Best Ways To Grow A Business – How to grow your business fast How to measure your business growth How to calculate your business growth rate Increasing accountability leads to long-term success
There’s no guaranteed formula for instant success, but you can fuel your business growth with these tips from startup founders.
Best Ways To Grow A Business
When you start your business, your main goal is to establish your brand and start growing. Unfortunately, this does not happen immediately. Growth is a constant process that requires hard work, patience and commitment. There is no special move or secret way to beat other companies in the industry or find instant success.
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There are, however, proven ways to achieve growth milestones that can propel a business to success. We asked small business owners to share their tips for accelerating growth.
There are many things you can do to put your business on the path to growth. These 13 tips offer proven ways to scale no matter what your business does.
Before you can think about growing your business, you need to have a solid workforce to help you achieve your goals.
“Hiring the best people is a sure way to ensure rapid growth,” said Christian Lanng, CEO and co-founder of business software provider Tradeshift. “It’s about having the right team.”
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When you have hard-working employees who are committed to the success of your business, your business will be better equipped for continued growth. Additionally, delegating tasks to focus on important tasks will free up your time and energy, allow you to do your best and foster a collaborative work culture.
Instead of trying to win new customers, focus on the core customers you already have, suggested Bill Reilly, a Wisconsin auto repair contractor. You can do this by implementing a referral or loyalty program for customers, or by trying marketing strategies based on past buying behavior to encourage customer retention, he said.
Focusing on your established market is very important if you are trying to get funding. “In the past, we have emphasized our business goal of being a franchise, which was not related to banking,” Reilly said. “We have learned to emphasize that there is a large market for what we do. This will raise the interest of bankers, as they care more about the return on investment than the prospects of your business.
Grow your existing customers by implementing a customer loyalty program or testing marketing strategies based on customer purchase history.
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Risk is an inevitable part of starting and growing a business. It is impossible to control everything, but there are many ways to reduce internal and external threats to your business and its growth. An important resource to help you achieve this goal is your commercial insurance provider.
“Small businesses need to manage their growth to avoid disruptions that can halt operations,” said Mike DeHetre, senior vice president of underwriting and underwriting at Preferred Mutual. For example, “the theft of employee data, customer records, and product design can destroy small businesses, incur high costs and erode customer trust and confidence,” he said. “Not every business owner’s policy covers data breaches or other network losses. Small businesses should prepare by looking for insurance products that will help them recover, including those that cover corrective actions and lawsuits.
As your small business grows, you can add space or equipment, create new products or services, or expand your operating and distribution area. So DeHetre recommended reviewing your policy regularly to make sure you have adequate coverage.
“It’s easy to forget this step in the midst of rapid expansion, but you don’t want to find yourself out of coverage when you need it most,” he said.
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One characteristic that most successful startups have in common is the ability to change direction quickly in response to market changes. Lanng said a modern approach to development, both in your product and in your business, will help you grow faster.
“By allowing yourself to adapt and change quickly, you can try different business methods and find out what works best,” Lanng told Business News Daily. “It allows you to fail, pick yourself up and move forward.”
Chris Cornell, founder and CEO of Manhead Merchandise, said his company realized flexibility was essential in expanding its customer base beyond its original focus on music products.
“Look for an opportunity to be part of a movement when it makes sense in the current trends of pop culture,” he said. “In the age of internet popularity, we sought to expand our reach beyond the music industry. We’ve teamed up with the “King of Pop Culture” and popular Instagram dog Doug to promote his new tools. Recognizing Doug’s reach and popularity, we were able to take his products to next level, and expand our business model beyond the band.
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Customer attitudes can make or break your business. Provide a quality experience and product, and they will quickly praise you on social networks; mess up, and they’ll tell the world even faster. Rapid growth depends on the satisfaction of your current and potential customers.
“Compared to large companies, small companies are more nimble and can often see, anticipate and respond to their customers’ needs,” DeHetre said. “The most successful small businesses leverage this advantage by bringing new and innovative products and services to market quickly and by developing and maintaining long-term customer relationships.”
Dennis Tanjeloff, President and CEO of Astro Gallery of Gems, agreed. He said it is very important to listen to your customers and give them what they want.
Customer relationship management (CRM) software can help you better understand your customers. Check out our picks for the best CRM software available for small businesses.
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“Expand your offerings to better meet changing customer tastes,” Tanjeloff said. “Remember you are there to serve the customer, that’s why you are open for business.”
While interaction with the audience is important, personalizing the experience can foster and strengthen this relationship. “At Manhead, we offer unique creative designs, special shows, and pop-up shops specific to each band [we work with] to help them connect with fans in new ways,” Cornell said.
Small businesses can quickly adapt and respond to customer needs. This agility can give them an edge over large companies.
In the beginning of your business, you will see a low profit margin (or no profit at all), so any money you make should go directly to help your business grow.
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“The ability for startups to invest in themselves [helps] accelerate growth,” Lanng said. “In those early years, it’s important to make sure you’re putting all the revenue back into the business. It’s important to invest early and heavily to grow quickly.
Although it can be tempting to pocket all your profits, it is better to invest in growing your business so that you can get more profit from it later. Determine which parts of your business need the most attention. For example, do you need to hire more staff, expand your marketing efforts, or make extra money? When you find an important area that needs improvement, give it your financial support.
While agility is an important quality for startups, you can’t fly by the seat of your pants when running a business. Planning your next move, anticipating all possible scenarios, is the best way to stay grounded and confident as your business progresses.
Thinking ahead is general advice, but it can be as simple as reviewing all current contracts, like comparing prices with the best credit card processors and seeing if you can negotiate a better deal.
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Another great way to grow your business is to focus on providing excellent customer service. When you exceed your customers’ expectations, they may tell their friends, family and followers about your business.
When you go the extra mile, such as offering a discount if a customer has a bad experience or following up to make sure the customer is happy with your product or service, you earn a reputation for excellent customer service. [Make sure you have the best business phone system for your customer service team.]
Another way to promote your business is to create a profile on all the major social media platforms including Instagram, Facebook and Twitter. An active profile helps you promote your business and interact with many other potential customers.
When your business regularly updates accounts on major platforms, customers can find your business more easily and are more likely to share it with their friends. You’ll also create a more engaging experience for your audience, helping them feel more connected to your brand and building loyalty.
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Networking events allow you to connect with people in your industry, many of whom have unique perspectives and ideas that can help you grow your business. The connections and relationships that come from attending networking events can be beneficial for years to come.
Also, networking events give you the opportunity to learn from others who work in or around your industry. If they have had issues like yours, they have heard news related to your business, or simply
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