When you first set up your business, you probably dived in head over heels, researching, forming new relationships, setting up an office space, and organising your daily operations. Your blood, sweat, and tears were most likely sacrificed for the cause, alongside investing your time and money.
For those who survived the challenging start up process and have been successful in getting their business up and running, the most daunting question racing through your mind is likely to be ‘What’s next?’. Determining exactly how you can stimulate your business to grow significantly beyond its current status can be difficult. The first years of operation however, are not the time to get comfortable. On the contrary, it’s vital to harness growth in the early years of a business’ launch.
Here are the 5 best tips on how to increase your business tenfold in less than two years:
1. People, people, people
People are the most valuable resource of any business. As an employer, it’s your responsibility to choose who you want working for you, and to determine whether or not they possess the required skills and fit into the existing business culture. Here, having a screening process is essential. Clearly define a set of criteria of what you are looking for and stick to it.
Being able to delegate to your chosen team is also an essential quality for a business owner to master in order for the business to grow. You simply cannot grow the business on your own so you have to surround yourself with people that complement your skills, share the vision you have for the company, and who are able to execute certain activities on your behalf. This will allow you to have more time to focus on the bigger picture rather than individual business components.
2. The online presence should support the offline
In today’s society, investing in online channels is essential. It’s the space where people conduct thorough research before making the call to you or visiting the store, regardless of what product or service you are selling. As a business owner you should be embracing suitable techniques, channels, and technologies that can provide your brand with solid exposure or that have the potential to reach an undiscovered market. However, the key to success will come from your ability to balance the online with the offline, as customers still expect you to be physically present in some way or another.
3. Be unforgettable
Spending time, money, and resources on building your brand is crucial. If you consider a large brand like Lamborghini, it’s a fact that it produces a quality product, but that product is supported by an image that effectively communicates the value the company offers to the public. This is why branding is so important. You don’t have to know anything about cars to know that a Lamborghini is a top-of-the-line car company.
4. Have strong support teams
Support teams are essential for keeping your business up to date with the industry and in line with industry standards. For operations that are beyond your own personal scope, perhaps finance or legal support, it’s best to let professionals in those particular areas handle them. Support teams are able to provide sound advice on any changes that need to be made, compliance issues, and your financial status – so make the most of them!
5. Stay on top of industry trends
No matter what industry your business falls in, uprising developments and constantly evolving consumer tastes mean that you always have to be aware of what is ‘hot’ in the field at any given time. If you spend an hour a day researching your own field, you will find it a lot easier to set yourself apart from your competitors and you might even stumble upon new business ideas and undiscovered markets.
In the same manner, staying on top of industry trends means you have to be flexible. Business environments change, customers change, and you yourself will change. So be flexible and aware of change to avoid any surprises.
About the author:
Zaki Ameer is the founder of Dream Design Property (DDP), a unique wealth creation mentoring program that is designed to help Australians gain financial freedom, offering each client an ongoing personalised service catering to their changing circumstances and needs.
