New business owners have numerous goals when they’re starting out, including rapid growth and recognition for their fledgling venture. But overnight success isn’t often the standard: There’s no specific “special sauce” to add to the recipe for instant results, and nothing is guaranteed.
However, there are ways to reach growth milestones that can catapult a business to success. We asked small business leaders to share their tips for accelerating growth.
Hire the right people
Before you can even think about your company’s growth trajectory, you need to ensure that you have a solid staff that can help you achieve it.
With a small business looking to grow, it’s important to have the right players at the table, they need to be people who aren’t afraid to roll up their sleeves. The words ‘That’s not my job,’ do not exist in their vocabulary. They have to be dedicated to the mission.”
Hiring the absolute best people you can is a sure-fire way to ensure fast growth, its all about having the right team, don’t settle for second best,
Focus on established revenue sources
Rather than trying to acquire new customers, direct your attention to the core customers you already have, talk to them about their plans, and their contacts. Think about a referral programme
Reduce your risks
Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are plenty of ways to limit internal and external threats to your company and its growth. One important resource to help you accomplish this is your business insurance provider.
For example, the theft of employee data, customer records and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty, and not every business owner’s policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.”
As small businesses grow, they may add space or equipment, create new products or services, or increase their operating and distribution footprint, so periodically review your policy to ensure you have the right coverage.
One trait that successful startups often have in common is the ability to switch directions quickly in response to changes in the market. An agile approach to development, both in terms of your product and your company, will help you grow more quickly.
Focus on your customer experience
Customers’ perceptions of your business can really make or break a business. Deliver quality experiences and products, and they’ll quickly sing your praises on social media; mess it up, and they’ll tell the world even faster. Fast growth depends on making your current and potential customers happy with their experience.
Compared with large companies, small businesses are nimble, and often better able to see, anticipate and respond to their customers’ needs. The most successful small businesses exploit this advantage, by bringing new and innovative products and services to market more quickly and developing and nurturing long-term customer relationships.”
Invest in yourself
In the early stages of your business, you’ll likely see a very lean profit margin (or no profit at all), so any money you do make should go directly toward helping you grow.
A start-up’s ability to invest in itself helps accelerate growth. In those early years, it’s critical to make sure that you’re redirecting any revenues back into the company. It’s vital to invest early and heavily to grow quickly.”
Always think ahead
While agility is an important quality for a startup, you can’t fly by the seat of your pants when you’re running a business. Planning your next step, even if that means anticipating all possible scenarios, is the best way to stay grounded and secure as your business evolves.
Set the foundation in place, water it and watch it grow, If you do the foundational work, when you experience growth, it won’t be that difficult to adjust, since the hard part is already done.”