Essential Rules for Exponential Business Growth
To keep your business going, evolving and growing, follow these tips:
Define your business
Make sure you have a clearly articulated vision of what you offer, and make sure it’s current. Many small businesses today go through pivots and changes in their business models over time. Sometimes the shift isn’t always clear in the minds of the principals–or customers, slowing business growth.
Focus on your core business
You may not that excited about your main business anymore, but if it still accounts for the majority of your profits, don’t let it fall by the wayside. Devote time and resources to new opportunities and directions–after the bread-and-butter is handled.
Know your audience and stay true
Don’t try to be all things to all people, at least not in early days. Serve your solid, core niche well. Keep up with the evolving needs of your main demographic, meet those needs and do it in a different (better) way than anyone else.
Expand enough to remain viable
Don’t depend on one or two key customers or services/product offerings. If those dry up, you will no longer have a business.
Grow in a manageable way
Don’t start off in many new directions at once, or you’ll spread your self too thin. Add new services or product lines when you have everything else locked down and going smoothly, for solid business growth.
Keep the end in mind
This ensures you can exit your business in the way you prefer. Do you want to pass the biz on to family members? Make sure it’s also what they want–and start training up your successors. Planning to sell? Evaluate the value of your business and take steps to promote (and add to) that value.
Identify options to fund expansion
You could grow your business by finding investors, taking out loans or simply use your own revenue. Investors will want part of your company, loans carry interest and your own cash may take awhile to build. Weigh which types of funding might work best for your needs, so you’re poised for business growth opportunities.
Learn more about your funding options. Contact us at Grey Hill Capital today.