Secrets of Business Growth
Six Secrets to Growing a Business
Entrepreneurship continues to become more wide-spread than ever before. So many people are taking the plunge into new business ventures with high hopes and big dreams. However, it's important to be mindful and knowledgeable of the path ahead. If you're opening up a small business, understand that it is a challenging endeavor. Each person's entrepreneurial path will be different. However, if you adopt the following six rules, you'll strategically position yourself to succeed.
1. Always be a student.
It doesn't matter what endeavor you start. Whether you're starting a business or making a financial investment, you'll want to educate yourself when you're making decisions. Because your entrepreneurial journey will require a lot of decisions and business growth, it's best to become a continually-evolving student. Attend conferences. Invest in business mentorship programs to glean from others who have been successful in your field. Become a consistent reader. It's often stated that readers are leaders. Always be intentional about seeing how you can learn more to improve your craft, the company's effectiveness and legacy.
2. Get used to failure and mistakes.
If you take failure personally, it's going to be hard to develop yourself to a professional level. Everyone makes mistakes. As you are trying to create a strong brand and a name for your company, realize that you're not going to get it right all the time. In fact, you might fall on your face more than you succeed. When you fail, learn from those mistakes and bounce back. The sooner you're able to bounce back, the sooner you'll be on your way to your next victory. Plus, if you look at all of the major companies, you can probably point out a few times when you've seen their mistakes. A mistake doesn't equate to the end of your business. Learn to keep moving forward in the face of mistakes.
3. Provide undeniable value.
In his book entitled "Linchpin", author Seth Godin talks a lot about distinguishing yourself apart. When you're working in a company, you want to be seen as a linchpin. A linchpin is someone who has proven themselves to be a vital part of the company's growth and success. In fact, the company would be hard-pressed to find anyone who has a skill set that perfectly serves the company in the same way. The same concept can be applied to your company.Make your company so impeccable and excellent that your customers can't fathom getting the merchandise from anywhere else. Provide undeniable value by offering an excellent product or service.
4. Develop a plan for long-term growth.
When you've launched a new company, it's easy to think about the first few months instead of the five-year plan. However, many of the most successful companies maintain a plan for long-term business growth. They were able to forecast where they wanted to be in a few years. As a result, they drafted a business plan. They thought thoroughly about where they saw the company going.Once you have a solid plan, it's a lot easier to make decisions that honor and follow through on it.
5. Be willing to experiment.
Experimentation is major. If you don't try different strategies, you won't know what really works. If you're creating an email newsletter for your online customers and you're not sure which day to send it, do an experiment.For a few weeks, send the newsletter at the same day and time. Then, try a different day and time for a few weeks. Take a look at the analytics to see what your open rates are. If you get more opened emails and sales from a particular time versus another, this is an indication of what you need to do.Once you play around with different strategies and experiment, you'll be able to fine-tune your process.
6. Pay attention to what customers want.
Take a close look at what your customers tend to gravitate to. If they like a certain product more than another, consider taking that product out of rotation. Get clear on what works for your customers. You can also host giveaways and contests to get customers to engage in surveys. Ask them what they like and don't like. Do different case studies and research to see what your customers are really looking for. Once your company is clear on the desire, deliver it.