6 Things That Every Business Needs to Grow
Launching your own business can be the greatest move you ever make, allowing you to throw off the shackles of employment and be your own boss making your own decisions. With drive, ambition and a startup mindset, there’s no reason why you shouldn’t become an entrepreneur, but whilst initial success is great, you should be aiming for long-term success and sustainable growth right from the day that you launch. Here are six things that every business needs to grow, and implementing them can mean the difference between success and stagnation.
1. An Entrepreneur’s Passion
A business is only as good as the sum of its parts, and whilst many startup entrepreneurs cover many roles themselves, there will come a time when you must recruit to grow. It is, of course, essential to recruit wisely, but the most important person in any company is the entrepreneur who founded it. You should be passionate about the business you launch, which is why it makes sense to start a business in a field you’re already familiar with. It’s essential that as your business grows, you keep that passion, as not only will this inspire your workforce, but it will help you through the long hours that running a successful business inevitably brings.
2. A Unique Problem-Solving Product
One of the major problems facing a startup entrepreneur is how to make their business stand out from the crowd and attract sales. Looked at another way, this is also a major opportunity, as the key to success is in finding a unique product or service that provides a cost-effective solution to real consumer or business problems. Nothing succeeds like originality, as long as the original product or service will be in demand. Consumer research can help you ascertain this, and smart entrepreneurs should always be looking for problem-solving ideas, as they can fuel growth.
3. An Effective Marketing Strategy
We’ve seen the importance of having a great product or service, but it’s essential that it’s then backed up by great marketing. For marketing to be effective, you need to know who your target consumer is, and then find the perfect medium to reach them. The way we live is changing, particularly when it comes to media consumption, so the way businesses market themselves has to change too. People don’t watch or listen to adverts anymore, and newspaper ads quickly find their way into the rubbish bin, so the most effective way to reach young consumers is through social media or by climbing search engine rankings with your website. Social media marketing and SEO strategies and link building can be a modern solution to an age-old business problem.
4. A Readiness to Change and Adapt
A business that stays still is soon left behind by those which show more ambition, so if you want your business to experience rapid growth, you have to be able to identify opportunities and reach out and grab them. The very best entrepreneurs have all been prepared to take risks; this isn’t the same as being reckless of course, but it does mean being prepared to change and adapt the way you work. As the famous business book by Spencer Johnson pointed out, when the cheese moves, you have to move with it rather than waiting forlornly for the cheese (which could be sales or general success) to move back into your comfort zone.
5. Low Overheads
In today’s increasingly competitive business world, your operation has to be as lean as possible, so keep a close eye on your overheads, and keep them as low as possible. You should switch business electricity providers to get a better deal whenever one becomes available, and you should also find the best possible value when it comes to the insurance for your motor vehicles, however large your corporate fleet is. Try this comparison service when you want a great deal on your fleet insurance. Quotezone rapidly compare quotes from leading UK insurance providers, and that means you can save both time and money.
6. Financial Backing
Sometimes in business you have to speculate to accumulate, and that means that startups will often need a cash injection to grow their business. This could be used to expand manufacturing or warehousing capabilities, take in more stock, or reach a nationwide rather than local audience, so it’s important that you know where to look for finance when you need it. Undoubtedly, you’ll talk to your bank, but they aren’t always the most competitive source of investment. Look for business angels who can buy into your business, or consider business crowd funding. Getting the right financial backing today can lead to bigger profits tomorrow.
Always look out for opportunities to grow, keep your overheads down by using comparison sites for fleet insurance and utilities, keep your passion going even when the pressure is on, and don’t be slow to adapt when change is needed. Running a startup can be incredibly rewarding, but growing your business into something altogether bigger should always be your aim.