When you’re a business owner, one of your biggest goals is likely to make that business a success. Unfortunately, not every owner has the know-how for getting to a period of sustained, long-term growth. That’s why we’ve put together this guide of 5 easy steps you can take to start seeing that growth you want, without all the mess of trial and error. Whether you’re a business owner who has been in the game a long time, or you’re a newcomer looking to make a mark on your industry of choice, these tips can help. Keep reading to get the details.
Look to your current customers
One of the biggest mistakes we’ve seen business owners make when trying to scale their company is to focus most, if not all, of their attention on establishing a new customer base. While trying to enter a new customer market isn’t bad in and of itself, neglecting your current customers is. If you can create a solid rate of customer retention, you’ll be flush with both happy customers and opportunities to get those new clients you were looking for. Those referrals from current customers are gold mines for business growth. The happier your customers are, the more likely they will be to refer others to your business. The more they do that, the more likely you will be to close deals.
Get creative with funding
In an ideal business world, you would never experience a cash shortage. Unfortunately, in today’s world, that isn’t the reality. In fact, 40% of small businesses have experienced a cash shortage in the last 12 months. Chances are, you’ve been among that number at some point in time. You may even be part of the 40% right now.
Luckily, there are ways to soften the blow, and sometimes even prevent it from happening. One of those options is to look into how to get trade credit for your business. This is a financing option that enables businesses that are low on cash flow to purchase products and supplies without paying right away. Another option is to establish passive income, which provides you with a steady stream of cash, but doesn’t require the same amount of attention that your business might. Doing either of these options enables you to experiment with your company structure without worrying about losing everything if something goes wrong.
Build a sales funnel
If you haven’t yet established a sales funnel for your business, then this step is essential. No company can expect to see solid, long-term growth without investing in a sales funnel. This is because sales funnels help automate your business so it can scale and grow quickly without breaking the bank. And although sales funnels can take time to execute well in the beginning, they are an incredible long-term investment that can help you see results and growth for years to come.
Research the competition
You’ve likely heard the phrase “killing two birds with one stone,” and if you haven’t, you’re about to learn how it can apply to business growth. Here’s what we mean. As a business, a major goal you have is likely to beat out your competitors. That means their successes and failures affect you and your bottom line. But what if we told you their wins don’t always have to mean your losses? In fact, let’s take it a step further. Their wins can also be your wins. If you emulate the tactics your competitors excel at, and beat them in the ones they don’t, you’ll be able to scale your business that much faster.
No matter what size your business is, or what your company’s current finances look like, we hope you’ll give these tips a try. It can be difficult to see the light of growth when you’re working in the depths of your business, but it is possible. By taking the time to read through these tips, you’ve become one step closer to achieving the growth model of your dreams. Good luck, and know that we believe in you, your goals, and your business.