Growth strategies will help you go from zero to hero in your business. Picture Bruce Mars/UnSplash
Growing a business after you have started it up is one of the most difficult areas facing an entrepreneur.
Often the inability to make major sales or build up clientele is what holds new businesses back. Entrepreneurs can feel disheartened when they have put a lot of money and sleepless nights into a business to be met with stagnant growth.
Here are some tips to help you get over the hump:
Don’t try to “give birth to an adult”
Don’t have high expectations for a business that has only just established, says Small Business Development Center (SBDC) consultant, Lorraine Allen. Expectations for a business at its initial stages must be lower than that of a long-standing business. Think of your business as a baby.
Patience and diligent and consistent effort is required for a start-up to grow and flourish. “Business owners who stay very present, patient, observant, and nurturing, taking the slow path and keeping careful pace with the business (their baby) as it matures through stages, ultimately reduce the level of their risks and grow the business.”
Network
Experts advise you network and connect with as many people in your industry as you can. Build and maintain solid relationships where you form a network of people who will be there for you or where you are top of mind should they have an overflow they can send your way. Leave people with a good impression of you. Networking is great for referrals and for new opportunities.
Work with what you have
You don’t need the fanciest or best of anything. It is not a race but a marathon. Start small, don’t overcapitalise. Kevin Lust, director of SBDC at Lincoln Land Community College in Illinois, puts it well: "..You don’t have to start at the finish line”.
Keep adjusting your business plan
Many small businesses feel like they are past the business plan stage after a few years as they look to expand, however you should always keep up with changing trends, what your competitors are up to, whether your pricing is still relevant and if your clientele may have shifted. These things constantly change, and hence so should your business plan.
Take the leap
Sometimes the hardest thing is making that first sale or to put yourself out there. But as anyone who has done skydiving will know, at some point you just have to jump otherwise it is just a fantasy in your head and not a business. The quicker you take that first step the faster you can start adjusting your plans and making your dream a reality.
IOL Wealth
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