I find that in the day to day business world, the questions that people seem to have the most are questions on how to grow and expand their respective businesses. People seem to always be the most curious not about things like how to rescue a business, how to start a business, how to fix up a failing business, how to transition a business, or how to effectively close down a business, rather people seem to have the most questions about how to grow a business that they already have. It would seem like the starting the business is not the hard part, rather growing it and making it exceptionally successful is.
When people ask me for business growth tips, I usually find that there are just as many answers as there are questions. In these types of scenarios, I try to give the best advice that I can. In my own research and experience, I have found many different things that apply to many different types of business scenarios. I will go over just a few of the things that I have found here.
Finance is to me the keynote of business, as the single most important thing in business and investing is revenue, revenue, revenue, and more revenue. Right off the bat, my first way to grow a business is to find ways in which that business can produce more revenue. If you can grow the business’s revenue, right off the bat you are in a better position to achieve success. Here are some other tips for growing a business:
- Know your customer base like the back of your hand. I can’t stress this enough. If you don’t know your customer base, how are you going to sell them your great products or services? You can be the best Cadillac salesman on the planet, but if you are trying to sell one to someone who wants to buy a Harley Davidson motorcycle, you are probably going to fail. When you know your customer base as much as you possibly can though, you will have a much better time getting your products and services sold.
- Be so focused on revenue that you are addicted to it. I know I have already discussed this matter of revenue, but it is so important to the growth of your business that I am mentioning it again here.
- With high revenue, your business will grow. With low revenue, or the same revenue week after week, your business will not grow, and it might even retrogress when other market factors are taken into account. So when growing your business you need to have revenue as your number one priority.
- Make your second best investment in your employees. You can’t do everything yourself, and you will be handicapped to the degree that you try to make your business a “one man show.” Rather, spend time and money investing in the right levels of talent needed to boom your business venture.
- Make your single best investment in yourself. That is right, you are your number one investment. When you are getting ready to make any real growth to your business and you are wondering what area you want to grow it in, you better find out how you can grow it by growing yourself first and foremost. You are the number one best investment that you can make because everything that comes from your business will be your creation and your incentive. So, make yourself number one for growth and improvement.
These are just a few ideas to get you started on business growth. There are certainly more!