New business owners have numerous goals when they’re starting out, including rapid growth and recognition for their fledgling venture. But overnight success isn’t often the standard: There’s no specific “special sauce” to add to the recipe for instant results, and nothing is guaranteed.
However, there are ways to reach growth milestones that can catapult a business to success. We asked small business leaders to share their tips for accelerating growth.
Hire the right people
Before you can even think about your company’s growth trajectory, you need to ensure that you have a solid staff that can help you achieve it.
Focus on established revenue sources
Rather than trying to acquire new customers, direct your attention to the core customers you already have, said Bill Reilly, a Wisconsin-based auto repair entrepreneur. You can do this by implementing a referral or customer loyalty program, or trying out marketing strategies based on previous purchase behaviors to encourage repeat business, he said.
Reduce your risks
Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are plenty of ways to limit internal and external threats to your company and its growth. One important resource to help you accomplish this is your business insurance provider.
Be adaptable
One trait that successful startups often have in common is the ability to switch directions quickly in response to changes in the market. Lanng noted that an agile approach to development, both in terms of your product and your company, will help you grow more quickly.
Focus on your customer experience
Customers’ perceptions of your business can really make or break a business. Deliver quality experiences and products, and they’ll quickly sing your praises on social media; mess it up, and they’ll tell the world even faster. Fast growth depends on making your current and potential customers happy with their experience, DeHetre said.
Invest in yourself
In the early stages of your business, you’ll likely see a very lean profit margin (or no profit at all), so any money you do make should go directly toward helping you grow.
Always think ahead
While agility is an important quality for a startup, you can’t fly by the seat of your pants when you’re running a business. Planning your next step, even if that means anticipating all possible scenarios, is the best way to stay grounded and secure as your business evolves.