For many inspiring entrepreneurs, taking the plunge and starting a business venture is a life changing decision, providing freedom and a chance to follow their passion. While some people are content managing a small enterprise, others relish the chance to develop and grow their business but are unsure how to do so.
If business growth is unplanned or too fast, it can have adverse effects and even force your company to retreat, eventually leading to closure. Just like the tortoise and the hare, slow and steady wins the race when it comes to business growth. To avoid this pitfall, plan carefully and grow your business in the following ways.
Get to Know Your Industry
If you hope to grow your business, then it stands to reason that you need to know how to compete in your industry. To increase industry knowledge, there are a number of things you can do, including finding an experienced mentor, taking advantage of networking events, reading industry-leading websites and publications, and researching potential competitors.
Learn to Delegate
As an entrepreneur, you have been used to managing everything on your own. You have been a one-person operation, or perhaps worked with a partner or a couple of members of staff. The key to growth is recognising that you cannot do everything alone. You need to acknowledge your strengths and weaknesses, then bring in other staff with specific skill sets.
Build Your Brand
In the old days, building your brand meant investing in traditional advertising, but today’s digital world demands something different: social media relationships. To grow, you need to create an emotional attachment. This is an endless process, in which you must continually invest, from enhancing your customer service experience to upgrading your office with BE Offices for investor meetings.
In addition to building your brand, embracing technology can help with business expansion in other ways. When growing your start-up, it is crucial to carefully manage finances. As such, opting for online cloud storage, updating software to streamline processes, or investing in virtual meeting equipment could help your company save money and increase time available to spend on core activities.
Always Have a Back-Up
Finally, but perhaps most importantly, be adaptable. As any entrepreneur can tell you – and as you probably already know – things never go to plan. Just as you had to adapt when starting your venture, the same applies when planning growth. To avoid making decisions on a reactive basis, be prepared to go back to the drawing board and adapt your original plan two, three, or even four times.