The truth is that scaling or growing your business is not easy. Figuring out where to start is the hardest part.
Despite everything that you may have to face, there is light at the end of the tunnel. Try to progress gradually, understand your priorities, and implement everything with a perspective.
Some successful CEOs have given their way of growing a business:
- Jeff Bezos (Founder of Amazon) — “Your brand is what other people say about you when you’re not in the room.
- Dan Horan (CEO of Five Acre Farms) —: “Keep things simple, Don’t Overcomplicate processes.”
- Jerry Murrell (CEO of Five Guys) — “Focus on Delighting your Customers”
- Matt Doud (Founder of PlanitAgency) — “Believe in yourself and be aware of your strengths and weaknesses.”
- Sarah Endline (Founder of RIOT Strategic Advisory) — “Be a Purple cow, it means bringing something new to the marketplace.”
Following a set approach will help deal with minimal bumps and bruises. When processes are streamlined and well thought of, the results starting coming in. Once you see the outcomes, it motivates you as a person and as a leader.
For all this to happen, you must focus on 5 critical things that will help you grow your business.
1. Brand
What do you think of when someone says Coffee or Soft drinks? The majority of the people will think about Starbucks and Coca Cola or Pepsi.
These brands are rooted so deep in the market that everybody would want to work with them and associate with them.
Brand building is a not process without an end. It is not just quarantined to just good logo making or running ads. It is about making a positive impression, standing out among others, consistency, customer perception, and a few other aspects.
To build your brand, identify its purpose, know what makes you get up from bed in the morning, and share your objectives with the people. It will attract them. People buy products because of your brand.
Differentiate your company from others. Don’t imitate, be unique in your way, and build from there. Understand your target audience and approach the right customer.
A well established will attract good and smart people who will want to work with you. Recruiting will be easier and more streamlined as the candidates will be inherently keen to help you build your brand because they like working here.
2. Innovation
Do you have a disruptive product? Yes, you may. But are you the only one who has such a product? Most probably, No.
The thing is that when you think you have the right product and it is profitable to market it, someone else may have already been working with and have put their best foot forward.
To be different, you need to innovate. It will not only help you carve a safe spot in the market, but also bring more conversions. Just as Steve Jobs used to say, “Innovation distinguishes between a leader and a follower.”
For instance, Rablab is a digital marketing company which uses Zoho (SaaS) to integrate their business operations on the cloud. Companies like Uber and Yelp use Braintree for payments. To get in on the action or expand your current technological output it’s worth investing in recruiting senior SaaS specialists who can push the tech side of your business along.
The businesses that invest in this area save costs, resources, and efforts to build such products in-house and use cloud-based services. With this, they redirect their focus on other activities that help them grow.
3. Work on Customer Service
As a business, you need regular and loyal customers. In a market where the cost of acquiring new customers is somewhere between 5x to 25x than retaining the existing one, the old your focus must be enhancing your customer service.
Strategize to improve your relations with the customers. Listen to their feedback, analyze every touchpoint, better your customer interactions, and cater to their needs.
When your customers are satisfied and happy, they will refer your brand to others. References will bring in more customers via word of mouth advertising. So, if you take care of the existing customers, new ones will come automatically.
Once you get good and positive customer reviews, shout out about it to everybody. Let the people know what the perks of being your customer are.
4. Security
Ensuring enough physical and cybersecurity measures is not just essential to sustain your current business development. But, it is also a key aspect in helping you grow your business manifold.
First of all, the customers who will associate with you or buy products from, they need to ensure that the personal details are not accessible by other unknown sources.
Second, if, over time, you need to partner up with other businesses or get in more large scale clients, they also need to ascertain your security measures. This can be quite overwhelming and tricky to navigate if you are not prepared. Enlisting the help of a specialist executive information security recruiter can facilitate employing an expert in cybersecurity, that will proactively protect your company against these issues.
Keep up with the latest cybersecurity measures and be flexible in your approach. Just as the risks are dynamic and evolve, you need to improve the security measures. From data management to Enterprise Risk Planning, and data sharing, develop a comprehensive security framework to grow efficiently.
5. Personal Development
Why do sponsors invest in teams that have good players in it? Because these individual players are a brand in themselves. Sponsors spend money on their popularity and fame, and even if they may underperform in the event, people will come to see them.
Similarly, your customers will be attracted to you as a leader. They may resonate with your idea behind the company. More importantly, every single employee is a representative of your company. In the professional sphere, how they interact, behave, think, and work matters.
To that end, it is important to indulge yourself and your team into personal development strategies. Invest in yourself and ask your team to do the same.
Apt personal development also creates a cordial environment in the workplace, which further breeds a culture of harmony. Good culture leads to increasing employee efficiency and productivity.
To Sum it up
Growing a business involves both ideological and practical aspects. Where how customers take your brand and how they interact with it is an ideological concept.
On the other hand, how you handle your customers and ensure uptight security has practical benefits. A balanced fusion of all these steps and strategies will bring you onto a platform where growth is imminent.
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