When you first started your business, you probably did a lot of research. You may have sought help from advisors; you may have digested information from books, magazines and other readily available sources.
You invested a lot in terms of money, time and sweat equity to get your business off the ground. So...now what?
For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status.
There are numerous possibilities but choosing the right options for your company will depend on the type of business you own.
Your available resources, how much money, time and sweat equity you're willing to invest, along with the possible return, are all contributing factors that must be considered when deciding on your next steps.
Growth of an entrepreneurial venture is a welcome thing, but growing a successful business can be a challenge. Here are five things to consider when growing your business.
To gain further insight into this topic, I recently had the privilege of speaking with Shane Price, founder of Streambiz, one of Australia's leading authorities on business growth and strategy.
With over 14 years' experience helping companies grow their bottom line, develop their sales teams and fine-tune their systems, Shane has become the go-to-guy for growing businesses from the ground up.
Below he shares his top 5 business growth strategies:
1) Know Your Numbers
If you don't have real-time visibility on your business, you are flying blind in today's fast-moving business world. The number of companies I come across who are investing money into marketing channels that are not delivering a return is staggering, almost all are running on gut and feel rather than data and facts.
A simple shift in this approach can cause immediate gains of 100% or more for businesses who are already actively marketing. If budget is tight, then it is even more critical to find out what is working and invest in the right strategy for growth.
2) Get Focused
Targeted behaviour doesn't just happen by chance. It happens when you take the time necessary to explore your habits and then choose what needs to be done each day in order to obtain your goal. Focused intention requires personal discipline and the ability to shield yourself from the distractions of everyday events or other opportunities.
When growing a business we must focus, there are so many possibilities and distractions that it can be easy for us to get overwhelmed.
When stressed there can then be a tendency to stay with what you know best. Shrinking back to your comfort zone creates a void in areas of the business that can have an adverse impact on the bottom line severely limiting its growth and profit.
3) Invest in the Right Technology
It amazes me just how many business owners have grown businesses without real systems and processes in place and they continue to struggle daily. The business has most likely hit a glass ceiling mainly because of the human limitations on what is manageable in a single day.
By utilizing the right technologies, it gives you the ability to systemize and scale creating sustainable and often more profitable growth because you can do more with less human resources.
4) Build an A-Team
Steve Jobs always believed in building a team of A-Players because he wanted the smartest and best people around him to ensure his success.
At Streambiz, we have invested a substantial amount of time and effort to bring together the best contractors and partners to deliver on our client's strategy. This team of A Players are some of the best, if not the best, in their individual niche either locally or globally.
It may cost more to hire experts however they work out more cost effective in real dollar terms because they generate above average results, not to mention saving our most valuable asset, your time.
5) Take Action
There is truth in the saying you are either growing or dying. You must take massive action on a daily basis if you wish to create healthy sustainable growth. Take action today, get your strategy right, get your finger on the pulse, build the best team you can, focus using the best tech you can and grow your business today, not tomorrow.
Imagine what your business would look like, how good your clients, staff, yourself and your family would feel if you managed to double or triple your revenue and profit in the next 12 months.
Even if you only achieve 20% instead of the usual 3% or less would the return be worth the investment? Of course, right!
Take these five strategies to heart, invest your time, money and resources wisely. Follow through with consistent action, work with the right experts who can generate results and you too could be climbing the business ladder in no time.