20% that brings in 80% of your income. Be your brand ambassador because no one can explain your vision better than you.
- MEASURE SUCCESS AND REWARD IT
For business growth it is best you take into account what works and what is not working to make the necessary changes such as reassigning staff, letting them go, cost reduction etc. Success can be measured using questionnaires and interviews to find out what your customers feel about the products and services you have to offer. It is imperative to measure success and reward it; this reassures your staff and encourages them to do better.
Being good at one thing does not mean you can run an entire company by yourself. Once your business starts growing steadily employ capable hands to run the business efficiently. You perform excellently as a Sales person does not mean you will perform excellently as an Accounts, Operations or HR person. When starting out it is better you use contract staff to reduce costs such as salaries, allowances, taxes etc.
- FOCUS AND CONSISTENCY
Focus on your vision and chase it relentlessly. Focus on your clients and ensure you do not lose sight of what they expect to get from your business. Focus on the development of each product and service before diversifying. Make a mark by consistently hitting a target.
Please feel free to share tips that have aided your business growth with our readers in the comments section.
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