Your main goal when you launch your business is to create a brand and grow your business. This doesn’t happen overnight. Growth takes patience, hard work, and dedication. There is no secret or quick way to be more successful than other businesses in your industry.
However, there are proven methods to achieve growth milestones that can propel a business to success. We reached out to small-business leaders for their advice on how to accelerate growth.
- Find the right people.
You need a strong team to guide you in your business’s growth.
Christian Lanng, CEO of Tradeshift and co-founder of the business software company Tradeshift, stated that “hiring the best people possible is a surefire method to ensure rapid growth.” It’s all about the right team. “
Your business will thrive if you have hardworking employees who are committed to the success of your company. Delegating tasks will allow you to concentrate on the important work, which will help you perform at your best, and foster a collaborative culture.
- Focus on established revenue sources.
Instead of trying to attract new customers, focus your efforts on the existing customers. Bill Reilly, a Wisconsin-based auto repairs entrepreneur, suggests that you should instead concentrate your attention on those customers. He suggested that you can encourage repeat business by creating a loyalty or referral program, or using marketing strategies based upon previous purchases.
Keeping your eyes on the established market is crucial if you want to raise funding.
Reilly stated that in the past, Reilly would emphasize our goal to be a franchise. This didn’t resonate well with banks. “We have learned to emphasize the large market that exists for what we do. This would be a great way to get a banker’s attention, as they are more interested in the return on investment than your business goals.
Tip Increase your customer base by creating a customer loyalty program and experimenting with marketing strategies that are based on customer purchase history.
- Reduce your risks.
Growing a business requires taking on risk. Although it’s impossible for anyone to control everything, there are ways you can limit the risks to your business and help to ensure its continued growth. Your business insurance provider is an important resource that can help you achieve this goal.
Mike DeHetre (Vice President of Product Development at Travelers) stated that small businesses must manage their growth in order to avoid disruptions that could bring down business. A small business can be destroyed by theft of customer records and employee data. This can lead to significant losses and customer disinterest. Some policies do not cover data breaches and other cyber losses. It is important for small businesses to be prepared and look into insurance products that can help them recover, as well as those that pay the costs of litigation. “
Your small business may grow and require more space, equipment, new products, or distribution channels. DeHetre suggests that you review your policy regularly to make sure you are covered.
It’s easy for people to forget about this step during rapid growth, but they don’t want you to discover that your coverage has outgrown its usefulness just when it’s most needed.
- Be adaptable.
Many successful startups share one trait: the ability to quickly change directions in response to market changes. Lanng stated that agile development will allow you to grow faster, in both your product and in your company.
Lanng explained to Business News Daily that allowing yourself to change and adapt quickly allows you to test different business approaches and discover what works best. It allows you to fail and then pick yourself up and continue. “
Chris Cornell is the founder and CEO at Manhead Merchandise. He said that adaptability has been key to expanding his client base beyond music merchandise.
He said, “Look at current pop culture trends to find an opportunity to be part of the movement when that makes sense.” We wanted to explore other areas of the internet in this era of internet celebrity. To release the new gear, we partnered with Doug the Pug (‘The King of Pop Culture’) and Insta-famous dog, Doug the Pug. We were able, thanks to Doug’s popularity, to expand our business model beyond just bands by releasing his merchandise. “
- You should be focusing on the customer experience.
Your customers’ perceptions are what can make or break your company. Customers will quickly praise you on social media if they have positive experiences with your products and services. If they don’t, they’ll be even more excited about the company. Your customers and prospects are the key to rapid growth.
DeHetre stated that small businesses are more agile than large corporations and can often see, anticipate and respond to customers’ needs better than large companies. This advantage is what makes small businesses the most successful. They bring new products and services to market faster and develop and nurture long-lasting customer relationships. “
Astro Gallery of Gems’ president and CEO Dennis Tanjeloff agreed. He stated that listening to customers is crucial and giving them the best possible service. Tanjeloff stated, “Diversify you offerings so that you can best cater for the customers’ changing needs.” Remember, you’re here to serve your customer. That’s why you’re open for business. “
Engaging with your audience is vital, but personalizing the experience can help to increase and strengthen that connection.
Cornell stated that Manhead creates unique designs, custom storefronts and pop-up shops for each band to engage fans in a different way.
- Invest in yourself.
In your early stages of business, you will likely see a low profit margin or no profit. Any money that you make should be used to help you grow.
Lanng stated that a startup’s ability “to invest in itself [helps] accelerate the growth.” It’s crucial to ensure that any revenue you earn in the early years is redirected back into your company. To grow quickly, it is important to invest early and often. “
It might be tempting just to keep all the profits. However, investing in your business’ growth will allow you to reap greater rewards later. Identify which areas of your business require more attention. For example, are you looking to hire more employees, increase your marketing efforts, or get additional funding? If you identify an area of your business that is in dire need of improvement, provide financial support.
- Always be prepared.
Although agility is a key quality in a startup, it’s not the best way to run a business. You can stay grounded and secure while your business grows by planning your next steps.
While thinking ahead is a broad concept, it’s also possible to review all current contracts and compare rates with the top credit card processors to see if you can get a better deal.