Regardless of the size and nature of one’s business, growth is a common concern among entrepreneurs. While there is no doubt that entrepreneurship is, in its very nature, a risky venture where the entrepreneur is not always in control of a lot of factors. However, the mark of a truly growth oriented and successful entrepreneur lies in marshaling the available resources as well as being prepared and flexible with his plans.
So what are some of the proven ways to make your business grow in 2016? The trick, as you shall find out below, lies in combing time-tested entrepreneurial wisdom with new age expertise. Here is our list of 4 top business growth tips for 2016.
1. Widen the scope of your business
While the new age wisdom suggests that specialization is the way to go, it’s not true for an entrepreneur who wants to grow fast and grow big. At some point, your customers would expect you to provide the full spectrum of services, and, you should capitalize on it. The question here is simple, do you want your business to specialize in only a limited part of the overall service or claim a bigger pie of the business by becoming a full-service firm?
The latter would provide you more business opportunities, more room to grow, and more satisfied customers who prefer to deal with just one business for their needs and requirements. Widening the scope of your business and diversification also works as an insurance against business risks and uncertainties.
2. Understand that a good idea is never enough
While writing about business ideas make for a memorable and even inspiring story, they never reveal the full picture. The fact is that a lot of businesses with genuinely good ideas fail to take off as a matter of routine. That is because good business is more about timing and execution than a good idea. The lesson, therefore, is that entrepreneurs need to invest adequately in their sales and marketing effort to go along with their product and services. The thinking that the customers will eventually come once you have built it is a recipe for business disaster.
3. Dynamic social media presence
Social media became ubiquitous last year with every business worth their salt being present on it. What, then, can give your business the cutting edge on social media compared to your rivals? The answer lies in a refined and strategic use of this incredibly powerful medium. Instead of mindless promotion of your business that turns into white noise, the focus of an entrepreneur should be on genuine engagement with his customers. Your social media presence should convey what your company is all about, reflect customer expectations, and augment your brand.
4. Focus on people
Often times, there is so much talk about products, ideas, business plans, and quantification of customer preferences, that it is easy to lose the perspective that good business is, in its essence, people creating relationships with each other. The hallmark of a successful entrepreneur is that they value human relationships before all, and, in the process, manage to get the best out of them. Valuing the role of people who work for you and being empathetic towards their needs means loyal employees working with a unity of purpose to achieve your organization’s goals.
The lesson for you as an entrepreneur, therefore, is to create a leadership culture that cares for employees, both professionally and personally, so that you not attract top talents, but keep giving them reasons to work for your organization.