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Starting a business is a very simple thing to do
because anyone can come up with a thing or two that they could exchange for
money and so as long as there is exchange of money for product/service its a
business. Many people from around the world owns different kinda businesses
dealing with either products or services, starting out in business is a very
key decision that will help you elevate your life if you employ the proper
strategies needed to succeed.
But now that you have started whats next?, You
can't just start a business and decide to stick to your starting point because
the aim of every person who starts his/her own business is to take it to the
next level, so it can get to a point where it will give you all that you hope
and also employ if possible thousand of people just like Bill Gate's
Microsoft.
For those of you who have
survived startup and built successful businesses offering either
products/services, you may be wondering how to take the next step and grow your
business beyond its current status. Key point to remember is that the growth
depends on you, you have to set goals and target and ensure you meet up to
these goals. AS your business grows bigger you will instinctively develop
strategies to help you grow even more bigger. Our team in investodia are
working tirelessly to see that we help our audience grow their businesses, so
if you are up for it we will guide you through the steps. Here are a few point
of how to grow your business...
1. Set Goals
Your small business won’t grow -- at least at the
rate you want it to -- if you don’t have goals and a plan to reach them. As a
small business owner, you must be savvy enough to recognize market
opportunities when they present themselves and be quick to act on them. Your
products should deliver clear, definable benefits to your customers and you
must present a challenging, rewarding work environment for your employees. When
these aspects are firing on all cylinders, you will be able to increase your
sales, which will increase your capital and ultimately spearhead your
business’s growth.
2. Extend your market reach.
There are several ways of growing
your business by making your product or service available to a new pool of
customers. The most obvious is to open stores in new locations, such as
opening a store or kiosk in a new town. New locations can also be virtual, such
as a website with an online store. Another approach is to extend your
reach through advertising. Once you’ve identified a new market, you might
advertise in select media that targets that market. If your new market
consists of a younger demographic, you may want to use social media for
advertising, (See How to Create a Social Media Plan.)
3. Contain
your costs.
Surprised? Bear in mind that when
we’re talking about growing your business, we’re actually talking about growing
your business’s bottom line. And the difference between pre-tax and post-tax
money can make this a very effective growth strategy. There are two main
approaches to cutting costs; liquidating your “loser” products and improving
your inventory turnover. 10 Ways to Cut Business Costs provides
details on these two strategies and more.
4.Diversify
You can be successful, but you won’t experience
much growth if you only focus on one product. Coca-Cola doesn’t just sell soda
in red cans. It also sells juice, sports drinks and bottled water. Apple
manufactures computers, MP3 players, phones and tablets. These are examples of
major corporations that grew due in large part to the diversity of the products
offered. However, don’t start concentrating on other products until your
primary products are selling well and your customers are satisfied with the
results. Spread your resources too thin too early and it can hinder your small
business’s growth rather than promote it.
5. Offer your business as a
franchise or business opportunity
This point came immediately after
diversification to help you understand the concept better. Bette Fetter,
founder and owner of Young Rembrandts , an Elgin, Illinois-based
drawing program for children, waited 10 years to begin franchising her concept
in 2001-but for Fetter and her husband, Bill, the timing was perfect. Raising
four young children and keeping the business local was enough for the couple
until their children grew older and they decided it was time to expand
nationally.
"We chose franchising as the
vehicle for expansion because we wanted an operating system that would allow
ownership on the part of the staff operating Young Rembrandts locations in
markets outside our home territory," says Bette. "When people have a
vested interest in their work, they enjoy it more, bring more to the table and
are more successful overall. Franchising is a perfect system to accomplish
those goals."
Streamlining their internal
systems and marketing in nearby states helped the couple bring in their first
few franchisees. With seven units and some time under their belt, they then
signed on with two national franchise broker firms. Now with 30 franchisees
nationwide, they're staying true to their vision of steady growth. "Before
we began franchising, we were teaching 2,500 children in the Chicago
market," says Bette. "Today we teach more than 9,000 children
nationwide, and that number will continue to grow dramatically as we grow our
franchise system."
Bette advises networking within
the franchise community-become a member of the International Franchise
Association and find a good franchise attorney as well as a mentor who's been
through the franchise process. "You need to be open to growing and
expanding your vision," Bette says, "but at the same time, be a
strong leader who knows how to keep the key vision in focus at all times."
6. Ask
for referrals.
That's not to say that getting
new customers is a bad approach. One of the easiest ways to do this is to ask
your current customers for referrals. But notice the verb. Having good products
and great customer service and just assuming that your customers
are passing the word about your business isn’t going to do much to
increase your customer base; you have to actively seek referrals. During or
after every job or sale, ask your satisfied customer if he knows anyone else
who would be interested in your products or services.
7. Merge
with or acquire another business
In 1996, when Mark Fasciano
founded FatWire , a Mineola, New York, content
management software company, he certainly couldn't have predicted what would
happen a few years later. Just as FatWire was gaining market momentum, the tech
downturn hit hard. "We were unable to generate the growth needed to
maximize the strategic partnerships we'd established with key industry
players," Fasciano says. "During this tech 'winter,' we concentrated
on survival and servicing our clients, while searching for an opportunity to
jump-start the company's growth. That growth opportunity came last year at the
expense of one of our competitors."
Scooping up the bankrupt company,
divine Inc., from the auction block was the easy part; then came the
integration of the two companies. "The process was intense and
exhausting," says Fasciano, who notes four keys to their success:
- Customer retention. "I
personally spoke with 150 customers within the first few weeks of
consummating the deal, and I met with 45 clients around the globe in the
first six months," notes Fasciano. They've retained 95 percent of the
divine Inc. customer base.
- Staff retention. Fasciano
rehired the best and brightest of divine's staff.
- Melding technologies. "One
of the reasons I was so confident about this acquisition was the two
product architectures were very similar," says Fasciano. This allowed
for a smooth integration of the two technologies.
- Focus. "Maybe the
biggest reason this acquisition has worked so well is the focus that
FatWire has brought to a neglected product," says Fasciano.
FatWire's acquisition of divine
in 2003 grew its customer base from 50 to 400, and the company grew 150
percent, from $6 million to $15 million. Fasciano expects no less than $25
million in sales this year.
Conclusion
So here you have them, these
point will help you boost your business to the next level but don't let this
get you, this point will only work with proper application. So my advice to you
is to pick one or two of these point and apply, remember that only knowledge
with application is wisdom. So in essense apply wisdom to your business and
tell us how its sky-rocketing your business to the next level.
Please share us with your friends
on social media and dont forget to drop your comments to help us serve you
better. Thank you
.jfif)
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