You need more than just a great idea to build a successful company. You must be organized, flexible and creative. You should also have a talent for paying attention to details without losing sight of your overall goal. Be prepared to sacrifice some of your personal time. These nine tips will help you start and grow your business, no matter what type you are planning.
Takeaways from the Key Notes
- To start and grow a business, you need to have good organizational skills. You also need creativity and a constant focus.
- You should be aware of what your competitors are doing, especially the things you could adopt or improve.
- Be prepared to sacrifice some of your own personal time.
How to grow a successful business: 9 tips
1. Get Organized
You must be organized to succeed as a business person. This will allow you to complete your tasks quickly and keep track of all the things you need to do. To stay organized, create a daily to-do checklist. Check off each item as you finish it. Also, remember that some tasks will be more important than others. Priorities the most important tasks first.
Many online resources are available. These include tools such as Slack and Asana. A simple Excel spreadsheet can meet most of the organizational needs of a small company, especially during its early stages.
2. Keep detailed records
Even though they may be busy, successful companies take the time to maintain accurate accounting records. They can then better understand their financial situation and identify any challenges that may arise.
Today, many businesses keep two separate sets of records. One is physical and the other in on the cloud. This way, business owners don’t have to worry about losing important data in the event of a disaster, such as a computer virus or fire.
3. Analyze your Competition
You can’t ignore your competitors if you want to be successful. Take the time to learn and study from your competitors. The larger companies spend a lot of resources on obtaining competitive Intelligence.
The nature of your company can influence how you analyze the competition. You can ask your customers to tell you what they liked or disliked about a competitor’s business if you are a store or restaurant owner.
If you work in an industry where you have less access to the inner workings of your competitors, like manufacturing, keep up to date with relevant trade publications. Speak to any customers that you share, and get and examine whatever financial information is made publicly available by a competitor.
4. Understanding the risks and rewards
To be successful, you must also take calculated risks in order to grow your business. In addition to focusing on the rewards you could receive if your business is successful, it’s important to consider the negative consequences of failure. You’ll be able to determine the worst case scenario if you answer this question. You might be willing to try it if you can live with the worst-case scenario and are ready to take steps to minimize the risk. If you don’t want to take this risk, now is a good opportunity to look at other options.
Knowing the risks and rewards of a new business or product launch is important. For example, the severe economic dislocation during the COVID pandemic provided some businesses with new opportunities (say, manufacturing and selling protective gear) and others with difficult-to-overcome obstacles (such as running a restaurant with constraints on indoor dining).
5. Be Creative
Be constantly looking for new ways to improve and differentiate your business from others. Be open to new approaches and ideas.
Look for ways to grow your business. You can also develop other businesses that are related to yours. This will increase revenue and allow you to diversify. Amazon’s history is a great example. Amazon began as an online book seller and has grown into a giant in e-commerce, selling almost everything. It has also expanded its brick-and mortar presence. Amazon Pharmacy, Amazon MGM Studios and Whole Foods Market are among its subsidiaries.
6. Keep your goals in mind
It is true that “Rome was not built in a single day”. The same goes for building a successful business. You won’t start making money just because you opened a business. You need to be patient and persistent to get the word out about your business.
Many small business owners will not see profits for several years. They may have to use borrowed money or their savings to fund the business before it becomes profitable. There are many options to finance your business.
If the business does not turn a profit within a reasonable time frame, you should investigate why and consider whether it needs to change direction.
7. Excellent Customer Service
Many businesses overlook the importance of great Customer Service. You’ll have more customers coming to you next time. A high-quality service can help you gain competitive edge on the market.
This is sometimes referred to as taking a customer-centric approach.
In today’s highly competitive business environment, the service provided is often what separates successful businesses from those that fail. The saying “undersell but overdeliver” is a good example of this. Smart business owners should follow it.
8. Be Consistent
Consistency in business is key to success. To be successful you must do what it takes every day. You will develop positive, long-term habits that will allow you to make money on the long term and satisfy customers right from the start. Consistency is also important to customers.
9. Prepare to Sacrifice
Owning your own business requires more time than working for someone else. This can lead to less time spent with friends and family than you would like. Anyone who is committed to their business will understand the adage “There are no weekends or vacations for businessmen”.
It’s not for everyone to own a business. You can save yourself money and a great deal of trouble by choosing another career.
What is the fastest way for a business to grow?
Many times, the growth of a business is beyond the control of its owner or employees. Running lean can help your business grow faster. For example, if you focus on a smaller product line and scale up slowly, or if you provide a clear advantage over your competitors.
How can you increase sales?
You can increase sales in a number of ways. You can increase advertising expenditures in areas where it has been proven to be effective, ask for referrals from current clients, create a direct email to consumers list, etc. If your new products do not perform well, it will affect your bottom-line.
What makes a startup successful?
Startups are a great way to generate returns for investors. The best startups offer a product or service which is scalable. A startup that is well run will be able understand the market as a whole and its place within it. It will also be able pivot quickly and ready to seize opportunities.
Bottom Line
It takes a lot of work to grow a successful company, and not everyone is successful. U.S. Bureau of Labor Statistics data for 2022 shows that about 20% of businesses fail in their first year. 50% fail within the first five, and 65% during the first ten years. Only 25% of newly-founded businesses survive 15 years.
These nine tips are a great place to start if you’re looking to join the 25%. However, they’re not comprehensive. You’ll need to constantly learn and adapt if you want to run and own a successful company.
