Despite the general misconception, business growth doesn’t rely so much on the amount of capital on hand (although this definitely helps), as much as it relies on relevant strategies.
Growing your business will depend on how well its proprietors plan, promote, and execute a growth strategy, which should be shaped according to the nature of the product or service. What is your main product? What are your goals? Do you invest in people and marketing? Here are a few ideas on how to grow a business:
- Be clear on what your main product is.
Remember: You can’t be everything to everyone. What can your company offer that other companies can’t? What exactly are you selling? Identify the specific product or service that you want to sell, and focus on strengthening it. This is especially important when a business is starting out. Many entrepreneurs make the mistake of trying to do too many things at once in the beginning, draining their teams and budgets. You are free to develop products or service that branch off outside of your comfort zone, but be realistic about priorities, resources, and timing.
- Have a goal, or preferably a set of goals, in mind.
You won’t know if you’re growing unless you measure your growth. Create a business plan that helps track your progress over both the short-term and long-term.A three-year business plan helps you project your goals, and take meaningful steps in the present to achieving them. This will also help you determine how fast you’re growing, what factors contribute to the speed of growth, and whether or not certain practices within the company need to be improved.This is why plan may change over time as you make modifications to track progress.
- Invest in people.
The most successful companies in the world know the value of the people they work with. It may seem like an unimportant aspect of growing a business, but investing in and valuing the people in your company is a significant step in how to make your business grow. People are company assets, and it’s always a good idea to improve the team’s culture, ensure that they are afforded the right benefits, etc. This leads to employees who stay on and contribute for long periods of time, and who in turn, place great value on the company.
- Engage in active marketing.
A strong skillset in your area of expertise is good, but by itself is not enough to grow a business. Branding is crucial to building and solidifying your product’s identity in a world filled with cut-throat competition.Decide on a brand, and invest in a good marketing strategy. This means having to work closely with graphic designers and possible multimedia artists, depending on the marketing strategy you choose.
While there is no airtight guarantee for successfully growing a business, these four areas are good places to include in any business strategy—identifying your main product, creating and executing a plan, and investing wisely in people and good marketing.