New business owners have numerous goals when they’re starting out, including rapid growth and recognition for their fledgling venture. But overnight success isn’t often the standard for many new business owners.
There’s no specific “special mixture” to add to the recipe for instant results, and nothing is guaranteed, therefore it is important to give you my insight on ways to grow your business over time. By taking these tips into consideration, you can begin to grow your business based on a strategic plan that you’ve created based on winning results.
Hiring the right people
With any business, you want to start off by creating a team that is just as passionate about the company or product as you are. This is the time where you want to revisit the company’s mission statement to see if your prospect employees fit the culture of your business.
Christian Lanng, CEO and chairman of business software provider Tradeshift says that ““Hiring the absolute best people you can is a surefire way to ensure fast growth.” In shorthand, it’s all about having the right team in order to reach greater heights.
One common trait that a lot of startup businesses have is the ability to switch directions quickly when the market is declining. An aligned approach to both development growth and your product is the ability to adapt to any situation thrown your way.
Focusing on established revenue
Rather than trying to acquire new customers, direct your attention to the core customers you already have, said Bill Reilly, a Wisconsin-based auto repair entrepreneur. You can do this by implementing a referral or customer loyalty program, or trying out marketing strategies based on previous purchase behaviors to encourage repeat business.
The focus on your established market is especially important if you’re trying to get funding.
“In the past, we would highlight our business goal to become a franchise, which didn’t resonate with banks,” Reilly said. “We learned to emphasize that there is a large market for what we do. This would pique a banker’s interest because he or she cares about the return on investment more than your business aspirations.”
Form an alliance
Although many may disagree with me in terms of forming connected relationships in a competitive industry, in some cases this is needed in order to expand your business and generate new customers.
If the thought of shelling out commissions or any of your own money for the sake of forming an alliance makes you uncomfortable, I advise you to look at the big picture: If you want to keep all the money to yourself, you’re really shooting yourself in the foot. You need to align with other businesses that already have lists of prospective customers. It’s the best way to ensure success and longevity over time.