Over the years, I've tried to answer this one question: What do small businesses that achieve steady growth do differently from those that don't?
As a Senior Consultant for Inc. Magazine, I speak to thousands of business owners each year. I've learned that there are no silver bullets or 17-point checklists that will lead to guaranteed growth. However, there are seven specific areas in which growth companies focus their efforts.
1. Strong sense of purpose. Most leaders in growth-seeking companies find that meeting their aspirations and ambitions takes much longer than promised to increase the financial reward. They find a higher calling than simply searching for "more money".
2. Outstanding market intelligence. It is an organization's ability to first recognize, then adapt to, fundamental changes in the market. Many times, small-business owners become too visionary, giving only a limited view of the markets in which they compete. Development leaders see the big picture.
3. Effective development planning. It is the best predictor of whether a business will grow or not. To be effective, development planning does not need to be overly formal or complex. However, it needs to be written, well communicated and updated regularly.
4. Customer-driven processes. These days, every company I talk to believes it to be customer-driven, while very few actually are. Take a look at all business processes from the point of view of the customer. Are they there to make it easier for the company, or to help deliver on the promise of faster, cheaper and better for the customer?
5. The power of technology. Successful leaders don't give the boom and bust of the technology cycle an excuse to ignore the fact that we live in an information age. If a company is in business, it is in the technology business.
6. The coolest and brightest people. Growth leaders believe that they are only as good as the people they work with. The ability to hire, train and retain the best and brightest people or often the difference between success and failure.
7. Looking into the future. Some organizations regularly take time to reflect on the future. Growth leaders learn how to diligently monitor and interpret the larger forces of change affecting the world in which they live.
To grow your business, you need to increase your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators, or adding new products or services that complement what you already offer.
Think about ways you can automate or outsource certain tasks so you can focus on growing the business. For example, if social media marketing is taking up too much of your time, consider using a platform like Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consuming one altogether.
You can also use technology to automate certain business processes such as accounting, email marketing and lead generation. Doing so will give you more time to focus on other aspects of your business.
When growing your business, it's important to keep track of your finances and make sure you're still profitable. If you're not making enough money to cover your costs, you'll either have to reduce your expenses or find ways to increase your revenue.
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