One thing is to start a business and the last thing is to make it profitable and transcend, a real business man is always looking for ways to grow his business day after day.
No matter how small your business is by now, remember that many large companies that exists today, started in the garage such as Google, it’s all just because of having a great passion for their business and their daily hard work.
If you too copy their business strategy the same way, I’m sure you will also see that slowly slowly your small business will grow into a great company you’ve always dreamed of.
Have you got a business?
If so then I’m sure you are looking for ways how to expand it, both in terms of infrastructure, sales and income, then here I share some important points that you have to follow so that the growth of your business remain constant and sustainable.
These keys are taken from the success stories of great entrepreneurs and companies, take a note of them and apply, you’ll see that in a few years your business will grow as big as you want.
1. Motivation in Business
Just as when starting a business, to grow your business you need to be clear about why you want it to grow, but be careful, you should look for motivations that are stronger than money.
(I suggest you read:
what makes someone want to be an entrepreneur?), remember that taking something just for the sake of money will make you give up before the first hurdle.
2. Clear mission, defined objectives and a great vision
Know where you are? and where do you want to go?, are the basis for defining the steps you must take.
Imagine you’re taking a trip, for you what’s the right means of transport to go? Plane, boat, taxi, etc., The answer to this question can be given only by knowing both the departure and the destination place, even in the business world.
Though, for the mission of a business it isn’t a difficult task, to take a page and write down the key points of your business by answering questions such as:
- What does it sell?
- Who sells?
- How do you sell? Etc.
You can easily create a para of between 5 and 10 lines, frame it and hang it on the wall.
To define the vision of your business, you have to simply answer these questions:
how do I see my business in the next 5 years?
You have to be ambitious and always think big, Then, based on this projection, create a series of intermediate points that will be “steps” to achieve this vision, in other words, these points will be the goals of your business.
Remember you have to frequently review the mission, objectives and vision of your business.
3. Focus on your business
By defining a business mission and vision, you have given focus on your business, you have to maintain that focus now.
A big mistake by many businessmen is that they let themselves be guided wrongly in order to increase their profit quickly, they believe that the diversification of the type of products they offer will achieve it, that is how they end up like some bakeries who also sell clothes and all kinds of other articles waiting to earn some extra-cash.
Contrary to this, a bakery that maintains its focus precisely on baking business niche will be able to differentiate and get preference, because it can innovate on its baking product line.
4. Be willing to change and innovate
As your business begins to grow you will see that you have to make all kinds of changes to go adapt.
More customers mean demand for more employees, workforce and more infrastructure, you should be aware of it, and do not be afraid to make the required changes to your business, remember that for different results you have to do different things, you can not expect your business to be bigger by keeping things the same way as they were before.
5. Listen to your customers
Customers are the foundation of your business, if you do not listen to them your competitors will listen to them and you will be giving them (your competitors) the chance to stay in the market.
As you know that Facebook is one of the fastest growing companies in history, its success is indisputable, but now-a-days it seems to be making a serious mistake of not listening to its customers.
Facebook users have seen countless changes generated in social network posts, for example, chat sidebar, changes at home, new viewer photos, and so on.
Despite of the complaints from millions of its users, Facebook has ignored criticism and changes are still going on. Currently Facebook is still the leading social network, but has opened the possibility for rival companies such as Google, to take on its position.
To listen to your customers it doesn’t mean only to ask them what they want, as it’s not always necessary for your customers to know what they want, Henry Ford said: “If I had asked people what they wanted, they would have told me a faster horse.”.
Currently there are techniques and studies of Neuromarketing that will help you understand the subconscious of the consumers.
6. Work with the best
Andy Freire says:
“An entrepreneur A seeks entrepreneurs A +, likewise, an entrepreneur B seeks entrepreneurs C “, in other words, successful entrepreneurs always look for the best workers to work with them, the giant companies such as Microsoft and Google hire the best engineers and computer programmers, that is why they remain the companies that stand out as the best.
7. Define the Business Growth Strategy
You know where your business stands now, and where you want to grow it, now you can define the best growth strategy for your business to get there.
Although, there are several business growth strategies, and in some cases it depends on the business environment itself, as choosing the right one depends on factors such as the type of product you offer and the market type in which you want to compete.
Here I add a link where you can find the most important business strategies so that you know a little more about them and also help you define the right strategy for your Business. Link: Business Growth Strategies
8. Business systematization
To systematize a business is to make it work on its own, your presence isn’t necessary there, although it’s a complex process, but once you get it, your business will be ready to grow smoothly.
What you think, Does the owner of McDonalds personally examine each establishment?
The answer is NO, the key to the success of a multinational company is precisely systematization, McDonalds has systematized all its business processes, from the recruitment and training of employees to the way they manufacture each of their products, that’s how they make their hamburgers taste the same thing in any of their franchises.
9. Re-investment in business
“In order to expand your business you have to invest in it, you must be aware that you will have to sacrifice your earnings in the short-term to gain them in the long-term”.
The famous Robert Kiyosaki proposed an activity called “the 3 mini-banks”, which consists of the creation of 3 funds, a destiny for savings (like a security mattress), another for donations and another to reinvest in your business.
Now it depends on you how to divide the profits, for example, you can allocate 45% of the profits to the savings fund, 10% for donations and another 45% for reinvestment, the idea is to be disciplined and keep the margin.
10. Increase the value of your product or service
Contextualize a bit, the price is what customers pay for the product you offer, and the value is what the customer receives, while your business grows you will face more and more difficult competition, therefore the only way out in this combat is to offer more value to your customers, reminding them that you are caring to them and working to improve each day. End of the day you have to give your customers the compelling reasons to prefer you.
11. Position your brand
Positioning your brand is essential, including positioning your logo, your slogan and everything related to the identity of your company, finally if your customers do not remember you, they will have no preference for your products.
12. Implements a Quality Management System
Every day, countries are more demanding in terms of quality, forcing companies to get ISO quality certification and other quality standards, in order to sell their products abroad.
But no matter if you want to export or not, implementing a quality management system can go a long way towards systematizing your business and generating more trust for your customers.
13. Having an Internet presence
Currently, the Internet offers countless free tools that allow the businesses to promote their products easily. On the Internet you can find new customers for your products and services, so do not waste the time and create a fan page on Facebook, a Twitter profile, an instagram account, a blog, etc. and start expanding your business.
14. Perseverance and patience
Your one or all strategy may fail at the first place, but it doesn’t mean you lose hope rather, you must be persistent and try to start it again and again.
In business remember one thing Don’t give up soon before the first obstacle and always remember this: “If the road becomes harder, it’s because you are on the rise.”
15. Beginner mentality
I want to finish this article thinking of Steve Jobs, the legend of the Apple company, the story that, at one point in his life, had to start from scratch, he was lucky enough to be a newbie again.
No matter where you are or how far you’ve come, keep the same passion, dedication and energy as you did before.
That’s it, these keys mentioned here are not implemented overnight, but in the business world there are no intermediate points, or your business grows or disappears … the decision is yours!
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