- Running a business is no piece of cake. Numerous problems pop up when you’re trying to scale your business.
- From making petty to hardcore decisions; business concerns are never-ending.
- As an entrepreneur, you’re here because you have already launched your business, effectively went through your product development, and may even be earning a handsome revenue, nonetheless, you wish to expand your operations and grow your business.
You need to understand two things before growing your business:
1. The Problem in Growing a Business
- Not all businesses grow into the growth phase, and many shut down during the launch stage.
- Achieving growth is an important challenge that can hinder the growth of the business.
- For eg., We all know about Uninor sim cards and their great offers at the start but they couldn’t sustain the company in the long run.
2. The Right Time to Grow Your Business
- Entrepreneurs often have difficulty in selecting the right time frame to expand the business in the context of growth.
- One of the most important things they need to understand is that it is not all about money.
- Expansion is not always about having larger profits. It can also mean product innovation, enhanced experiences, or feature development which can lead to increased customers and consequently increased revenues.
Here are 8 ways you can grow your business:
1. Have a Futuristic Approach
- Businesses grow when owners adapt to the changes happening in the environment.
- The constantly changing trends require entrepreneurs to have a futuristic approach and constantly work on innovating brand-new ideas for products and services.
- Having such an approach to growth allows businesses to thrive and grab a larger market share.
2. Work With Experts
- The ‘do it yourself attitude that helped you in the early stages might become less useful in the longer run.
- At this point, it is better to work with people who have a proven track record of growing businesses in your industry.
- These people can offer expert advice and services to help your business scale and grow.
- Tip: When you have a mentor, try to be positive about their advice and be ready to implement what they say. Have faith in them but don’t let them take over your business. A balanced approach in this relationship is the key to success.
3. Optimize Sales & Marketing Channels
- You need to know the current state of your business and the potential of each of your business channels.
- When actively trying to grow, you would want to identify what kind of growth channels you have and do you need to create new channels to step up the pace.
- You need to be sure that the channels you have selected (and added) align with your growth objective.
4. Product-Led growth
- Product-led growth is the strategy where businesses have centralized their timeline, opportunities, and expansion plans around their products.
- For example, the number of avenues and campaigns you formulate around a product increases the chances of its success and development.
5. Have a Customer-Centric Approach
- If you are actively trying to search for ways to grow your business, you can start by becoming (more) customer-centric.
- Did you know that around 60% of businesses that adopt the customer-centric approach tend to be more successful than the competition?
6. Focus on Learning and Development
- Businesses in today’s digital era can prosper if they invest in updating the skillset of their employees.
- Leaders who plan and promote the 70:20:10 rule within their organization can enable their team to achieve growth for the business.
- The 70:20:10 rule states that employees learn 70% through on the job, 20% through learning from one another, and 10% is learned through classroom training.
7. Experimentation
- No business can ever grow if the management does not take risks and experiment.
- Experimentation in this context means trying out various strategies on a smaller scale – you may test products on a smaller audience to gauge the market response.
- For example, Reliance launched Jio as an experimental avenue, and eventually, it turned out to be really big.
8. Develop the 10x Mindset
- To grow, you need to think big.
- The 10X mindset states that a business needs to be open about any opportunity that would act as fuel for its growth and multiplies it by a factor of 10.
- Every month or quarter you should identify barriers that are blocking you from achieving 10X growth and improvise on them.
To know more about these ways and read the entire article, here’s a link: https://www.cloudways.com/blog/grow-your-business/
Also, now you can share your questions with us and stand a chance to get them reviewed and answered by industry experts through our QnA forum via this link: https://sncoglobal.com/#q&a
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