Growing your business for the years to come.
Continuing to grow an already established business takes time and resources. There are basic ways any owner can grow their business, along with other ways to grow depending on the industry of your business, the resources you have available, and the extent you want to grow.
The Basics – Click on each step to learn more.
Network with Others in the Industry
One of the keys to growth is to constantly network with others in your industry. You can maintain and grow your contact pool by joining an industry organization, attending trade shows and seminars and even using social media.
Understand Your Customers’ Needs
By taking the time to talk with your customers, you will begin to understand their needs and wants more clearly. Use this information to better serve them by tweakig your product, service and selection in reason to their demands. By doing so, you will be able serve them better, elevating your business for “repeat customers” and customers’ referrals.
Continue Learning about the Industry
You should never stop learning about your industry and your business. If you stop growing in this way, there is a good chance your business will too. In a world of easily accessible and free information, you have many opportunities to keep learning. Consider reading an article each day, following a blog relating to your business, signing up for webinars or attending workshops and seminars.
Continued learning will also help you generate ideas for innovating your products and services. Additionally, it will help you be aware of new automation available that could help streamline your current processes – creating more time to focus on other initiatives to grow your business.
Find a Good Advisor
Knowing someone that understands your industry and has gained experience over the years can be a tremendous asset. Try finding someone that will be your advisor, helping you answer the hard questions faced when starting and growing a business. Also, consider finding someone that is not related to your business, as they will then be able to give you unbiased advice with an outside perspective.
Learn from Your Successes and Failures
As with all things in life, when starting and growing a business, you will be faced with successes and failures. Never let any of these slip by, but instead, take the time to analyze them – learning the “rights” and “wrongs.” These lessons will help you face decisions and challenges more wisely as your company continues to flourish and grow.
Hire Great Employees
At the core of your business are your employees. They help your company operate successfully on a daily basis, and many times, are the individuals that your customers interact with regularly. Due to this, you should strive to hire employees that best reflect your company’s mission, vision, and values. Great employees will also treat your company as their own and are determined to see it achieve and grow.
Also, when hiring great employees, you, as the owner, will feel more comfortable and will establish the trust to delegate some of your responsibilities to your employees. By doing this, you will have more time to focus on the bigger picture and vision of the company to move it forward.
Create a Marketing Plan
By creating a marketing strategy, you can become more focused on the goals you want to accomplish and the steps you need to take to accomplish these. It will also help you stick to a schedule and budget your marketing funds wisely. Detailed steps of creating a marketing plan.
Specific Growth Strategies
- Open a New Location
- Offer Franchise Opportunities
- Penetrate New Markets
- Merge or Acquire another Business
- Expand Globally
For more information about Growing Your Business, visit SBA.gov.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.