Imagine you started a business with a great idea. You know your idea is big and can start turning in revenue in the six figures soon. But after some years of operating the business, it now seem like you were wrong after all.
A lot of startups spend most of their energy learning so much about how to Start their business than how to grow the business. They are merely driven by their conviction of the potential of the business.
But don’t forget that every business venture is a risk. No matter how calculated the risk is, there is no 100 percent guarantee on business success. Time and opportunity happens to them all.
Steps To Grow Your Business
You should not downplay the importance of growing your business. Or overplay it with the passion of starting up. Growth is very important in the life of any business. And it’s often the most challenging of all business endeavors.
While it’s usually simple to calculate the process of starting any business, it’s not so simple with growing a business. In the process of growth you may encounter unanticipated changes in many areas. Like, change in consumer taste, change in government policy, change in marketing trend, change in prices and sometimes even change in your own passion for the business.
All these are the more reason you should plan properly on how to grow your business with the same passion you have for starting the business.
Equip Yourself For Growth
Growth is not an accident. No kind of growth happens on its own. If you want to see growth in your business, it’s up to you to make it happen. You must be ready to grow. Sometimes, your business can only grow as you the owner grows. Don’t ask me why.
But let me clarify a little. Even though we are dealing with business here, it might interest you to know that the real you is a spirit. And that’s who controls most of what happens in your business.
Forget about most of the physical activities that is carried out in your business. The one who controls most of what will happen is YOU. And that you is the life of the business.
Imagine if that life is not growing in more knowledge of the business. You don’t need anyone to tell you what could be the outcome in your business.
Don’t Stop Learning
Yes, you heard me. Your business will grow as much as you inspire the growth. And nothing can inspire you more than new information about the business. Every time you learn something new about the business, you grow your ideas and you come up with something new to do about the business.
If you learn new things, new things will happen in your business. But if you remain at the same level as at when you started the business many years ago, how do you expect the business to grow.
You should budget for training and retraining of yourself and those that work with you. Sometimes the training you need is not just new ways to do your business or even anything related to the business.
What you need the most as a business owner is trainings that inspires you to see things differently. Imagine if you can see the current challenge you have in the business differently. Some have turned their challenges into new revenue streams.
Understand Your Customers
Over the years we have heard the phrase, the customer is king. Many misunderstood this slogan to mean the customer is always right. That’s where many business owners miss the concept.
Your customer is king simply means understand what your customers need before they even need them. It’s gotten from the idea of the medieval kingdoms where the lord can behead a servant for a simple mistake. So the idea is to know what the customer wants before he even wants it.
But how do you even begin to know what your customers wants before they want it? For a business, you don’t expect only your old customers to be patronizing you. You should expect new customers everyday. And that would heighten your pressure to keep up with knowing what your customer wants.
If you fail to keep up your business dies. So, it’s up to you to follow the trends. The trends impacts more on customer behaviors. If you follow the trend you will ahead of your customers needs.
Turn Your Customers To Marketers
You may not have the resources as a startup to promote your business to new customers, but you can leverage on existing customers to win their friends and family to your business.
A good example is network marketing. But you may not have the platform to operate such network. However, you can leverage on your product offerings to win every customer into your marketer.
People love products that work as it’s said to work. Customers want to get their monies worth. And sometimes even more than their monies worth. A business that delivers more value than customers are paying for or offering satisfying solution to a niche problem will always keep loyal customer base.
It’s only loyal customers that would promote your business to their circle of friends.
Win Loyal Customers Everyday
What if you don’t have loyal customers right now? You need to start wining loyal customers to your business. That’s why it’s important that you understand your customers. It’s easier if your business is in a particular niche.
A business that is serving a particular niche better understands the customer than one serving several niches at the same time.
By understanding your customers you can Package your offerings to better exceed their monies worth. Or better still, delivering better results than they would expect. When customers expectations are met and exceeded, they in turn become loyal to your business.
In that conviction they are bold to publicize and market your products to their circle of friends.
As a startup entrepreneur, you have a business to grow your business. Don’t take growth as trivial. Growth happens as a result of following proven methods of growing a business. It’s not wishful thinking.
For your business to grow, let it start with you first. Grow in the direction you want you business to grow. If your business is not doing much of marketing, it’s time for you to grow in the area of marketing. Learn new ways to market your business.
If you are not committed to growth, you may not see much of a success in your business.