Starting and managing a business can be an insightful adventure for an entrepreneur but can also be quite stressful when faced with the prospects of growth and survival. Its one thing to start a business and another to growing a business. In this article , we will discuss five proven tips from industry experts how to gradually grow your business at a pace that suits you.
Alright then , Lets get started.
1.LEARN FROM PRE-EXPERIENCED EXPERTS
Make it a priority to surround yourself with people who have experience and knowledge in the business and industry you want to thrive in. Whilst technology can help modify certain tasks and improve efficiency ,over reliance on it can create an conducive environment at the workplace especially for start-ups and might negatively affect employee moral and turnover . Focus on building a winning team with experience . After all , it is people who grow businesses not technology
My best advice is to surround yourself with others who have done it .They have already been there,made mistakes and paid the price .But life-long friendships and partnerships are worth every penny - Says Josh Steinberger founder and CEO of NexGen Restoratio
2.FOCUS ON OPERATIONS ,CULTURE AND LEADERSHIP
If you are thinking of expanding your business then it implies there is room for growth in the market you are in . Set specific and clearly defined goals for your business and pursue it . explore every opportunity that comes your way with measurable and systematic processes
you can replicate in a consistent manner .Gain an in-dept understanding of your firm's strengths and weaknesses by analyzing available data to help you make an informed decision which can propel your business to the next level.
Consistently push yourself and team members to constantly exceed your limits and capabilities by challenging how big and impactful you can be . Always set an Ambitious but realistic goals as beliefs energizes you and your team to work harder and smarter .Beliefs of achievement leads to action which leads to results . So the more you believe, the more you achieve.
Setup remunerations and employee empowerment programs to enure your workforce is committed and aligned to your company's objectives.Your workplace culture must emphasize on growth and transparency so align team members success with your objectives - Brandon Dawson
3.BE TIME CONSCIOUS AND CREATE A SENSE OF URGENCY
Like the old adage says 'time waits for no man' . If you are in a competitive market, be sure to be the first to try new things and venture into new fields as to gain competitive advantage to urge out the competition . Adopting the last mover approach may seem safer but may often rob the business of any real survival grounds and opportunities . A lot of people miss out on the opportunity to grow because often than not, opportunities are disguised as work so gear up and take a heads on approach to growing your business.
To scale up your business , hire time continuous staffs so you can delegate some responsibilities then you can have more time on your hand to focus on managerial issues. set specific timelines for actions and achievements. One of the biggest mistakes businesses make is not operating with enough urgency.
4.MASTER SALES AND FORECASTING
Growing a business means increased demand for your goods and services.Develop a database for your customers and encourage repetitive sales by running loyalty programs and forming membership clubs for exclusive deals. If you can create an unlimited number of potential customers and convert them to regular customers then you business is set for new heights.
Focus on your core product , team ,customer experience ,customer service and operation systems .Upon familiarizing yourself with the fundamentals in the stated categories , level up to more advanced tasks like generating a plan to reduce expenses , improve ordering procedures and improving customer lifetime value . If possible , introduce more offers horizontally and sell more - Rudy Mawer
5.CREATE A WIN-WIN SITUATION
Perhaps instead of looking at other firms in your industry as competitors ,why not try to see them as partners in solving a common problem. Start-ups often lack strong financial standings and could benefit greatly from assistance from an industry related firms. Developing friendly ties with a competitor can improve your performance on the market and may be accompanied by higher sales levels due to referrals . A merger will often create the opportunity for business to sclae up with very little implication on cost.
Writer: Joseph Obeng Junior
Editor: Herbert Afriyie
Publisher : Kelvin Mbir
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