When starting your first business, your main goal is to establish your brand and start growing. Unfortunately, this won't happen overnight. Growth is a continuous process and requires hard work, patience, and dedication. There are no special steps or secret methods to surpass other businesses in your industry or achieve instant success.
However, there are proven ways to reach growth milestones that can catapult your business to success. We asked small business leaders to share their tips for accelerating growth.
How to grow your business quickly
There are many things you can do to put your company on a growth trajectory. These 13 tips provide proven methods for scaling up, no matter what your business is.
1. Hire the right people.
Before you can think about your company's growth trajectory, you need to ensure you have a solid staff to help you achieve your goals.
“Hiring the best talent possible is a surefire way to ensure rapid growth,” said Christian Lanng, CEO and co-founder of business software provider Tradeshift. “The key is to have the right team.”
When you have hard-working employees who are dedicated to your company's success, your business is better equipped for continued growth. Additionally, delegating tasks and focusing on important work frees up time and energy, allowing you to perform at your best and foster a collaborative culture.
2. Focus on established revenue streams.
Bill Riley, a Wisconsin-based auto repair entrepreneur, suggested that instead of trying to acquire new customers, focus on the core customers you already have. To achieve this, he said, he could introduce referral programs or customer loyalty programs or try marketing strategies based on previous purchasing behavior to encourage repeat business. I did.
Focusing on established markets is especially important when seeking funding. “In the past, we emphasized our business goal of becoming a franchise, but that didn't resonate with banks,” Riley said. “We have learned to emphasize that there is a large market for what we do. It will add interest to your home.”
3. Reduce risk.
Risk is inevitable when starting and growing a business. Although it's impossible to control everything, there are many ways to limit internal and external threats to your company and its growth. One important resource that can help you accomplish this is your commercial insurance provider.
“Small and medium-sized businesses need to manage growth to avoid disruptions that can lead to business shutdowns,” said Mike DeHetle, senior vice president of underwriting and insurance at Preferred Mutual. For example, “the theft of employee data, customer records, and product designs can devastate small businesses, incur significant costs, and undermine customer trust and loyalty,” he said. “Not all business owners' policies cover data breaches and other cyber losses. Small businesses are looking for insurance products to help their businesses recover, including insurance products that cover remediation and litigation costs. You need to be prepared.”
As small businesses grow, they may add space or equipment, create new products or services, or expand their operational and sales footprint. Therefore, Mr. Dehetre recommended that you regularly review your insurance policy to ensure that you have the appropriate coverage.
“It's easy to forget this step in the midst of rapid growth, but the last thing you want is to find out you've exceeded your coverage when you need it most,” he says.
4. Be adaptable.
One characteristic that many successful startups have in common is the ability to pivot quickly in response to market changes. Lanng said an agile approach to development, both for the product and the company, will help it grow faster.
“Being able to adapt and change quickly allows us to test different approaches to business and find what works best,” Lang told Business News Daily. “Even if you fail, you can pick yourself up and keep going.”
Chris Cornell, founder and CEO of Manhead Merchandise, realized that adaptability was key to expanding the company's customer base beyond its initial focus on music products. said.
“Pay attention to current pop culture trends and find opportunities to join the movement if you like,” he said. “In the age of internet fame, we sought to expand our horizons beyond the music industry. We partnered with 'The King of Pop Culture' and his Insta-famous pup, Doug the Pug, to introduce his new gear. has been released. Recognizing Doug's influence and popularity, we were able to take his merchandise to the next level and extend his model of business beyond the band. ”
5. Focus on customer experience.
Customer perception determines the success or failure of your business. Delivering high-quality experiences and products will quickly earn you praise on social media. If you mess it up, they'll let the world know even sooner. Rapid growth depends on satisfying current and potential customers.
“Compared to large enterprises, small businesses are more agile and are often better able to understand, anticipate and respond to customer needs,” said Dehetle. “The most successful small businesses are leveraging this advantage by bringing new and innovative products and services to market faster and building and nurturing long-term customer relationships.”
Denis Tangerov, president and CEO of Astro Gallery of Gems, agreed. He said the most important thing is to listen to customers and give them what they want.
“Diversify your product offering to best meet your customers' changing tastes,” says Tangerov. “Remember, you're here to serve your customers. That's why you're in business.”
Engaging with your audience is important, and personalizing the experience can enhance and strengthen that relationship. “At Manhead, we come up with unique and creative designs, customized storefronts, and pop-up shops 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 agility can give you an advantage over larger companies.
6. Invest in yourself.
In the early stages of your business, profit margins are likely to be very low (or no profits at all), so any money you make should go directly to growing your business.
“Startups’ ability to invest in themselves” [helps] It accelerates growth,” Lang said. “In the early years, it’s important to make sure that the profits are brought back into the company. To grow quickly, it’s important to invest heavily early.”
Although you may want to keep all the profits for yourself, it is better to invest in growing your business so that you can reap bigger profits later on. Determine which parts of your business need more attention. For example, do we need to hire more workers, expand our marketing efforts, or secure additional funding? Once we identify key areas that need improvement, we can target those areas with financial support. Please give me.
7. Always think ahead.
Agility is an important quality for a startup, but when running a business, you can't just sit back and act. Planning your next steps for all possible scenarios is the best way to stay grounded and secure as your business evolves.
Thinking ahead is broad advice, but as much as checking all your ongoing contracts includes comparing rates with the best credit card processors and seeing if you can get a better deal. It doesn't matter if it's something simple.
8. Enhance customer service.
Another great way to grow your business is to focus on providing great customer service. If you exceed your customers' expectations, they're likely to tell their friends, family, and followers about your business.
Going the extra mile, such as offering a discount if a customer had a poor experience or following up to make sure the customer is satisfied with your product or service, will help build a reputation for good customer service. is established. [Make sure you have the best business phone system for your customer service team.]
9. Focus on social media.
Another way to grow your business is to create profiles on all major social media platforms such as Instagram, Facebook, and Twitter. An active profile helps you market your business and interact with more potential customers.
If your business regularly updates its accounts on major platforms, consumers can find your business more easily and are more likely to share your business with their friends. You can also create a more engaging experience for your audience, allowing them to feel more connected to your brand and foster trust.
10. Attend networking events.
Networking events allow you to connect with people in your industry. Many have unique perspectives and insights that can help your business grow. The connections and relationships you make by attending networking events can be beneficial for years to come.
Additionally, networking events provide an opportunity to learn from others operating in the same or adjacent industries. Whether they have a similar problem to you, have heard news related to your business, or have a great network of professionals available to you, network with them. Expansion offers a wealth of opportunities.
11. Practice corporate social responsibility.
Consumers want to buy from companies that are passionate about making the world a better place. Whether you're donating to cancer research or supporting a nonprofit organization like a homeless shelter, look for ways to meaningfully contribute to the causes you support and share them with your customers.
You can also publicly show your support for underserved communities, donate to different organizations, donate your time to fundraisers, and offer sustainable products that help the environment. Masu. There are many ways to fulfill your social responsibility as a business. Find some that work for you.
12. Host a local event.
Attending events is a great way to expand your network, but hosting your own events in your community is even better, such as holding a fundraiser, offering exclusive holiday deals, or sponsoring a local sports team. Beneficial. Creating a unique experience for your customers fosters a more personal relationship with them.
Hosting an event in your area can increase brand awareness and show that you're committed to the well-being of your community. The more committed you are to them, the more loyal they will be to your business.
13. Research your competitors.
Although you may not see immediate growth, researching your competitors is one of the most important first steps in launching your business. Who are your competitors? What are they doing (and not doing) that is working for them? How can you differentiate your business from theirs? Ask yourself if you can. The answers to these questions will help you develop a more productive business strategy that defines areas of your business that need more attention.
