Updated: Mar 3, 2021
Going into business for yourself is a very freeing experience. Finally, you can say goodbye to working for a boss and rely on your own initiative and expertise to take you to the top. However, even though the dream is alive in your head, you must portray savvy business sense to be truly successful. The mark of a successful business is one that shows growth and currently, less than half of new businesses do not make it beyond 5 years with 60% failing in the first 4 years. Sadly, 20% of businesses opened will close within the first 12 months. If you want to become a true success and see your business to thrive long after that 5 year mark use these proven growth strategies.
Target a Specific Growth Area
Yes, it is true that you want to grow your business, but general growth is a very broad spectrum. Successful businesses do not merely focus on general growth, but make specific plans in certain areas of their business to effectively improve their ROI and ultimately grow. Strategize based on what you want to see. Do you want to have more employees, reach out to more sales venues, or increase your overall business space? These are just three examples of the many goals you can have for growth. Successful businesses know how to narrow the spectrum and focus on specific entities of growth.
Where it is important to have a plan in order to grow your business, it is equally as important to remain flexible enough to survive ups and downs throughout your company’s life. Businesses, both large and small must be able to adjust to the times. For example, there was a time where landline telephone service was the industry standard. However, with the invention of the cell phone, we saw a stiff decline in landline telephone use.
Countless landline companies that stood fast in their belief that cell phones were just a trend eventually fell away. The ones that thrived were those that offered flexibility in both landline and mobile contract opportunities. This is just one example of how being flexible in your business model can make or break your business.
Have a Definitive Plan of Action
You will not get very far in business by simply going with the flow. Those who seem to drift along through the world of business tend to fall rather quickly. Planning is essential a definitive plan of action will help you grow faster and more effectively. For this part of the process, you will have to put pen to paper and write out an actual plan of action. Include your goal for growth and any areas you may be lacking in growth potential along with an avenue for flexibility to maintain an upward trajectory. Ensure you know what to do and when the action should take place. Include goals for employees, any potential upkeep to your facility and anything else that might impede your business growth. Writing it all down helps solidify it in your mind and the plan can be shared with others in the company to maintain a common goal and keep everyone on the same page.
Tools for Growth
Successful businesses did not achieve their ultimate success all on their own. They had tools along the way to help them get to where they wanted to be. Ensure you know what tools you require to make your growth goals in your own business. Tools for growth can include funding, software, people with specific skills or services, and countless other entities that can be specific to your individual business model. Services such as designers to help improve the face of the business, whether online or brick and mortar are tools, as are partnering with complementary companies and utilizing services from both to help grow businesses. Take time to audit your business and lock in those tools that can help expedite growth.
Continually Evaluate the Business
There are very few businesses that can run autonomously. The need for maintenance, restructuring, hiring new employees, and upgrading equipment within a facility will always be a part of the process. Make a plan to continually evaluate your business and see where there may be areas that can be improved. Regular meetings with employees and allowing them to bring ideas to the table is a great way to maintain communication between you and your employees. Their ideas can offer insight to areas you may be blind to and loyal, valued employees will always help your business grow.
Execute the Plan
Making plans to grow is amazing, but in the world of business, actions speak louder than words. Put forth the effort to make each of these strategies a part of your business. Adapting to new technologies, continually evaluating your business, talking to employees, and writing it all down are how you will see substantial growth in your company. A plan without action is merely words on paper, so take action and watch your empire grow.
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