By Chris Legaspi
As a small business owner, taking things to the next level will always be an objective, because who wouldn’t want to expand into new markets and grow profits sooner or later?
To make this happen, you’ll be needing investors to help you fund your start-up’s operations. You also want to create and sustain enough consumer demand the whole time for your product or service and business model since it’s one of the indicators that your business is ready to scale.
How, then, do you secure your business’s potential—even if it’s still in the early stages—to grow in the near future? Here are some ideas that have worked for today’s businesses, which most likely started from where you are right now.
1. Aim for Simplicity
The simpler, the better. It’s what most people are aiming for these days.
Since life can get really busy so quickly, people want to be able to do more in as little time as possible. Anything that requires a great deal of effort or time isn’t going to cut it for both your current and potential customers.
Ever noticed how customers would make a run for the door if you sell them with something that takes several buttons to push to make it work? The moral, therefore, is to keep your processes, policies, and products simple and easy to use.
2. Keep Your Customers in Mind
You probably agree that it’s more expensive to acquire a new customer than retain existing ones. It’s also a known fact that repeat business from old customers is profitable. This makes it crucial to strive to make your customers continually happy every step of the way—from the initial point of contact to the time of their purchase, all the way to their after-sales encounter with your customer service team.
The trick is in being proactive as you anticipate their needs early on and showing that you value their business no matter how small or big it’s worth.
3. But Don’t Forget About Your Employees
Just as you value your customers, you should also regard your employees with the same level of importance to keep them motivated. Luckily, numerous human resource management programs can help you keep your employees satisfied in the workplace.
The goal is to retain your best talent who can pull you through in the most challenging business situations with their skill set and dedication to their craft.
To engage and keep your young employees productive, you should take the time to learn about their work habits and preferences. Unlike their older counterparts, the young blood in your organization may perform better when they have equal time for both work and play. It helps them clear their mind and make room for more innovative ideas that they can then share with you.
4. Adopt a Hands-On Approach
Don’t mistake this advice for micro-managing your team. You want to be able to hire the right people who will oversee the daily operations of your company or maybe facilitate successful business meetings on your behalf when you’re not around. At the same time, you need to be deeply involved with what’s going on around you.
Give your employees the freedom to call the shots but make good use of your time at the sidelines by studying industry trends, identifying new opportunities, and laying the groundwork for the next stage of your business journey.
5. Be Patient In Your Journey
Speaking of the journey, you need to realize that you can’t afford to take the shorter or easier route no matter how tempting it can get. The success that you’re enjoying today could all go to waste if you allow yourself to lose track of your goal, which is to grow your business slowly but surely.
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Being patient in your business journey also means not giving up despite difficulties or challenges. Did the product you had in mind not turn out the way you wanted to? Before you abandon the project, find out where you went wrong and make sure to fix it the next time around.
6. Say No If You Must
Whether you like it or not, people will be pitching several different ideas to you, and if you’re not careful, you may find yourself trying to accommodate every single one of them. Just remember that you’re the only person who knows and understands your business inside out, so at the end of the day, you should be able to say no if you feel like it’s the best thing to do.
Thanks Chris, great article! I find getting the balance between being hands-on and ending up micromanaging pretty hard. I think I’m too much of a perfectionist. Something I need to keep working on.