7 Things You Must Do To Ensure Small Business Growth.
Nearly all small business owners dream of growth. Whether growth is in numbers of staff, numbers of branches or just revenue growth, growth is growth. There are many things that a small business must do to ensure growth, here are the 7 most important things to do.
Know what you don’t know
As a young man I was taught this, and it has proven to be the most valuable lesson in business management I was ever taught. Knowing what you don’t know is vital. It is easy to charge ahead with your guns fully loaded and go all out for success. But knowing what you don’t know is key. There is nothing wrong with not knowing something, and successful small business owners need to be honest with themselves about this. Knowing what you don’t know can be fixed by one of two ways, finding someone who does know what you don’t know, and they do it for you or you know what you don’t know and learn how to do it. Knowing what you don’t know may also be what your competition is doing, and this is vital for small business growth.
Failing to plan is planning to fail. This is a life lesson that every small business owner needs to know if they want to ensure growth. No growth will happen if it is not planned. A plan to get from point A to point B and then further is essential for growth. The plan is your instruction manual for growth, and it needs to be written down and even shared. Without a plan you will not know what you need, who you need, how much you will need and when you will need it. Interestingly, one of the most common reasons why small businesses fail is because they were unable define their current objectives and their strategies for achieving them.
Focused and Flexible
Like an Olympic hurdler you need to be focused on winning the race, but you also need to watch out for your hurdles and the falling hurdles of others around you. Being focused yet flexible means appreciating that minor adjustments to a plan or process may be required to achieve growth. There is no crystal ball for small business growth but by keeping focused, watching out for obstacles and remaining agile enough to move slighting because of them and then get back on course is vital.
The right people
People work for you and with people not in your business. Working with or hiring the right people is a critical step in ensuring small business growth. The wrong people will soon hinder growth and you must ensure you have the right balance of expertise, experience and reliability. In most small businesses someone will either have to be hired or engaged at some point to grow the business… it might be someone who knows what you don’t know!
You can know what you don’t know, remain focused, be lean and agile and have all the right people but the one thing that grows a small business faster than anything else is passion. Passion fuels passion and with this comes a goal orientated, over achieving and never say die company culture, even in a one-man business, and this will drive success and drive growth.
The difference between business and what you do
There is a massive difference between being awesome at what you do and running a business. What you do and how you run a business are two separate issues and they must be separated, and each must be performed as best as you can. When you realise the difference between what you do and how you run your business, growth will be a clear path ahead of you.
Develop an excellent customer experience
Your customers are your lifeblood and happy customers drive growth. Developing a customer centric attitude towards business and providing an outstanding customers experience will drive growth in your small business. People buy from people and people follow people who have had an awesome service. If you can get your customers loving your way of doing business, you can grow because your customers will want you to grow and will send others to you.
Growing your small business does not have to be hard work. Growing your small business often means using simple common sense!