Dos and Don’ts of Growing Your Business
Growing your business is exciting. It is fulfilling to know that your products are being well-received by your customers and you enjoying profits too. However, it can be an intimidating process too. There are just so many things that could potentially go awry. This is why a plan is always crucial if you are to grow your business right. Stumbles and missteps are always easier to avoid when you know exactly what to do and what not to.
Here are some dos and don’ts when it comes to growing your business.
Do have goals
Growing your business is less intimidating when you have a goal to aim for. It is hard to gauge if you are making improvements when you do not have anything to measure your performance against. Goals make it possible for you to have something to strive for and they are most effective at keeping you on the right track.
Do not just have any goal too. Make them SMART ones. Not only should your goals be specific and measurable, but they also need to be achievable, relevant and most importantly, time-bound. Setting these standards ensures that what you then have are goals that are both grounded and achievable.
Do some research
This is important if you are to grow your business. You want to find out beforehand what your business is potentially capable of and what other resources are available at your disposal. Make an assessment of your business and where it is at right now. Take a look at stats, analytics, and accounting records and take a look at how you have been doing business and see if you can make projections of its future performance.
It does not hurt to talk to business advisors, lawyers, and small business consultants too. Expert input is always helpful if you want to make well-rounded and well-informed decisions. Sure, it will cost you money to get them on board, but add their valuable expertise to your research and you can certainly set yourself in the right direction.
Don’t do everything by yourself
It is quite common for business owners to be protective of their venture. Some would try to protect the business not only from outsiders but from changes as well. However, more than cushioning your business, this could actually hurt it in the long run.
Doing everything yourself can result in exhaustion, which could lead to burnout. Also, when you do not take time to gather some input from a different perspective, you will likely limit the directions in which your business could grow. Changes are necessary for a business to grow and to dread that would cause your company to stagnate, instead of actually reaching its full potential.
Make use of the people surrounding you. Maximise your employees and get them to do specific roles so things get done. As a business coach, I always recommend to clients that they delegate tasks related to running the business. Tap independent contractors if you need to. Seek expert help from business owners and other proven specialists in the field. The more relevant experience they have with what you’re hoping to accomplish, the better their inputs would be.
Do constantly look for new customers
Whilst it is important to keep your current pool of customers satisfied and happy, you should also take time to look for new ones. That is how your business could grow- by bringing new customers in. If you want your profits to grow, you must find more people who will be interested in buying your products and services.
Make use of market analysis so you can pinpoint who your ideal potential customers are. To better fashion, your market in accordance with what they need and want, get to know your prospects better. From where they work, live, or hang out, there are so many information that you can glean which can help you position your products and services better to be more attractive to them. Find people who are of the same mould as the current customers you have. You can also come up with new products and services that could attract new customers in.
Don’t forget to get customer feedback
If you want to grow your business, learn what your customers have to say about your products, your services, and your brand as a whole. From my experience as a small business coach, when you take steps to get to know your customers better, it becomes easier to find out what they want. Feedbacks can help you determine which path to take the business. It will help you find out which areas to work on or what products and services to develop to reflect customer demand.
Don’t hire the wrong people
As your business grows, you’re likely going to need more people. Avoid rushing the hiring process just for the sake of filling the positions. You need the right people to take on the job responsibilities of each position you fill.
Know what you are looking for and what the ideal candidate for the position is. Come up with a job description and identify the necessary qualifications and skills not only to attract the best candidates but to also help you narrow down your choices. Take the time to see a few prospects first before making your decision. Remember that a bad decision can set things back. Invest your time on the right candidate for the job so you know you have the right person that can be beneficial to your company as it grows.