To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. There are, however, proven ways to reach growth milestones that can catapult a business to success. We asked small business leaders to share their tips for accelerating growth.
Draft a business plan
Whether you create a formal business plan, or simply document professional goals, workflows, or anything else, these thoughts need to be written down and shared with all your stakeholders. In the digital age, this is easier than ever before. A living document stored in the cloud and accessible to everyone allows consistency and collaboration, and evolution over time. Changes can be made, saved, and shared automatically.
Choose the right niche
The selection of the niche is where people often realize they’ve made a mistake. If you go too broad with a general business, you might struggle to know who your audience is. If you’re too specific with a barre-class socks store, your niche might be too narrow. Not only that, but there’s also a seasonality aspect. For example, if you’re selling maternity clothing, women are pregnant. After she gives birth, she likely won’t be shopping in that store anymore.
So when it comes to deciding on a niche, choose a niche that’s popular year-round. You’ll also want to choose a niche that’s popular such as at least hundreds of thousands of monthly searches like fashion, beauty, fitness, or home decor. And finally, a niche that isn’t short-term so avoid maternity, weddings, or any niche business you won’t be able to build a long-term email list with.
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. 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.
Build long-term relationships
Relationships matter. People do business with companies they know, like, and trust. Furthermore, while it’s tempting to stay on the hunt for new customers, your existing customers are your best source of repeat business and your most profitable customers. To win their loyalty, you must nurture a relationship with them.