From the moment entrepreneurs decide to start up a business, they have numerous goals. Their main aim is recognition and rapid growth of their fledgling venture. However, it is known to all that there is no special ‘recipe’ for instant success. Nothing is guaranteed. The answer is to create a growth strategy for your business.
Here is a list of 5 interesting ways to stage your business and reach growth milestones that can catapult you to success.
1. Hire the right people
One of the most important task as a business leader is to ensure that you have a solid staff that will help you achieve growth. To find the right person is not easy; it is a time-consuming process with reputational and financial consequences if you hire a wrong candidate.
April Davis, founder of Cupid’s Cronies says, “With a small business looking to grow, it’s important to have the right players at the table. They need to be people who aren’t afraid to roll up their sleeves. The words ‘That’s not my job,’ do not exist in their vocabulary. They have to be dedicated to the mission.’’
Also, focus on what you are good at and hire to fill gaps. This includes – identification of what you need vs what you have, required skills for each role, measurement of results and necessary training.
2. Be up-to-date on your industry
Business persons have to work in an ever-changing and competitive environment. If they do not keep themselves up to date, they might miss out on important opportunities. It is very crucial to keep in touch with news and trends of the related industries. Achieving this isn’t easy. However, being aware of changes as they’re happening can keep you ahead of the curve. You can scour blogs and websites, subscribe to trade journals, read newspapers and sites, engage in forums and discussions and much more. These will alert you about changes you need to think and work on.
3. Invest in activities with an ROI (Return on Investment)
In a competitive market, every decision an organization makes centers on ROI. Just because a group of people think that a business idea is cool, that certainly doesn’t mean it is scalable. Proper market research on ROI is required. It is useless to invest one’s time and capital on activities that will not bloom. If you do not employ an ROI tracking system, chances are that the profit may not be as much as expected.
4. Begin with a scalable business process
Your customers can either make or break your business. It is of utmost importance to listen to your customers and give them what they want. The surest road to success is by making sure that your customers are satisfied. Try by beginning with a scalable business process for handling customer requests. Bring in new and innovative products and services to the market. Diversify your offerings so that you can cater to your customer’s demands.
True scalability also allows for revenue growth and expansion, as well as minimizing increases in operational costs.
5. Work smarter, not harder
‘Work smarter, not harder’ is an age-old adage. This still holds true in today’s world and working smart will make your entire working life much easier. How do you define what working smart is? Working smart is about making the right choices and decisions. It is about spending your time wisely. Take email for example. Rather than checking it all day, check it few times a day. Allow others to take on tasks. Remember, you cannot handle everything by yourself. Get organized. With so many apps and tools available today, you can do everything from sharing files to taking notes within the blink of an eye.
Lastly, remember the words of Mark Zuckerberg, founder of Facebook, “The only strategy that is guaranteed to fail is not taking risks.”