Successful businesses don’t just pop up out of nowhere. Starting a business requires long days, some restless nights and learning to become a jack-of-all-trades. A solo entrepreneur must have an understanding of not only their intended business, but also in taxes and corporate compliance, marketing, sales, and customer service. It is all about the balancing act. What happens when you’ve finally reached a point where everything is running smoothly and you’re ready to take the next step in business growth? Where do you begin? You don’t want to overextend yourself, but growth also requires some measure of risk.
7 Tips to Set Your Business Up for Growth
- Do Your Homework: As with any big decision in life, begin with research. Take a look at the past growth of your business. What trends do you see? Look at your finances. Is now a time when you have enough resources to take some measured risks to grow? Lastly, make sure to get input from external resources. Talk to business advisors, accountants, and lawyers. You may need to pay to get some expert advice, but in the long run it could save you money by preventing you from making costly mistakes.
- Make a Map for the Journey: You wouldn’t go on a hike in the woods without a trail, map or at least a compass. The same mentality should be applied when it comes to business growth. Set up a plan with goals to reach. If you know where you’re going, it’s much easier to see measured success. Use a SMART Objectives chart like the one here to help start your map.
- Work Yourself Out of [Certain] Jobs: Do not try to do everything by yourself. You will quickly get burnt out. Growth means there will be more work, which means there should be more hands to help. Hiring a Virtual Assistant, a contracted Social Media Manager, or other part-time help can make a difference. As a small business owner, it can be difficult to relinquish some control because you’ve poured your heart and soul into your company which brings us to our next tip….
- Hire Quality Over Quantity: Once you reach a point where the work becomes overwhelming, it can be tempting to put out a job ad and hire the first person who responds with any sort of experience. It’s better to be patient and look at several qualified applicants. Look for a candidate who has a similar vision to you and where you see your business going. The process may take a bit longer, but you will be much happier with a quality employee who will help you reach your goals.
- Get Any and All Business Agreements in Writing: As a small business, it is tempting to work on an honor system with other small businesses or even friends. You will save yourself a world of grief if you enter into written, formal agreements. A verbal agreement can leave a lot open to interpretation and can open yourself up to the possibility that the other party doesn’t pull through.
- Your Current Customers are the Key to Growth: Listen to those who are already happy with your product. Why are they happy? Do they have any suggestions to improve? Send out surveys and read any and all reviews. A positive review is just as helpful as a negative review to help you learn how to improve. Look into future consumer markets by using tools like a market analysis. A market analysis looks at who potential customers are, their buying habits, and competition.
- Always Have an Eye on the Competition: Who is your competition? What are they doing well or better than you? What areas can you see room for improvement with their product? Use all of this information to make a better product.
Ultimately, owning your own business takes patience and consistency. Growth doesn’t happen overnight and it doesn’t happen all at once. Remember you’re looking for overall trends; having a few bad days here and there doesn’t mean that you’re not seeing success.
As a small business, Anonymous Assistants wants to grow with you! We would love to help your business grow by providing you with support whether it be a Social Media Manager, a blog/content writer for your website, an Online Business Manager or anything you can think of! We have so many qualified assistants just waiting to help you reach your goals. Click here if you are looking for a second set of hands. We would love to chat with you and see what your needs are and how we can help.