Growing a business is not easy. Whether you’re thinking about launching a business or already have, it shouldn’t come as a surprise that you have your work cut out for you as a business owner.
Survival in the early (and later!) days can be tough, and many businesses don’t make it. Data collected from the Bureau of Labor Statistics show that around 50% of all businesses fail after only five years.
To survive, you’re going to need to understand how to go about growing a business. Luckily for you, we’re going to talk about exactly that in this article today.
Read on to learn about seven tips for growing a business.
1. Create SMART Goals to Grow Your Business
Most business owners understand the value that setting goals provides. It allows you to set a target that you can then work towards.
However, not all business owners set the right kind of goals, especially when it comes to growing a business. The ones you decide on need to be SMART, which stands for:
- Specific: Add focus to your goals with actual numbers and figures (don’t say “I want to increase sales”)
- Measurable: Ensure that you can measure progress as you work to achieve your goals
- Attainable: Don’t set lofty goals—make sure you can achieve them
- Realistic: Know what you and your employees can achieve
- Time-Based: Time-stamp your goals—give yourself a deadline by which to achieve them
Creating SMART goals gives your business focus and direction and can help young or small businesses find their footing.
2. Surround Yourself with the Right People
You can have the best business mind in the world, but if you surround yourself with the wrong people, you could be preventing your business from growing. Make sure to hire only people who will help work toward your company’s mission.
From sales to accounting to customer service to HR, all the employees you hire should be experts in their fields. They all need to bring something unique to the team.
Once you have a diverse and cohesive group of people, you’ll be able to use all of your strengths to achieve your goals.
3. Focus on Revenue Sources You Already Have
When you first launch your business, it’s tempting to constantly look for new sources of income. And, while you should do that to some extent, what’s most important while your business is growing is to pay attention to the revenue sources you already have.
Consider creating a customer loyalty program that rewards people for sticking with you. These sorts of programs and promotions can help ensure that your customers don’t drift over to the competition.
Working with existing customers is almost always a smarter strategy than trying to divert time, energy, and money into finding new ones.
4. Mitigate Risk
Risk is unavoidable in the world of business. Moreover—as you might remember from Economics 101—the greater the risk, the greater the reward. However, you should always be on the hunt for ways to mitigate risk as much as possible.
Small business owners often prioritize rapid expansion, which is natural, especially when a business is in its early growing phase. That being said, you want to make sure that all of the growth you achieve is sustainable. Don’t forget to focus on longevity, as well.
By striking a balance between growth and risk, you’ll have no problem seeing measurable and sustained growth over time.
5. Be Adaptable to Help Your Business Grow
As anyone who works in business can tell you that circumstances change, often quickly. A business strategy that worked a decade ago may be obsolete today. Companies need to be ready to adapt and change on a whim.
Social, political, and technological events all affect the way that businesses operate, function, and grow. By staying on top of these forces and responding to them when necessary, you can help ensure that your business survives even the most tumultuous events.
You’ll also want to help ensure that your employees are up to speed. You want everyone to adapt and learn through new events together.
RELATED ARTICLE: WHAT ARE THE BEST SOURCES OF ECONOMIC NEWS?
6. Grow Your Business by Prioritizing the Customer Experience
Most people are familiar with customer service, but not as many people understand about customer experience.
While customer service focuses on the support you offer people both before and after they buy your product, customer experience refers to the feelings they acquire throughout the entire shopping process.
From the moment someone walks into your store or visits your website, make sure that their experience is a pleasant one. They should have a positive impression all the way through, until their interaction with your business ends.
You always want to be on the hunt for ways to improve the customer experience.
RELATED ARTICLE: IMPROVE USER EXPERIENCE TO ENGAGE VISITORS
Companies like The Upstart Group can help you craft the perfect customer experience. Check out this site to learn more about how they can help: https://upstartworksus.com/blog/2019/08/28/peak-solutions-turns-to-the-upstart-group-to-grow-their-business/.
7. Plan for the Future
When finances are tight and survival is your priority, thinking long-term can be a challenge. But to be successful in the world of business, it’s something you need to do.
Before you commit to any particular action, assess what the different outcomes may look like. Try to go for the paths that lead to business growth—even if you don’t see the results immediately.
By planting seeds that will blossom later on, you’ll set your company on a path toward success.
Growing a Business Can Be Made Easy
Expanding a business can be hard—especially when you’re first getting started. However, the truth is that it doesn’t need to be.
Use this guide as a resource to help you give your business the jumpstart it needs. By following the tips mentioned in this guide, you’ll have no difficulty growing a business and seeing results you didn’t know were possible.
Are you looking to learn more about how to grow a business? If so, make sure to check out the rest of our site for more great content.