New business owners have numerous goals when starting, including rapid growth and recognition for their business.
But success is not achieved overnight, nor is there a specific magic formula to add to the recipe for immediate results, and nothing is guaranteed.
However, there are ways to achieve your growth goals, to position yourself as a company built for success.
1. TIMING is everything
The timing of your product or service must be right for the market you are launching it in. If the need doesn’t exist and the market isn’t ready, then you must have the will to stop in order to make your product or service truly have a reason to exist.
2. BRAND, BRAND, BRAND
It’s important to build brand equity. The emotional bond that unites customers with your product, unlike any other, translates into sustainable growth.
3. SCALE your sales
Repeatable sales processes are needed to create a profitable business.
It’s one thing to have a product that is bought from time to time, and another to identify, design, and implement repeatable sales and customer delivery processes with a product that meets the needs of a specific audience.
4. INVEST in technology
If a small business can identify a genuine need, the technology probably exists to fill that need both locally and globally. Create the appropriate operational plan that connects the dots between your business model and the application of accessible technologies.
5. STRESS for success
Most small businesses find that managing the continued success of their business can be twice as stressful as maintaining a healthy relationship with a spouse or partner, nearly three times as stressful as raising children, and more than four times as stressful as managing your finances.
6. HIRE the right people
Before you even think about your company’s path to growing your business, you need to ensure you have a solid workforce that can help you do just that.
7. FOCUS on your real sources of income
Direct your efforts and attention to your current top customers. You can do this by applying for a referral or customer loyalty program.
You can also try marketing strategies based on previous buying behaviors to encourage them to return to your business.
8. REDUCE your risks
Risk is an unavoidable part of starting and growing a business. It’s impossible to control everything, but there are plenty of ways to limit internal and external threats to your business and its growth.
An important resource to help accomplish this, is having a business insurance provider.
9. BE ADAPTABLE
A common trait among successful companies is the ability to quickly change course in response to market changes.
By allowing you to adapt and change quickly, you’ll try different approaches to your business and find out what works best, allowing you to fail, pick up, and move on.
10. FOCUS on your customer experience
Customer perceptions of your business can make or break a business. Offering quality experiences and products will make your customers publicly express it on social networks.
11. INVEST in yourself
In the early stages of your business, you are likely to see a very meager profit margin (or no profit at all), so any money you invest should go directly towards helping you grow your business.
12. ALWAYS think ahead
Planning your next step, even if it means anticipating all possible scenarios, is the best way to stay connected to the reality of your market and make your business evolve.
Stressors can be unforgiving, but if you’re not happy, healthy, and motivated, you can’t create a business model that provides a positive experience in the marketplace.
