With each new day comes another day for a business, another reason to work harder and longer hours – but another year gone by, another year for the same old thing. Do you feel like your business has hit a plateau? Do you feel like you are in a rut? It may be time to look in the mirror and determine if there are ways that you can increase your business growth and see more profit in the future.
Most successful entrepreneurs understand that the difference between a successful businessman and a failed one is in how they approach life. The average person views business growth in terms of a struggle. Yes, there are those who succeed and those who fail, but the difference between the two is in how they approach success. Do you think Frasier could grow his rapier out of his small apartment? Probably not.
The truth? If you clear your head, buckle down, and really look at things from deep within, you could quickly identify how you can grow your small business quickly and still make money at the end of the day. While thousands of business growth plans probably already exist, here are the top 15 ways that you could grow your own business and actually enjoy it for the long haul.
The first stage is strategic planning. Sure, I know you probably didn’t graduate from business school with any of these ideas, but if you stop to consider how much smaller businesses are built on a blueprint that’s laid out for them, it all starts with strategic planning. Even small businesses that get off the ground don’t sit idly by, waiting for the magic to happen. They use strategic planning to determine who they should focus their attention on, what customers they should target, what they should do first, and so much more.
The second stage of business growth is attracting new customers. Many small businesses begin with a product or service that solves a problem. As the company grows and becomes more established, it often finds itself needing to attract new customers in order to keep its business growing. One way to do this is by setting up a customer loyalty program.
The third stage is building a brand. This involves a bit of work, but once it’s off the ground, branding gives your company a recognizable name that consumers can trust. Branding is one of the most important elements of growth because people tend to buy from companies that they can recognize. In order to grow a high-tech start-up, it’s critical to develop a sound brand strategy.
The fourth and final stage is implementation. This is the part where you actually implement all of the growth ideas you’ve heard about and have implemented. It’s during this stage that you take advantage of any new opportunities that arise. For example, if your business starts out selling high-tech toys, it doesn’t make much sense to expand if you’re only going to sell the toys to girls. In order to grow a business quickly, it’s important to think strategically about how to use any opportunities you find. Once again, you need to follow your own personal growth strategy in order to grow successfully.
Each of these four stages represents individual aspects of growth that a company must face. It’s important to think about which of these four stages apply to your company and what you plan to do to overcome the obstacles in those stages. This planning will make the subsequent stages easier. However, without a strategy for overcoming the obstacles in those early stages, it’s possible to fail in those stages and have a very difficult time surviving.