by A.C. Brian
As a business owner, one of the main challenges I face is growing my business. You know the drill. You come up with an idea that’s “the next big thing”. You develop your product (or service), fill out all the state required LLC paperwork, build a website, and begin marketing. Soon customers start rolling in, and you start getting some traction. Excitement starts to build. Maybe you can actually do this thing…
But fast forward 2 years and your business seems to be in the same spot. You produce a quality product and have great relationships with your customers, but you are barely making ends meet. Sound familiar? You’re not alone. Many a business owner/entrepreneur have found themselves in your spot.
In order to bring in the profit you desire, you need to scale your business.
I ran into an article on Facebook a while back called 7 Tips for Growing Your Business Quickly and Sustainably. I’ll summarize my takeaways below:
- It’s All About the Data – “The more you know, the more you grow”. Get the data that revolves around customers and potential clients. Data such as: how long it takes customers to move through your sales funnel, how long they remain customers, why they leave or stay, how they engage with you, what attracts their attention, what are the biggest issues with your product/service, what they love about you, etc.
- Keep Things As Simple As Possible – Complexity kills in business. It’s the key dynamic that slows or hinders progress. Keep your processes simple to make it easy to stay engaged with your clients and drive efficiency.
- Ask For Help When You Need It – It’s not a sign of weakness to need help as a business owner, it’s actually a sign of strength to admit that you need it. Don’t struggle alone. You’ll be surprised at how willing people are to help you.
- Time Is Your Most Precious Commodity – The one thing you cannot create more of, no matter how much you make, is time. You only have 24 hours in a day, so be ruthless with your time. The more efficient you are with your time, the more you will have control over scaling your business.
- Just say NO! – Seriously, just say NO to anything that isn’t directly aligned with your goals. Say NO to mediocrity. Growing your business requires you to make the tough choices and say NO, because you need to function at the highest level.
- Be Adaptable – Be firm in the goals you have set, but be flexible and adaptable with how they are met. Develop the ability to switch directions quickly in response to the market. Don’t be afraid to change course to go where your ideal customers are.
- Continually Invest In Yourself – Your business growth mirrors your own personal growth. Be coachable. Seek out mentoring. Join a mastermind group. If you don’t grow as a person, neither will your business. An investment in yourself is an investment in your business. Never stop learning.
This article first appeared on Inc.com and was written by Gordon Tredgold. You can find the original here
