Most of the articles you would have come around deals with how to start a business but the most challenging part of every business is its growth. Business unlike any other field requires lots of time and effort. It requires constant efforts, devotion and relentless persuasion to make it a success.
There are different strategies formulated in order to grow a business but it is necessary for you to be clear about what strategies will work for your small business and what strategies will not work. It would be wise for you to invest in long terms instead of short term goals and to formulate strategy that will help you grow your small business into a large business successfully.
Right from the first day of the start till your success at the business, the growth story isn’t that romantic as many think. It is filled with lots of hardships and those who survive during this period are the ones who succeed in business.
This article will lay down ideas, methods and brief explanations on how you can grow your business to the destiny you want. Well every business requires different set of plans and strategy but behind every successful business there are some fundamental principles that guide them towards success. So have a look at them.
Following are the 11 Effective Ways to Grow Your Small Business Fast
Be Innovative and Market Friendly
Innovation is the key to success in this current business world. Human psychology says that humans get bored after using a particular product for a while. They want something new very often. Your business should always focus on being innovative. Even if you can’t innovate something try to sell it to them in a different way that attracts them.
Market friendly means being customer oriented. There are lots of businesses that have succeeded by doing little changes to their sale style. Value addition is one such factor that boosts businesses. Your product becomes valuable once it goes through value addition. The same applies to your services. Being customer friendly is not a business strategy but just general values of being a business man.
Create a Network within your Business Ecosystem
You can’t remain isolated when you are in business and that too when you want to grow as a business. Every business requires networks and connections within your business ecosystem that helps you in flourishing. A business network can be group of businessman associated with similar kind of business, product selling or service rendering. At many instances these networks work for your benefit when you need their help.
Also, you can form strategic partnership or groups with such people for your benefits in long terms. A network in your business always has many advantages especially when you need a market or customer base. They also help you in learning and growing in your business especially when you are a newbie.null
Always Plan before you Proceed
A business though not exactly but it resembles similar trait to that of chess where each of your actions have diverse implications. Before you take any further step in your business think about it twice. The best way to proceed is to always have a plan for your business.
Growth of your business depends lot on how well you have planned your business. Planning can be of two types. A long term plan and a short term plan. The best advice for you should be to have both the plans in a strategic way.
A long term plan will contain a blueprint which will depict how you would like to see your business twenty years down the line and what steps you have to take to reach such stage. The blueprint may have steps which may be very harsh in short terms but will benefit in long term.
A short term business plan will have small targets which you would like to achieve while moving towards your long term plans. Some short gains may have detrimental impact on your business like you may like to have bigger profit margin for short term gain but it may prove fatal in reducing the quality of your product or service which may dismay your customers in large.
Nothing Beats Quality Research
The present market is extremely volatile. What is working today may turn liability tomorrow. It’s hard to remain stuck with a particular plan for long time. It is very much necessary that you have a plan for the future based on proper research. You need to research about what your customers will prefer in the next few years. What would be their needs? What will be trending in the market? What your competitors are up to in new few years? All such answers require investment in research.
Predictive analysis is one such field that deals with analysis on the future of your business. Nearly all modern days businesses opt for predictive analysis that gives them edge over businesses that don’t go for.
If you look back in the last decade then you would find that many popular brands which were at their peak in those times have become extinct today. The reason is that they fail to predict the future market. If you want to grow then you have to be ahead of times.
Always Prioritise your Customers
Business is addictive and so is money. When you get into earning money you fix targets. Well there is nothing wrong in fixing targets of how much money you should earn per month or year but one thing that becomes counterproductive is the addiction. When you become too much consumed in earning money then you forget about your customers. Your customers become only a channel of money making. It may work in short terms but it is fatal in long term.
The sale of your business or its profit depends on the number of customers you get. Number of customers depend on the quality you provide. Quality always depends on your investment. These things are interconnected to each other. In order to grow as a business you need to know how to balance them. If you focus too much on money making you may end up reducing your quality which may end up reducing your customer base.
Build Assets in your Business
Long term growth requires building assets in your business. Assets can be employees, technology, quality service, etc. It requires time and investment which may sometimes be at the cost of your profit but in long term growth it will be fruitful. Many companies or businesses if you look closely will be built on assets that have been nurtured over the years.
There are employees who have been working since decades making the team much stronger. As the head of your business you should always be promoting and helping such talented individuals in your business. Businesses that succeed are driven by the zeal and dedication of its employees.
In order to have a motivated and dedicated team you need invest in them. Similarly, technology is another such asset that needs to be built in order to succeed in the current time. It is very necessary to opt new technologies that can help in building your business. If you look at the present successful business ventures you will find many of them who have succeeded due to digitalization, smartphone usage, internet and social media.
Never Get Disappointed with Failures
No business which you see today as successful is built without failure. From Apple to Microsoft to KFC to Amazon, each of these companies have started with failures. What made them a success is the determination to never give up on failures. The reality of doing business is much harsh than you may think. Only 1% of the total businesses that start reach the mark of $250 million in annual turnover.
To be more specific, majority of businesses that start do not even last for five years. It is obvious that you too will see failures in your business in the initial days. The only thing that will help you in surviving is your will power and positive approach. Disappointment will surely kill your business. Learn from your failures and make correction, implement the change and you will succeed if not today then tomorrow for sure.
Be Strict with Finance and Accounts:
Don’t allow early success or even failure to lose your grip over your finance and accounts. A shrewd businessman always is vigilant with his finance and accounts. Never make deals that is counterproductive in nature. Your business expense should always be less than the profit you make. Especially when you are in your success days you become quite liberal during expenditure which may turn fatal in case your business takes a dip.
Therefore you should always stick to your strategy of savings and building assets which can be used in critical times. Managing accounts is necessary not only for tally or taxation but also for analysing your business for future planning. Data mining in now in trends which predicts future strategy by analysing past and present database.
Never Get Overwhelmed by Success
Many of the entrepreneurs who succeed in their initial stage get swayed by success and then lose their grip over their business. A true entrepreneur always remains calm whether they succeed or fail. You need to learn these qualities and traits if you want to grow big.
When you are succeeding and making huge profits you don’t want to take risk of trying new things and move ahead because you believe that your present strategy is earning you fruits but the reality is different. Every strategy works for the time designated and with time you have to move on with new plans. Always have the aim of growing and expanding. Never stop as it will make your business stagnant.
Expand your Business
If you look at some of the prominent businesses then you will be shocked to know from where they started to where they are. Every business starts with small and then grow out to become a giant business. The word expansion is the key hear while calculated and gradual growth is the driving force for any business. Make long term and short term goals for your business expansion.
Expansion can be of product or service diversification or can be of business expansion where you go on to open many business ventures. As you grow and start to make profits, first build assets and then invest. Many business at present which are now known for a particular product started with something else. Invest in things that have future and you will definitely have the best growth.
Introspect, Inculcate and Improve: The Three Is
Every business requires introspection as it helps in understanding where one failed or where one was not to the mark. If the business isn’t working then introspection is must but even if the business is flourishing introspection is necessary. Many businesses fail to introspect especially during their success hours which is necessary to grow.
As you will introspect you will find many shortcomings and failures on your side which requires improvement. As you recognise them, improve them by inculcating the corrective measures which will help your business improve and grow to a newer extent. This process should be exercised on regular basis and should be followed strictly.
If you don’t improve with time it is obvious that you will fail and failing in business has serious implications. These are some basic points that needs pondering as you start with your business and enter into the phase of growth. There are many more ways you can implement for your business growth but then it can be based on the business you are in or is a technical way.
The basics for growth remain the same for all the businesses. Being active and vigilant in your business will help you in growing smoothly. One should always be hungry for growth and it should not be mistaken with money. Remember, success and money in business are the path and not destiny. Never be content with your success or become disappointed with failures. Business is similar to the life process, it has everything combined and you should be mature enough to go with the flow.