When you initially open for business, your priority is building recognition and a customer base. Not overnight, but it takes time. Consistent effort, time, and energy are essential ingredients in the recipe for success in the never-ending quest for personal development. There is no certain method to outperform competitors and see rapid growth.
However, there are tried-and-true methods of achieving growth benchmarks that may launch a company into the stratosphere. We polled successful entrepreneurs to find out how they sped up their company’s expansion.
1. Hire the right people.
If you want your firm to succeed, you need to invest in building a strong team first.
Christian Lanng, CEO and co-founder of Tradeshift, stated, “Hiring the very finest individuals you can is a certain approach to achieve speedy development.” In order to succeed, “the correct team” is essential.
Your company’s prospects for sustained expansion will improve if it is staffed by diligent workers who are invested in its success. You’ll be able to give your all to your job and foster a cooperative atmosphere by freeing up your time and effort via delegation.
2. Focus on established revenue sources.
Bill Reilly, owner of a successful vehicle repair business in Wisconsin, once advised focusing on the company’s current clientele rather than seeking out new ones. To address this, he suggested testing out marketing methods based on prior purchase patterns to attract recurring business via referrals or a customer loyalty programme.
If you want to attract investors, you need to put extra emphasis on your current customer base.
The objective of becoming a franchise was previously highlighted, but this strategy “didn’t connect with banks,” as Reilly put it. We’ve realised the importance of stressing the magnitude of the potential customer base for our services. Because bankers are more concerned with ROI than with your grand company plans, this should get their attention.
3. Reduce your risks.
When you’re beginning a company and trying to make it successful, you’ll inevitably face some degree of risk. While it’s hard to completely eliminate all risks to your business, there are various measures you may take to mitigate internal and external pressures. Your business insurance company might be a valuable tool in achieving this goal.
Mike DeHetre, Travelers’ v.p. of product development, emphasised the need of growth management for SMBs in order to prevent interruptions that may otherwise put a stop to operations. “Theft of staff data, customer information, and product ideas may devastate a small organisation, creating considerable expenditures and losing client trust and loyalty,” as one example. Data breaches and other forms of cyber damage could not be covered by a standard company owner’s insurance. Insurance products that aid recovery, such as those that pay for cleanup or legal fees, are something small firms should look into.
DeHetre advises keeping an eye on your insurance over time to make sure it still provides enough protection as your small company expands in areas such as square footage, number of employees, goods and services offered, and geographic reach.
You don’t want to discover out you’ve outgrown your coverage just when you need it, he said, but it’s easy to miss this step during fast development.
4. Be adaptable.
The capacity to pivot swiftly in reaction to market shifts is a skill shared by many of the most promising new businesses. Lanng has remarked that if you use an agile strategy to developing your product and your business, you will see faster growth.
In an interview with Firm News Daily, Lanng emphasised the need of being flexible in order to identify the best methods for running a business. “It gives you the freedom to fall down and get back up again.”
Manhead Merchandise’s CEO and co-founder Chris Cornell has claimed that the company’s capacity to shift gears has been crucial to its growth.
“When it makes sense, you should look to current trends in pop culture for a chance to become part of the movement,” he said. To capitalise on the age of online stardom, we sought opportunities outside of the music business. Doug the Pug, often known as “The King of Pop Culture,” is an Instagram sensation, and we collaborated with him to debut some new apparel. As a result of Doug’s notoriety, we were able to expand our business model outside the realm of bands and sell his wares to a wider audience.
5. Focus on your customer experience.
The way your customers see you may make or kill your company. If you provide excellent services or goods, your customers will rave about you online; if you let them down, word will spread just as rapidly. To expand quickly, you need to ensure the satisfaction of both your existing and future clientele.
DeHetre said that “small enterprises are agile and frequently better equipped to recognise, predict, and react to consumers’ requirements” than larger corporations. “The most successful small firms take use of this edge by creating and cultivating long-term client connections and bringing new and creative items to market more swiftly.”
The CEO and president of Astro Gallery of Gems, Dennis Tanjeloff, concurs. He stressed the need of paying attention to and satisfying the needs of one’s clientele. [Discover how proficient use of CRM software may improve your knowledge of clients.]
Tanjeloff advised businesses to broaden their product lines in order to meet the evolving preferences of their clientele. The reason you’re in business is to provide value to customers, so always keep that in mind.
Maintaining a connection with your target audience is essential, and you can give them more of what they want by tailoring the experience to their specific needs.
In order to enable the bands they deal with connect with their fans in innovative ways, “at Manhead, we come up with distinctive creative designs, bespoke storefronts, and pop-up stores,” Cornell said.
6. Invest in yourself.
Given that you’ll probably be operating at a loss (or just breaking even) in the beginning, any funds that do come in should be invested on expanding your firm.
According to Lanng, “the capacity of a company to invest in itself helps speed development.” Reinvesting earnings in the business at that early stage is crucial. The key to rapid expansion is an early and substantial investment.
It’s tempting to keep all of your money, but investing in your company’s development will pay you in the long run. Identify the areas of your company that need more time and energy. Does your business need more employees, greater promotion, or more money? If you discover an essential domain that need development, you should allocate resources there.
7. Always think ahead.
While being quick on your feet is essential for a new venture, you can’t just wing it while operating a company. The greatest approach to maintain stability and safety while your company develops is to plan ahead, taking into account any number of potential outcomes.
One easy way to implement the advise to “think forward” is to analyse all current contracts, such as credit card processing agreements, to determine whether better terms can be negotiated with the best providers.
8. Boost your customer service.
To expand your firm, you should also prioritise satisfying your customers. Customers are more inclined to recommend your company to their friends, family, and online followers when their needs are consistently exceeded.
If a customer has a bad experience, you should give them a discount or follow up with them to make sure they are happy with the product or service you provided. This will help you gain a stellar reputation for customer service. [Give your customer support department the greatest possible tools by investing in a top-tier phone system.]
9. Focus on social media.
Making an account on each of the main social media websites is another way to expand your company (Instagram, Facebook, Twitter, etc.). Having an active profile lets you reach a broader audience and engage with them more effectively in the marketing of your company.
Customers are more inclined to patronise your company and spread the word when you maintain active profiles across the most popular social media sites. In addition to making your audience feel more connected to your brand and trusting of it, you’ll also be able to create a more interesting and enjoyable experience for them.
10. Attend networking events.
Attending a networking event might help you meet new people who share your interests and who may have useful information or connections for your company. Attending networking events may pay dividends for years to come in the form of new contacts and partnerships.
11. Practice corporate social responsibility.
Customers like to support companies that care deeply about making the world a better place via their products and services. Look for methods to contribute meaningfully to the causes you value and share that with your clients, whether it’s cancer research or supporting a nonprofit like a homeless shelter.
You may make a public statement of your support for underprivileged populations, give to several organisations, participate in fund-raising events, and sell environmentally friendly goods. Finding a handful of the numerous options available to be a socially responsible company is a must.
12. Host local events.
It’s true that going to events is a terrific way to meet new people, but throwing your own event — whether it’s a charity gala, a special Christmas sale, or a sports team sponsorship — may help you make even more connections in your community. Providing your consumers something something they haven’t had before can help you connect with them on a deeper level.
Brand recognition may be boosted and community involvement shown via event hosting. Customers will feel more loyal to your company if you show them that you value them.
13. Research your competitors.
Despite the fact that it may not lead to quick expansion, studying the competition is a crucial first step in establishing a new enterprise. Determine who you’re up against, what they’re doing well (that you’re not), and how you might set yourself apart from the competition. The answers to these questions will guide the development of a more effective business plan by highlighting the areas of your company that need greater focus for growth.
