If you are struggling to get consistent growth in your business or in a simple term, you want to know how to grow your business, I have gathered fifteen consecutive secrets that will help you achieve huge growth in your business.
When you first launch your business, your main goal is to establish your brand and start growing. Unfortunately, this doesn’t happen overnight. Growth is an ongoing process that requires hard work, patience, and dedication. There’s no special step or secret way to surpass other businesses in the industry or achieve immediate success.
However, there are proven ways to reach growth milestones that can catapult a business to success. We asked small business leaders to share their tips for accelerating growth.
1. Hiring the right people.
Before you can even think about your company’s growth trajectory, you need to have a solid staff to help you achieve your goals.
“Hiring those who are prepared for the job is a surefire way to ensure fast growth,” said Christian Lanng, CEO and co-founder of business software provider Tradeshift. “It’s all about having the right team.”
With hardworking employees dedicated to your company’s success, your business will be better equipped for continued growth. In addition, delegating tasks to focus on important work will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture.
2. Build More Connections.
Expanding your market reach is also a huge part of this. To do so, you must use all social media platforms you can get hold of.
A huge similarity between Facebook, Amazon, and Instagram are their large databases. Having huge data is an asset nowadays.
Building an email list of your target market is essential. This gives you a direct line to their inbox to announce and promote your product and services. Not only that, but it also increases engagement and boosts feedbacks.
Sending commercial or promotional emails is a good way to raise company exposure. Start by attaching discount coupons, free e-books, and workbooks to your emails. You may even offer free trial periods of chosen services.
Making use of Facebook is also a great way to go. Because it is one of the biggest social media programs to date, your market reach can expand. Creating a Facebook group or joining into one can help you secure your primary target market.
The reason for this is because Facebook groups are building around similar interests. This results in filtered prospects and instant feedback. Youtube, Twitter, and Instagram are the most powerful platforms to reach an audience.
3. Be adaptable.
One trait that many successful startups have in common is the ability to switch directions quickly in response to changes in the market. Lanng said that an agile approach to development, both in your product and your company, will help you grow more quickly.
“By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best,” Lanng told Business News Daily. “It allows you to fail, pick yourself back up and keep going.”
Chris Cornell, founder and CEO of Manhead Merchandise, said his company has found adaptability to be key in expanding its client base beyond its initial focus on music merchandise.
“Look to current pop culture trends for an opportunity to become part of the movement when it makes sense,” he said. “In an era of internet fame, we looked to expand our horizons beyond the music industry. We partnered with ‘The King of Pop Culture’ and Insta-famous pup, Doug the Pug, to release his new gear. Recognizing the reach and popularity of Doug, we were able to take his merchandise to the next level, extending our business model beyond bands.”
4. Focus on your customer experience.
Customers’ perceptions can make or break your 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,” DeHetre said. “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.”
Joe Titus, president, and CEO of Admalic INC. agreed. He said listening to your customers and giving them what they want is of utmost importance.
“Diversify your offerings so you can best cater to the customers’ changing tastes,” Tanjeloff said. “Remember, you are here to serve the customer – it’s why you are open for business.”
5. 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 to helping you grow.
“A startup’s ability to invest in itself [helps] accelerate growth,” Lanng said. “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 in order to grow quickly.”
While it might be tempting to pocket all your profits, it’s better to invest in your business’s growth so you can reap bigger benefits later. Determine which parts of your business need more attention: For example, do you need to hire more workers, expand your marketing efforts, or secure additional funding? When you find a crucial area that needs improvement, give that area your financial support.
6. Host and Join Virtual Events.
To get more market engagements, start hosting virtual events like live streams. Did you know that 80% of people prefer live streams over reading blogs?
Hosting a live streaming event can get you direct interaction with potential and current customers. You can address general concerns and show off your product. Some even take this as an opportunity to launch their latest product or service.
Use your different social media platforms to host a live streaming event in creative ways to keep your target market’s interests. These could be in the form of free webinars and workshops related to your brand.
You can even host fun, interactive, virtual get-togethers like quiz parties. Current clients and newer customers can win some of your products or services.
7. 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 – in anticipation of all possible scenarios – is the best way to stay grounded and secure as your business evolves.
Thinking ahead is broad advice, but it can be as simple as reviewing all ongoing contracts, like comparing rates with the best credit card processors and seeing if you can negotiate a better deal.
8. Attend networking events.
Networking events allow you to connect with like-minded individuals, many of whom have unique perspectives and insights that can help you grow your business. The connections and relationships that come from attending networking events can be beneficial for years to come.
9. Improve Your Website.
The major business trend in this era is a website. No matter how big or small your company is, having a website to showcase your products and services is vital. Make sure to have your website well-designed and updated to your customers’ interests while catering to their online needs.
Having a well-functioning website means you can still generate revenue despite unforeseen circumstances. This could be like bad weather, typhoons, and even the recent pandemic. A good website can also increase customer loyalty.
10. Research your competitors.
While this might not elicit immediate growth, researching your competitors is one of the most important first steps in launching your business. Ask yourself who your competitors are, what they’re doing (that you’re not doing) that works for them, and how you can differentiate your business from theirs. The answers to these questions will help you form a more productive business strategy, defining the areas of your business that require more attention to flourish.
11. Partner Up or Merge for Co-Promotions
Collaborating with other brands is the fastest way to get your business to grow. It also solidifies smaller businesses and brands in the industry.
Connect with other businesses and talk about how you can help promote each other’s content. Working with Facebook group owners for cross-promotions can do wonders for raising your market reach. This is also cost-efficient and a good way for startups to gain a wider network for their business growth.
12. Build your email list On Business Website
One thing Netflix, Amazon and Facebook have in common are large databases. Big data is a hugely valuable asset these days, and not just to your company’s overall valuation.
By building an email list of targeted and interested prospects, you have a direct line to their inbox to announce new content, promote new product lines, encourage feedback and boost engagement across all of your other online channels.
Start by offering something of value for free to your potential audience in exchange for an email address, such as a discount coupon for your products, a free e-book, workbook, or even a free trial period for your service.
The goal is to encourage interested visitors to leave their email addresses, so you can begin to nurture a long-lasting and profitable relationship with them.
13. Reach out to influencers using Facebook for Creators
In 2018, Facebook introduced “Facebook for Creators,” encouraging brands and creators to partner up.
You can sign up either as a “creator” (in other words, an influencer) or as an advertiser looking to work with an influencer and create a paid collaboration. The influencer, who has to have a minimum of 1,000 followers and tens of thousands of recent engagements on their posts, will talk about and showcase a brands’ products.
Facebook has also added this feature to Instagram, and “Shop Now” buttons are connected directly with the Instagram and Facebook shopping apps.
Keep in mind that as a new business, your best bet will be micro-brands with smaller but highly engaged audiences.
14. Diversify your income streams
I’m a huge proponent of starting with one, particularly if you’re a solopreneur. It’s unlikely you have a bottomless budget to spend on all the resources needed to grow your business, so it’s crucial to prioritize and focus on the most important strategies that will significantly impact your business.
If you start with too many products, too many services, and too many strategies, you can quickly become overwhelmed and end up going nowhere fast.
That’s why I recommend starting small and building as you grow. As your audience increases, so will your sales. As your sales increase, you can afford more team members to work on more strategies to grow your audience, and so on.
However, as soon as you’re ready, I recommend diversifying your income streams to accommodate more of your customers’ wants and needs. The beauty of the online world is the ability to add different business models as you grow.
If you currently sell physical products, explore adding digital products to the mix. If you’re selling information, perhaps there’s the opportunity to add physical products to your offerings.
Think creatively and always listen to your customers. They’ll soon tell you what they want from you and what they don’t want!
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15. Consistency.
just like eating can never be regarded as old-fashioned for all living things, consistency cannot become old-fashioned in growing a business. In following all the above steps and guides to make the business successful in this and any other age, you must be constant and consistent.
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