When you first launch your business, your main goal is to establish your brand and start growing. Unfortunately, this doesn’t happen overnight. Growth is an ongoing process that requires hard work, patience and dedication. There’s no special step or secret way to surpass other businesses in the industry or achieve immediate success.
There are, however, proven ways to reach growth milestones that can catapult a business to success. Here are small business tips for accelerating growth.
1. Hire the right people
Before you can even think about your company’s growth trajectory, you need to have a solid staff to help you achieve your goals. In fact, 40% of consumers form an opinion after reading one to three reviews.
With hardworking employees dedicated to your company’s success, your business will be better equipped for continued growth. In addition, delegating tasks to focus on important work will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture.
2. Focus on established revenue sources
Rather than trying to acquire new customers, direct your attention to the core customers you already have. You can do this by implementing a referral or customer loyalty program or trying out marketing strategies based on previous purchasing behaviors to encourage repeat business.
This focus on your established market is especially important if you’re trying to get funding. Learn to emphasize that there is a large market for what you do. This will pique a banker’s interest because they care about the return on investment more than your business aspirations.
3. Reduce your risks
Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are many ways to limit internal and external threats to your company and its growth.
Small businesses need to manage their growth to avert disruptions that can bring business to a grinding halt. For example, the theft of employee data, customer records, and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty. Not every business owner’s policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.
4. Be adaptable
One trait that many successful startups have in common is the ability to switch directions quickly in response to changes in the market. An agile approach to development, both in your product and your company, will help you grow more quickly.
By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best,” Lanng told Business News Daily. “It allows you to fail, pick yourself back up and keep going.
A Community of Learning
Between Spring Green and the many franchise owners, there is a community of entrepreneurs who have been in business – and in the Green Industry – for many years. There is a lot that they have already seen with respect to a business’ online reputation.
There is also a community of Spring Green franchise owners. The ability for franchise owners to interact with each other during peer groups, national conventions, and Spring Green online forums provides a tremendous amount of support for each other. Together, they learn how they handle situations, see who might be doing something a different way, and hear ideas from others who do what they do.
Whether you are in the Green Industry and want to diversify or are looking for a turn-key franchise, Spring Green may be the perfect fit for you. Learn more about the Spring Green franchise opportunity.