We totally understand that getting your business off the ground is challenging. However, what’s even more challenging is growing your business once it’s established.
So, if you are looking to grow your business and compete with the big guys without burning a hole in your pocket, you’re at the right place!
In this blog, we are going to share some rock-solid tips and tricks that will help you grow your business and keep the bumps and bruises to a minimum. Ready? Let’s go!
1. Focus on Keeping Your Customers Happy
The perception your customers have about your business can be a game-changer. As they say, your customers are your best salespeople.
Basically, if you deliver a great product, service, and experience and make every possible effort to keep your customers happy, they will sing your praises.
According to a study, 92% of consumers trust personal recommendations and reviews from friends and family more than other forms of advertising!
So, when you keep your customers delighted, your business will certainly grow. Treat your customers right and they will walk out the door and do the selling for you.
2. Invest in Your Employees
We’re sure you’ve heard about the perks that Google provides to its employees. Some of them are free food, bonus payments for new parents, extended paid paternal leave, unlimited sick days, and more.
Just like Google, many companies invest a lot of money in their employees. It helps them grow by attracting and retaining top talent who have a better work-life balance and as a result, they work harder.
It’s pretty simple – when your employees feel valued, they will passionately help your business grow. They will become emotionally invested and they would want to contribute.
Remember that investing in your employees is more than just perks and benefits. You should also meet with your employees, talk to them and find out what resources they need to work more efficiently.
Read more: Operational Efficiency: Definition, Importance & Ways to Improve it!
3. Keep Everything as Straightforward as Possible
Simplicity is the best and most effective way to grow your business. You need to start simplifying things – that’s what all successful business leaders do.
Take the complex things and make them less complex. This philosophy and approach to business can be used in everything – from product launches to developing solid workflows!
The reason why you should use this approach is pretty simple – complexity slows businesses down and sucks time. It requires more meetings, more explanations, and more people.
Moreover, by keeping your processes simple and straightforward, it becomes easier to stay engaged with your customers. After all, when people buy something, they don’t want a lecture!
4. Remember That There Are No Shortcuts
When your business begins to grow, you might be tempted to take shortcuts so that you can reach your next goal faster. You might be tempted to take the easy part to success. It’s a surefire way to ruin your business. 🙂
By taking shortcuts, you might end up compromising your ethics, your values, and the integrity of your business. This often comes often at the expense of your employees and your customers.
Mark Cuban, the host of Shark Tank once shared the best advice that he received from his father:
“Do the work. Out-work. Out-think. Out-sell your expectations. There are no shortcuts.“
5. Stay Up-To-Date With Your Business
As a business owner, you certainly can’t be involved in everything, especially when your business is growing. You need to delegate and let better-suited people handle the work.
However, that doesn’t mean that you can just step back at relax. Just because your business tasks are being handled by other people doesn’t mean that you don’t have to be involved.
You need to always stay tuned in to your business and stay aware of your surroundings. Don’t just look at the big picture. Look at every crack, every detail.
6. Learn to Say No
As a business owner, you spend quite a lot of time chasing growth. So, when you see an opportunity with the potential for great success, it is hard for you to turn it down.
Similarly, you might also be tempted to experiment with ideas that are thrown your way. This is where ‘focus’ comes into play. Saying ‘no’ to great ideas is important to get to the best ones.
Sometimes, less-favorable ideas can turn out to be the best when you spend time analyzing them. So, if you don’t learn to say ‘no’, you will be wrapped up in trying to implement too many ideas.
7. It’s Okay to Ask for Help
The most successful business owners didn’t become great leaders because they were good at bossing people around or they had all the knowledge and answers.
They achieved success because they had a vision, and they asked for help in order to turn their vision into reality. So, don’t see asking for help as a sign of weakness.
It’s totally okay if you don’t know how to do a certain task on your own. You’re not a superhuman and no one expects you to have all the answers and the skills in the world.
You can and should leverage the knowledge and skills of the people around you – whether it is your employees, friends, family, or colleagues. This way, you’d be unstoppable!
Read more: Growth Plan: What is it & How to Create One? (Steps Included)
8. Data is Precious
The key to growth is data that revolves around your customers and prospects. It can include how your customers move through your sales funnel, how long does it take for them to convert, etc.
Yes, it is extremely important to spend your money on things that help with operations, but you should also spend some budget on data-driven marketing.
By paying attention to data, you will be able to address all the major problems like the causes of leaks in your sales funnel, and more.
Moreover, with the help of data like site analytics, social insights, and survey responses, you can also figure out strategies that will have a great impact on the growth of your business.
9. Use Social Media
We all know the power social media holds. It’s an influential tool that can connect you to so many customers at once. This is exactly why you need to hop on the social media bandwagon.
Social media will enable you to speak to your customers and listen to them in a much more efficient way. The more you listen to your prospects, the more you’ll be able to understand exactly their needs and expectations.
The best part? If you use this technique, you won’t have to invest a lot to grab the attention of your prospects! You can just set up Facebook, Twitter, LinkedIn, and Instagram accounts and connect with your customers.
On your social media accounts, you can share pictures that capture customer experience, engage with your followers by responding to their questions or comments, and more!
10. CSR Is Important
Whether it is protecting the environment or helping the underprivileged, more and more businesses are ramping up their focus on corporate social responsibility, and with good reason.
Socially responsible businesses project a better, more attractive image to both consumers and shareholders. A CSR strategy shows that your company is compassionate and wants to improve the world
Moreover, CSR can also foster a more positive and productive work environment. A business that is dedicated to making the world a better place is likely to attract more talent! (Source)
11. Participate in Networking Events
As you probably already know, by increasing your brand visibility, you will be able to attract new customers and grow your business. One of the best ways to improve your brand visibility is by attending networking events!
Attending networking events might be a little intimidating at first, but it’s an opportunity that you shouldn’t miss. Look up professional organizations, start attending their events and get the word out about your business.
There are multiple ways you can participate in these networking events. For example, you can attend and meet other business owners, speak as an industry expert or put up a booth to promote your business.
12. Try Your Hands at Franchising
Franchising is a common growth strategy, especially for small businesses. In case you don’t know, a franchise basically means selling the rights of your business to an independent owner.
This owner would then open and operate their own franchise of your business, and you would be able to bring in more revenue. A lot of well know companies sell franchises, including Starbucks, Marriott Hotels, McDonald’s, and more.
However, before you agree to sell your business’ rights, make sure that your business is franchisable. This strategy is more appropriate for some particular industries, such as gyms and fast-food restaurants.
Wrapping Up
Instead of throwing ideas blindly at a wall and hoping something sticks, just follow the very simple tips we’ve given above. Regardless of the industry, you are in, these tips would work for you!
Moreover, keep revisiting and updating your business plan based on what’s working and what’s not. The key is to be courageous, and creative and keep looking for new opportunities.
Good luck! ✨
Further reads:
Business Markets: Definition, 5 Types (with Examples) & Characteristics!
9 Most Successful Business Models You Should Know About! (With Examples)
Brand Voice: What is it & How to Define it for your Business!
Social Proof: 8 Ways to Use it to Get More Sales!
10 Best Customer Retention Strategies for Startups!
Market Orientation: What is it & How Does it Work? (The Complete Guide)
