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There’s no surefire formula for instant success, but you can boost your business growth with these tips from startup entrepreneurs.
Why My Business Is Not Growing
When you first start a business, your main goal is to establish your brand and grow it. Unfortunately, this will not happen overnight. Growth is a continuous process that requires hard work, patience and commitment. There are no special steps or secret ways to outperform other businesses in your industry or achieve instant success.
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However, there are proven ways to reach growth milestones that lead to success. We asked small business owners to share their secrets to accelerating growth.
You can do a lot to put your company on the path to growth. These 13 tips offer proven ways to scale, no matter what your business is.
Before you can think about your company’s trajectory, you need to have a reliable workforce to help you get there.
“Hiring the best talent you can is a surefire way to ensure rapid growth,” says 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 your company’s success, your business is better prepared for continued growth. Additionally, delegating tasks to focus on important work will free up time and energy so you can perform at your best and foster a culture of collaboration.
Bill Reilly, a Wisconsin-based auto repair entrepreneur, suggests that instead of trying to get new customers, focus on the core customers you already have. You can do this by implementing referral or customer loyalty programs or experimenting with marketing strategies based on past purchases to encourage repeat business, he says.
Focusing on your established market is particularly important if you want to secure financing. “In the past, we would emphasize that our business objective was to be a franchise business, and that didn’t resonate with the banks,” Reilly said. “We’ve learned to emphasize that there’s a big market for what we do. That interests the bankers, because they care more about the return on investment than your business ambitions.”
Maximize your current customer base by implementing a customer loyalty program or experimenting with marketing strategies based on customer purchase history.
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Risk is an inevitable part of starting and developing a business. It is impossible to control everything, but there are many ways to limit internal and external threats to a company and its growth. A great resource to help you achieve this goal is your business insurance provider.
“Small businesses must manage their growth to avoid disruptions that could halt their business,” said Mike DeHetre, Senior Vice President of Underwriting and Insurance at Preferred Mutual. destroys a small business, generates significant costs and erodes customer trust and loyalty,” he said. “Not every business owner’s policy covers a data breach or other cyber loss. Small businesses should be prepared to seek insurance products to help them recover, including those that cover remediation and legal costs.”
As your small business grows, you can add space or equipment, create new products or services, or increase your operations and distribution footprint. Therefore, DeHetre recommends that you regularly review your insurance to make sure you have the right coverage.
“It’s easy to forget this step in the midst of rapid scaling, but you won’t realize you’ve extended your reach when you need it most,” he said.
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A common feature of many successful startups is the ability to quickly change direction in response to market changes. Adopting agile development methodologies in your product and business will help you grow faster, Lanng said.
“If you allow yourself to adapt and change quickly, you can test different approaches to business and find out what works best,” Lanng told Business News Daily. “It allows you to fail, pick yourself up and move on.”
Chris Cornell, founder and CEO of Manhead Merchandise, said his company found customization was key to expanding its customer base beyond its original focus on music merchandise.
“Look at current pop culture trends and look for opportunities to be part of a movement if it makes sense,” he said. “In the age of internet fame, we wanted to expand our horizons beyond the music industry. We teamed up with ‘King of Pop Culture’ and Insta-famous pup Doug the Pug to release his new outfit. Doug’s influence and influence to recognize With such popularity, we were able to take his merchandise to the next level, expanding our business model across the board.
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The perception of your customers can make or break your business. Deliver a great experience and product and they will quickly like you on social media; screw it and they tell the world faster. Rapid growth depends on keeping current and potential customers happy.
“Small businesses are more nimble and often better able to see, anticipate and respond to customer needs than larger companies,” DeHetre said. “The most successful small businesses benefit from this by bringing new and innovative products and services to market faster and by developing and cultivating long-term customer relationships.”
Dennis Tanjeloff, president and CEO of Astro Gallery of Gems, agrees. Listening to customers and meeting their needs is essential, he said.
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“Diversify your offerings so you can best meet your customers’ changing tastes,” Tanjeloff said. “Remember you’re here to serve customers – that’s why you’re open.”
While engaging with your audience is critical, a personal experience can facilitate and strengthen the relationship. “At Manhead, we come up with unique creative designs, custom storefronts and pop-up stores tailored to each band [we work with] to help them engage with fans in new ways,” Cornell said.
Small businesses can quickly adapt and respond to customer needs. This flexibility can give them an advantage over larger companies.
In the early stages of your business, you may see very thin profit margins (or no profit at all), so the money you make should go straight to helping your business grow.
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“The opportunity for startups to invest in themselves [helps] accelerate growth,” Lanng said. “In the early years, it is crucial to ensure that all income is redirected back into the company. To grow quickly, it is crucial to invest early.”
Although it may be tempting to pocket all the profits, it is better to invest in the growth of your business so that you can reap even greater profits later. Identify which parts of your business need more attention. For example, do you need to hire more staff, expand your marketing efforts or secure additional funding? If you identify a key area for improvement, provide financial support for that area.
While agility is an important trait for a startup, you can’t go with your gut when running a business. Planning your next steps—anticipating every eventuality—is the best way to stay grounded and safe as your business evolves.
Thinking ahead is broad advice, but it can be as simple as reviewing current contracts, or comparing rates with top credit card processors to see if you can negotiate a better deal.
Another great way to grow your business is to focus on providing excellent customer service. If you exceed your customers’ expectations, they are likely to tell their friends, family and followers about your business.
Going the extra mile, such as offering discounts when a customer has a bad experience or checking in to make sure customers are happy with your product or service, can build a reputation for good customer service. [Make sure your customer service team has the best phone system for the business. ]
Another way to grow your business is to create profiles on all major social media platforms, including Instagram, Facebook and Twitter. An active profile can help you promote your business and engage with more potential customers.
If your business accounts are regularly updated on different platforms, consumers can find your business more easily and are more likely to share your business with their friends. You’ll also create a more engaging experience for your audience, helping them feel more connected to your brand and fostering trust.
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Networking events allow you to network with people in your industry, many of whom have unique perspectives and insights that can help grow your business. The connections and relationships you make socially will be good for the coming year.
In addition, networking events give you the opportunity to learn from others in your industry or adjacent industries. Have they had a problem similar to yours, heard news about your business or just had a good time
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