To grow your business in today’s challenging economy, you need to be flexible and have good planning and organizational skills. To grow your business, it’s important to keep continued focus on some of the solid practices that helped you get where you are today. Regardless of the industry you are in, you can be highly successful if you live by some very simple ideologies.
1 Know what you do and what you don’t do
Don’t try to be all things to all people, because it means that you are not very good at any one thing. When you try to do everything, you jeopardize your true strength, which will lead to failure.
2 Maintain Your Company’s Mission
Create a strategic direction for your business. Keep changes to a minimum in order to stay focused on the good planning and ideas that got you this far. Set yourself a three year business plan, track against it, and modify the plan when necessary.
3 Be Hands-On
In order to grow your business, you need to be there all the time and hands-on. Never be afraid to do the small tasks. Small things do get noticed, so attention to detail is very important.
4 Build Solid Business Processes
Stop and take the time to define in an appropriate level of details what your business processes and practices are and stick to them.
5 Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is ‘What’s the downside?’ If you can answer this question, then you know what the worst-case scenario is.
6 People Work For People, Not Companies
Don’t forget that true loyalty comes when employees believe that the organisation and its leadership team care about them personally and professionally. A loyal and well-trained workforce will help your business grow and stand up strong against the competition, which has a very real and direct effect on your company growth.
7 Hold Employees Accountable
Holding employees accountable for their individual tasks and responsibilities will allow them to become better employees in the long run. Of course, you must give opportunities for recognitions and rewards.
8 Running A Successful Business vs. Being Good At A Trade/Service
Growing a successful business is all about having a good business mind, combined with a strong skillset in your particular area of expertise. Just because somebody is a good business operator does not mean that the person is good in the trade or an excellent trades person is not necessarily good at operating a business.
9 Never Lose Focus On Quality
In our current challenging economy, it is easy to think about cutting corners. However, customers/clients will recognise a quality decrease and go elsewhere. It is hard to gain a customer/client, but it is very easy to lose one quickly if a business is not providing what the customer/client expect and is accustomed to.
10 Passion Is Contagious
When you love what you do it shows to the people surrounding you every day in the office, shop or factory. Selling is a transfer of enthusiasm. As a business owner you need to show enthusiasm for your service or product, as well as your customers.
11 Focus On Your Customers/Clients
The purpose of a business is not just to make a profit but to create and keep a customer. You want your customers/clients to return and bring their friends. Many businesses forget that providing great customer service is important. If you provide better service for your customers/clients, they will be more inclined to come to you the next time they need something instead of going to your competition.
12 Keep Improving
In order to stay relevant, it is important to innovate, regardless of your industry, as well as want to get better. Constantly look at ways of improving your customer service, processes, upgrade your skills, and become more efficient at what you do, which ultimately drives greater profitability. Recognise that you don’t know everything and be open to new ideas and new approaches to your business.
13 Become More Competitive
Competition is everything and differentiation is the key to successful selling. Ensure you have the competitive advantage. If you don’t have one, create one. It all comes down to your ‘Unique Selling Proposition’ (USP). This will make you stand out from your competitors.
14 If You Build It, They Will NOT Come
During a challenging economy, many companies look at marketing as an expense and therefore try to cut if from the budget. However, consumers are incredible discerning about their money, as a result they generally buy products that they have either sampled or have been referred to them. Marketing is the key to success during challenging times.
15 Keep An Eye On Operating Costs During Growth
Remember to try to maintain your service/production cost perspective. When there is a venture capital injection, or a growth spurt, it is easy to start to think too big and spend accordingly. The smart business owner maintains the focus on efficient, solid production/service practices and therefor maintains his/her grip on operating expenses and likewise on lower-cost production/service. Ensure you keep detailed records. By keeping detailed records, you will know where the business stands financially and what potential challenges you could be facing.
16 Grow Wisely
Grow, but grow prudently and not too fast. Trying to grow too fast can kill a business quickly as too much emphasis can be placed on growth and not enough on the customer relationships and the service/product quality that got your business to that growth point in the first place.
17 Measure Your Success
First of all, you should enjoy what you do. That’s the ultimate success. Secondly, you should consistently hit your numbers, it shows that you know what you’re doing. Finally, you should love your product/service, and you should love your customers.
All of the above tips to grow a successful business are important, however the main key is consistency. Operating your own business is challenging and rewarding. Success requires focus, discipline and perseverance. However, business success/growth will not come over night, it requires a long-term focus and that you remain consistent in challenging environments. Due to that it is important to plan and set your goals in the long term.
Why not save yourself time & money and engage an experienced business consulting firm like Synergy Consulting Australia to take the stress out of the entire business growth process. We provide a large range of business consulting services which includes Legal, Accounting, Marketing, Project Management & Migration services. This also includes a full market research and feasibility report before investing. www.synergyaustralia.com.au
Synergy Consulting Australia is led by Ilona Solinska. Ilona has over 15 years’ national and international business consulting experience. She has coached hundreds of businesses in the area of Marketing, Finance, Legal, Compliance, Operation, Change & Project Management and is a highly sought after presenter on a wide variety of business topics.