If you have dreams of starting your own business or have a business that you launched, you need to do everything you can to make sure you are growing your business. But with so many things to do, how can you be sure that you really are growing a successful business and not wasting your time?
In this post I highlight 10 steps you need to follow if you want to build a successful business. By following these tips, you increase the odds of staying in business and reaching your dreams.
Let’s get started.
10 Steps To Growing A Successful Business
#1. Ensure There Is A Need For Your Business
Most businesses fail in the first couple years. One of the reasons is because the business owner didn’t do enough or the right research before starting the business.
Before you start a business, make sure there is a need for your product or service. How do you find out? Survey people. Ask everyone you meet. Ask on social media. The more responses you get, the better idea you have.
And don’t forget to ask about cost. There are many things people want but they aren’t willing to pay for it. Make sure what you plan to offer doesn’t fall into this category.
#2. Be Focused On Your Target Audience
Once you know your product or service is viable, you need to refine your outreach to your target audience. You need to make sure everything you do is focused on them.
Advertise in what they read or where they spend their time. Use language they use.
Everything you do has to be focused on them.
#3. Know Your Customers Needs
The next important step in growing a successful business is to know what your customers need. Where are they struggling? What are their pain points? When you know this, you can tailor your sales copy, marketing, and outreach to solve these issues.
When you do this, it will catch their attention and drive them to your store.
#4. Offer Outstanding Customer Service
You know the old saying that the customer is always right? Well it’s true. Make sure whenever you interact with a customer, they leave you feeling great. The more memorable their experience, the more likely they are to come back.
Additionally, the more likely they are to tell their friends about you too. And that is priceless. There is nothing better than free advertising from your raving fans.
#5. Watch Costs
Once you get your business going, you have to make sure you pay attention to costs. If you spend too much money, you will put pressure on yourself to make sales. Too much pressure and you will start to ignore the point about making your customers feel special.
Before you spend any money, ask yourself if you really need the item or service now. How will it help with growing a successful business for the long term? Many times we jump the gun and buy things for our business before we really need them.
Don’t make this mistake. Watch every dollar and your bottom line will improve as you make more sales.
#6. Reinvest Everything Back Into The Business
Too often new businesses make some sales and the owner starts to pay themselves an outrageous salary. Or they ignore the point above about watching costs.
Then when business slows, like it does for everyone, the company is bleeding money and it struggles to survive.
You can easily avoid this by reinvesting everything back into the company. This provides you a cushion when sales slow until they pick back up again.
Understand that this doesn’t mean you can’t pay yourself, but try to pay yourself as little as possible for the first few years and build up a strong balance sheet.
#7. Network In Your Community
How do people get to know about you? Many new business owners think advertising and stop there. But you can get free advertising with a little bit of work.
Simply attend networking events in your community. Find people who need help and if you can help them, do it. Maybe you are great at creating spreadsheets and someone needs one built to track inventory.
By helping out, they remember you and are likely going to return the favor some day.
Additionally, spend a little money to sponsor local events and charities. Again, doing this gets you name recognition and helps with growing a successful business.
#8. Review Sales And Goals
You have to make sure you are really growing your business by having goals and looking at your sales. I know of a few business owners who always thought business was great because they had a steady flow of customers.
But they never looked at their sales charts and never bothered with goals. The result was a business that closed its doors unexpectedly.
Set up some goals and track your sales to make certain your business is growing at the rate you want it to.
#9. Hire Amazing Talent
When the time comes to hire help, don’t make the mistake of hiring the person who is looking for the lowest hourly wage. Hire the absolute best person you can afford. The reason for this is simple.
You want to provide excellent customer service and your employees are the first person your customers will likely interact with. A bad experience at first will make it harder to convince the customer to come back, even if you wow them later.
So spend the time and the money to hire the absolute best person.
#10. Expand When The Time Is Right
Finally, when growing your business, don’t be overly zealous. Even if sales are coming in faster than you can fill them, you don’t want to expand too quickly. When you expand, you easily double your monthly bills.
Then when the economy drops and sales slow to a grind, you have no money coming in and twice as many bills to pay.
Instead, take your time when it comes to expanding. Allow your business to grow and get to the point when expansion is truly needed.
There are 10 tips to help you with growing a successful business. It is critical that you follow as many of these as possible. The reason for this is simple. The more out of touch you are, the greater the likelihood of your business failing.
Remember the goal is to grow a business and make money. It won’t happen overnight and odds are it won’t happen if you don’t follow this tips.
So take the time and make sure you are taking advantage of this important advice.