Entrepreneurs have many incentives to start a business. Some wish to live their art with a certain freedom of action. For others, it’s building something. To see big. Then comes the question of growth. What strategies can be put in place for the “baby” to develop? Some lines of thought to better take action.
Several experts claim that 20% of customers report 80% of a company’s revenue. Take the time to examine your clientele. Who are your best customers?
First, a clear vision
If you plan to grow your business, you need to know why you are doing it. Is it to improve profitability and increase your income? For the pleasure of taking up a challenge? A bit of both? Think about it: The answer to this question will help you determine how you will achieve your goals while respecting your values, interests, and personality. Throughout your adventure, your motivations will serve you as fuel.
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You can never say it enough and yet it is vital: you must also have a clear vision of the company you want to build in the medium and long term. Doing business without really knowing what your goals are is like navigating by not knowing where you are going to anchor. Take the time to clearly define what will become of your business and formulate it clearly in a vision statement . You can go back there when you feel like you are going astray.
Know your customers
Several experts claim that 20% of customers report 80% of a company’s revenue. Take the time to examine your clientele. Who are your best customers? Think about their needs and expectations. Find ways to build loyalty. They are an important foundation.
Do not neglect others. Many are likely to be among your loyal and loyal customers. Try to decode them: who are they, what are their interests, their expectations? How can you satisfy them even more and even better?
Know how to surround yourself
Sooner or later, you will have no choice but to team up with people who have complementary talents to yours. You can not realistically consider developing your business while devoting most of your time to production. Delegate! Target the activities that you can assign to other people – employees or subcontractors . Choose people who are better than you in these areas. They will help you shine, you will need less supervision and can devote your energy to building your business while having peace of mind. This does not mean that you will leave them to themselves, but the time spent framing them will be more limited.
Find an experienced mentor. It will be able to “challenge” your ideas, to see potential problems, to give you tips and to guide you through every step of your business growth. Not to mention that a mentor not only has the experience and perspective to provide you with sound advice, but has, over time, built a network of contacts that you could benefit from.
Create, innovate, reinvent yourself
Innovation is the nerve of war. To meet the needs of your customers as well as their needs, in order to better meet them, you must encourage innovation. Take the time to survey your customers and suppliers for their satisfaction with your current services. Be ready to receive criticism: it is a blessing, since it allows you to improve, to surpass yourself.
Do you have a team around you? Organize brainstorming sessions to enhance your service offering, provide a better customer experience, review processes to make them more efficient, and more. All companies, large and small, have many facets to improve. It’s not about revolutionizing everything, but about making the changes possible to save money, invest wisely, create value-added products or services, and provide an experience that will build customer loyalty.
Give you the means for your ambitions
Without investment, no growth possible. Whether you are looking for equipment that will give you new opportunities or increase your production, recruit staff , conduct more in-depth market research on a segment you have not used yet, you will inevitably have to devote the necessary means.
If you do not have the capital to move forward, but believe in your project, list possible sources of funding. There are several: financial institutions, business support organizations, sociofinancing , etc. Explore all the possibilities.
5 different growth strategies
There are many ways to grow a business. How to choose? Based on your market and your goals, but also the impact they will have on your business in terms of finances, human resources management and what you want to offer your customers. Here are 5 to explore:
- Repositioning: Inventory your products, services, and see how you can improve your profit margin. For this, you must absolutely target the activities that earn you the most and bet on them. Drop those that are less interesting. It’s also about increasing your efficiency to do more in less time while delivering the same quality.
- Market Gain: With your current offering of products or services, you can seek to gain market share by increasing your promotional efforts and by investing time and energy in your canvassing. You could also, according to your sector of activity, equip you with a sales force.
- New markets: You may decide to sell your products or services to customers in another jurisdiction. For example, if you work primarily at the local level, you could try to gain new clients across the province, country, or even internationally.
- Diversifying your offer: You could offer new products or services to your current clientele. A good gesture: do not be afraid to test your ideas with your best customers. You will quickly know if the game is worth the effort.
- Establish strategic alliances: why not establish agreements with other companies that have complementary services or products to those you offer? This type of alliance can be concluded in a more or less formal way, that is to say that you could recommend one and the other, you regroup to obtain better prices on certain services or products, thanks to economies of scale. You could also create a joint venture, that is, you could have your idea run by another specialized company and get royalties, for example.
Are you thinking about growing your business? What pitfalls will you face? How will you do it? Share your experience with us!