If you are trying to figure out how to grow a business, good for you. Because being proactive regarding your expansion is smart. You would most likely figure this out on your own. But that could take weeks, months, or years.
The U.S. Labor Department says 1 and 5 endeavors will fail within 24 months of being launched. And that only 1 and 4 will last a decade or more. So, let’s not leave things to chance. Here are proven tips that work no matter what you’re selling.
1. Become an expert.
Every entrepreneur should strive to become the Michael Jordan of their industry. And you can best achieve that by becoming an authority.
If you want to crush your competition as a motivational speaker for example, study the greats. Learn how they conduct topic research and practice their delivery. No doubt Les Brown and Tony Robbins made it a priority to teach themselves how to become the best.
Becoming an expert also takes tunnel vision. As I am sure you know, expanding your creation requires laser focus. Don’t try to become the best at everything. Experts zero in on one item at a time. For instance, master your speech to grade school kids. Then tackle how to engage with high school kids. And so on.
Before you know it, you’ll speak at major corporations and earn big bucks. You’ve now become the MJ of communications.
2. Read books.
It’s all in the pages. Everything you need to move the needle of your small enterprise is in print. Classics like How to Win Friends and Influence People by Dale Carnegie will layout a game plan for persuading buyers. While modern favorites like Start with Why by Simon Sinek help you uncover your organization’s mission.
Gurus outline step-by-step how to get it done. Learn from their experiences and use them to get bigger. And the best part, you can refer to them at any time.
3. Hire great staff.
The fastest way to become one of the statistics mentioned earlier is to hire the wrong personnel. You may be the brains behind your startup, but your employees are the ones on the front line. They engage with your clientele at the most crucial times.
Hiring the wrong ones can have a ripple effect internally and externally. Harming your group from the inside out. If you have little expertise in this field, consider outsourcing it. Staffing consultants can deliver awesome results.
I struggled in this area for many years with my cleaning company. I managed to barely get by. Finally, we worked with a professional and stopped the mediocrity. My mom-and-pop venture took off!
4. Form partnerships and network.
Mentors, subcontractors, and other strategic partners can make you rich. These alliances are key to developing your enterprise online and off. If you are running a website that sells widgets, network with marketing affiliates to increase sales.
You sell your invention via social media, your website, word of mouth, etc. But guess what? A partnership with the right affiliate pro can match or even surpass your efforts alone. Which means more revenue for your store.
And if you manage a service group, the right subcontractor can really help. For instance, you currently offer your shoppers three different services. But you can double those numbers by networking with a contractor. In both scenarios your income explodes.
5. Create differentiators.
Can you add value to your operation by being different than your competition? Yes, you can. And it’s quite simple.
Companies that do this well, see things from their customer’s position. They are specialist at solving their buyer’s problems. Become obsessed with making your customer’s issues your own. And provide a solution.
When I ran a cleaning agency in Beverly Hills, California, I focused on quick response times. 24/7 I would answer my phone. It was never off. Clients knew that they could always reach me with their concerns.
If our office couldn’t arrange a solution, we found a workaround. Subcontractors (as mentioned above) became our go-to source for any services we didn’t provide.
The impact was immediate to our bottom line. One person would tell another. And so on. Earnings snowballed because we were different.
Always deliver more than expected. Larry Page
6. Stay motivated.
Having the right motivation strategy in place can turn your worst day around. And that begins with maintaining a positive attitude. Try to expand your life’s work without it, and you won’t get far.
Your attitude affects every part of you. How you interact with staff, customers, vendors, and others. Always show them confidence. It has a positive influence on anyone in your orbit.
7. Find the money.
Can enough working capital be the difference in scaling your venture? Absolutely. One of the top 10 reasons operations fail is lack of funding. The minute you can’t make payroll, a lease payment, or just pay a vendor, you’re done.
Avoid this situation at all cost! Secure a startup loan that provides too much money sounds about right. Even if you don’t need the cash immediately, keep tapping sources for funds.
When opportunities to fill big orders come around, you’ll have the capital. You can increase growth in stages, the way that you should. Follow these steps and your expansion is certain.