Business growth does not just happen overnight. Every business has to start somewhere and growth is rarely instant. No matter how successful a global business may have become, it once began as a small business serving a local or niche market.
There are many techniques successful companies have used to grow and thrive. You too can adopt a proven method and apply similar principles to grow your own business. According to Fergus Lee, Head of Capital Solutions at ASB, business growth can be achieved in three ways; a) build your business over time; b) borrow growth in partnerships c) or buy growth through acquisition.
But really, how does a business grow? This question has been puzzling business leaders and managers since the dawn of modern business. What is it about the global tycoons that allowed them to grow progressively from small businesses to the international business champions of today?
These 5 tips for business growth can shed some light on that question.
1. Plan. Before you take action to grow your business, it is essential to plan ahead. Business planning is important particularly when you first start a business. As a business owner, take time to review any current business trends and weigh up pros and cons. When you have a plan, you can align your strategies to your business needs and specific goals. You can also measure your progress and watch your business grow gradually without worrying so much about the future risks.
2. Don't be afraid to fail. As Napoleon Hill, author of Think and Grow Rich says, "Every adversity, every failure, every heartache carries with it the seed of a greater or equal benefit." The road to success is not a paved way but rather a road of different obstacles which you have to overcome to achieve your goals. Each time you fail on a project or business venture, there's a lesson learned. And the most important thing to remember about failure is to never let it hinder you; keep moving and keep trying.
3. It's okay to take some risks. Always try to bring something new to the table. There are several businesses out there taking the path of least resistance, so by doing things a bit differently you might find a whole new niche within your industry. Explore your horizons and don't be afraid to see beyond what you know and what you can do.
4. Keep doing what works and reinvent what doesn't. If it ain't broke, don't fix it. Growth happens when you're fulfilling a need or want. If demand increases, it means you are fulfilling your market's needs and wants. But if you have losses every passing day then it's time to evaluate what is missing or what have you been doing wrong. You can reinvent, experiment and explore business strategies or study and learn from your customers. Identify any expenditure in your business that isn't generating results and reallocate those resources to what is working, or to a new project.
5. Choose the right people. If you are serious about business growth, then you need the right people to support you and help you achieve it. With serious growth comes serious job creation. Find the perfect fit for each role in your company. It's okay to be choosy at times for as long as it's worth it.
If you have queries regarding business strategies or you need help in growing your business, please don't hesitate to contact us on (09) 576 4166 or request an appointment online.