Business growth is simply the increase in what you are already doing. When that first thought on business hit your brain, you probably get so excited and optimistic about the idea. You may have done a lot of research on the same as well. You may have sought opinions from many, you may have grasped so much information from books, magazines or any other readily available resources. You invested a lot in terms of time, effort, money and more. So now what?
Well, congratulations! you have successfully taken the first step. Now how about the next step, growing your business beyond its current status. Sometimes we make business far harder than it actually is. We may over think the business growth strategies. I won’t say that there is some secret recipe for growing your business but there certainly is some brilliant ideas that help you achieve some growth. Here are some some quick tips to grow your business effectively.
How much time do you spend on Sales?
I have been asking this question to myself earlier as I crave for some growth in my business. I have mentored lot many businesses literally and the reason why a business is not performing well is directly related to the hours they spend on sales process and strategies.
Well, How much time should you spend on sales? It depends I would say. If you are running a new business you should devote at least 80% of your time to it daily. When you spend more time on selling opportunities, more doors will open, checks will get written, Good things happen.
Sales should be the most important thing in your business. Thomas Watson, the founder of IBM once said: “Nothing happens until somebody sells something”. Your ultimate aim is to sell your service or products, Why not consider spending some valuable time on that?
Diversify Your Business
This is much advanced and intense if you are ready to dig deep. Diversifying your business is more about taking risks. Think about earlier 90’s, Business was all about stability, standing firm at a point, or being good at what you do etc. But things have changed. Now, successful business is about diversifying it.
Instead of thinking about one particular platform, one should always try for other possible areas. In terms of customers, as a business person, you should always try other possible groups of people who may get benefited by your services or products. You must always think like ‘Can I adapt my process to open up another potential client pool?’.
The idea behind Diversification begins with a question “Can we do more?”. It may be in terms of anything, Servicing, Monitoring, anything. The possibilities are limitless.
Say No To Unproductivity
Productivity is the key success factor that will change the course of the game. If you want to grow, you need to cut down the unproductive branches. Cut overhead by automating most of the non-producing items like accounting, customer care, voice mail, sales reporting, ordering, record keeping and more. This will help you improve your efficiency.
For instance, think about Project Management in any business. Imagine that they are spending too much time on unproductive tasks related to this. The best way to tackle this situation is to rely on some effective Task Management tool like Restyaboard. So the thing is, spend your valuable time on productive things that can water your growth.
Invest in Yourself
In early stages of any business, the profit will very low (or no profit at all). So make sure that any money you do make should go directly toward helping you grow. A startup’s ability to invest in itself accelerate its growth. it’s critical to make sure that you’re redirecting any revenues back into the company. It’s vital to invest early and heavily in order to grow quickly.
Think Ahead Of Time
As an Entrepreneur, I always think beyond the present. I consider future as I plan anything new. But there is one important thing you should consider when considering Future, the Foundation. You should set the foundation in place. If your foundation is strong, it won’t be that difficult to adjust when you experience the growth, since the hardest part is already done.
Now, this is the time to reassess your position. Where do you stand? What do I miss? Well, you don’t have to go it alone! consider your staff, associates, and friends in your brainstorming. You never know what someone will come up with. The key is to balance your focus on Present as well as Future. The world is so big, it is full of possibilities. But the question is, are you ready to embrace it?