12 brilliant ideas to grow your business
It’s not all you need, but these twelve essential elements will help you build a solid foundation to grow your business towards success.
Being in charge of a small business can be more stressful than raising children or maintaining a healthy relationship with your spouse.
Here are some basic principles to start moving forward in our goal of growing a business.
New business owners have numerous goals when they are starting, including the rapid growth and recognition of their company.
But success is not achieved overnight, nor is there a specific magic formula to add to the recipe for immediate results, and nothing is guaranteed.
However, there are ways to get your growth objectives to position yourself as a company made for success.
Recently a dear friend on her Facebook profile asked us her community (she likes that we all participate in her debates). What is more important to have an idea or to execute the idea?
For the most part, we all agreed that one could not be selected without the other being out of hand.
And if you think about it, of course, the idea is fundamental, but without the action, it remains a mere idea on paper (which by the way is the vast majority of situations).
But think that also how many times we have not heard of entrepreneurs who come to the market as loquitos to run anything without maturing and conceptualize that idea well.
So many business creators come with a good idea, however, they are unable to get their businesses to grow based on a solid foundation.
Through my own journey as an entrepreneur, I have learned that each company is unique, but there are certain keys to follow to achieve that “success” so dreamed.
The few that succeed, do so with unparalleled focus, discipline, and unconventional thinking.
Even though you need something more to make your business successful, here are 12 essential principles that you can start applying immediately as you begin your journey towards growing your business.
12 principles to grow your business
1. Time is everything.
The timing of your product or service should be fair to the market in which you are launching it. If there is no need and the market is not ready, then you must have the will to stop in order to make your product or service really have a reason to exist.
You will have to choose between waiting for the market to be ready for your business idea (requiring resources to survive during that period, and accepting the risk of emerging competition), or you will have to adjust your offer to something more acceptable to cover the needs of your target audience.
Small companies have the advantage of being able to make decisions and implement changes without the bureaucratic processes and conflicting points of view that always restrain large corporations.
It is necessary that you anticipate your market and the needs of customers and constantly innovate to keep you at the forefront.
This undoubtedly requires leadership with agility, resilience, and willingness to leave and recognize that failure can be foreseen if you have enough quickness to adapt and move forward.
2. Brand, brand, brand
The current economy requires entrepreneurs to impact their clients with their business ideas because otherwise, those customers will go to your competitor in search of a better experience.
If you want to create a thriving business, you have to understand how important it is to build brand value. The emotional bond that unites customers with your product, unlike any other, translates into sustainable growth.
Here are some basic rules to connect, shape, influence and provoke with your brand in the minds of your customers:
Choose your target audience. The safest way to the failure of the product is to try to be everything for all people.
Connect with the public. Your goal is to make your audience feel an emotional bond with your brand.
Inspire and influence your audience. A brand-inspired message is much more influential than one that simply highlights the functions and features of the product.
Strengthen the brand image of your company. Make sure your employees at all levels of your business behave in a way that reinforces the brand’s image.
3. Put to scale your sales
The creation of a single product and a single brand is not enough. Repeatable sales processes are needed to create a profitable business.
It is one thing to have a product that you buy from time to time and another very different to identify, design and implement repeatable sales and customer delivery processes with a product that really meets the needs of a specific audience.
Keep in mind that you will have created a profitable and frequent sales model when:
New employees can be added to the same level of productivity.
You can increase the sources of your potential clients to clients with a consistent base.
Your conversion rate of sales and revenues can be predicted constantly.
Your cost of acquiring a new client is significantly less than the amount you can earn from that client over time.
Your customers can get your product in the right place at the right time.
A profitable sales model builds the platform to scale. Like the search for the product/market form, you can have great experimentation/research and development to find a real and efficient sales model.
4. Invest in technology
About 64% of the Spanish small business sector would like to be able to better use technological innovations to help manage their businesses.
If a small business can identify a genuine need, the technology probably exists to meet that need both locally and globally.
There are few barriers to entry in a time when anyone with wireless access can use the supporting technology needed to run their business model.
It all comes down to creating the right operational plan that connects the dots between your business model and the application of accessible technologies.
As small businesses grow, to expand their business or acquire equipment, create new products or services, or increase their line of operation and distribution, it is advisable to periodically review your insurance policy and ensure you have the appropriate coverage.
5. Stress to success
Most small businesses believe that managing the continued success of their business can be twice as stressful as maintaining a healthy relationship with their spouse or partner, almost three times as stressful as raising children and more than four. Sometimes as stressful as managing your personal finances.
Small business owners routinely give up physical condition and other personal priorities to keep up with the demands of their businesses.
6. Hire the right people
Before even thinking about the trajectory of your company to grow your business, it is necessary to ensure that you have a solid template that can help you achieve it.
7. Focus on your sources of real income
Instead of trying to acquire new clients, direct your efforts and attention to your current main clients. You can do this by applying for a reference or customer loyalty program.
You can also try marketing strategies based on previous shopping behaviors to encourage them to return to your business.
This focus on the established market is especially important if you are trying to obtain financing.
8. Reduce your risks
The risk is an inevitable part of starting and growing a business. It is impossible to control everything, but there are a lot of ways to limit the internal and external threats of your company and its growth.
An important resource to help achieve this is to have a business insurance provider.
Small businesses need to be able to manage their growth and avoid interruptions that could lead to bankruptcy.
For example, the theft of employee data, customer records, and product design can destroy a small business, generating significant costs and eroding customer trust and loyalty.
Unfortunately, I have observed that the policy of all business owners is not precisely oriented to cover data breaches or other cyber losses. Small businesses must be prepared by looking for insurance products that will help them recover, including those that cover the cost of recovery and claims.
9. Be adaptable
A common feature among successful companies is the ability to quickly change course in response to changes in the market.
I have observed that designing an agile approach for the development of your company, both in terms of products and / or services, will help you to grow your business.
By allowing you to adapt and change quickly, you will be able to try different approaches to your business and find out what works best, lets you fail, pick up and move on.
10. Concentrate on your client’s experience
The perceptions of your business in the clients can really make or break a business. Offer quality experiences and products, will make your customers publicly manifest in social networks.
But also keep in mind that if it’s the other way around they can also spoil the image of your business because they’re going to tell the world even faster. Rapid growth depends on making your current and potential customers have a happy experience.
Compared to large companies, small businesses are more agile, and are often better able to see better, anticipate and respond to the needs of their customers .
The most successful small businesses take advantage of this advantage by including new and innovative products and services to the market more quickly and developing and cultivating long-term customer relationships.
Always remember that listening to your customers and giving them what they want is of the utmost importance. You have to be clear that it is crucial to be able to engage with your audience, and even more personalizing the experience can boost and strengthen that relationship.
Also diversify your offers so you can better serve the changing tastes of your customers. Remember, you are here to serve your client. That’s why your business exists.
11. Invest in yourself
In the early stages of your business, you are likely to see a very meager profit margin (or no benefit at all), so any money you invest should go directly to help grow your business.
The ability to invest at the start of your business helps accelerate growth. In those first years, it is very important to make sure that you have the reorientation of the income in the company.
It is essential to invest early and to a large extent in order to grow rapidly.
12. Always think about the future
Planning your next step, even if it means anticipating all possible scenarios, is the best way to be connected to the reality of your market and to make your business evolve over time.
Stressors can be relentless. But if you are not happy, healthy and motivated, you can not create a business model that provides a positive experience in the market .
Nobody wants to do business with a person in a bad mood, bitter, and exhausted. Therefore, invest the time and effort to properly take care of your physical and mental well-being, which I promise will further increase your chances of growing your business in the long term.