When you launch a business, you typically see a lot of growth happen quickly.
This is because you’re starting from zero and are usually working hard to put yourself and your business out there, to generate interest in the brand and corresponding sales.
However, after a time, it’s common for this growth to slow down or sometimes stop altogether.
If you’ve noticed your small business isn’t growing as much as you’d like lately, this is likely due to the fact that you’ve been working in your venture, completing daily tasks and solving problems as they arise, as opposed to having time to work on the business and focus on growth strategies.
If you’re in this boat, it’s time to be proactive. Here are a few steps you can take to turbo-charge your venture’s growth in the short-term and long-term.
3 Tips to Rev Things up Again
1. Learn New Things
Remember that if you want to achieve new results, you need to do things differently. Make an effort to be a continuous learner.
Move your business forward, develop new skills and gain as much experience as you can through your own education.
The more you learn, the more able you will be to come up with innovative ideas related to things like your products or services, the markets you target, the delivery methods and processes you use, how you provide customer service, marketing, and sales techniques, etc.
There are many paths you can take to develop yourself.
For example, many entrepreneurs commit to learning by enrolling in an accredited online MBA program. In this kind of program, you’ll be taught about many topics that relate to how you run and grow a business.
Furthermore, you’ll hone a variety of personal skills necessary to grow your business.
For example, you’ll work on your communication and relationship-building skills; get better at time-management and problem-solving; practice negotiating and being creative; and learn to be focused, persistent and positive.
You’ll meet a variety of like-minded people from around the world.
The friends you make at university may help you to grow your business in some way, at some point, by acting as support systems or becoming your partners, investors, clients, suppliers, employees or other contacts.
Outside of university studies, there are many other ways to learn.
For instance, you can sign up for conferences, workshops, talks, seminars, trade shows, business associations and networking events, and other types of opportunities that relate to your industry or to business in general.
You can also pick up a great deal by reading blogs, books, newsletters, reports, magazines and white papers and by listening to audio books and podcasts.
Finding a mentor is a good step, too, as having someone there who has already walked in your shoes can be invaluable.
2. Surround Yourself With the Right People
Regardless of the size of your organization and whether or not you can afford to employ staff members, you still need to surround yourself with the right people if you want to grow your business.
Sometimes growth stalls because you hit the point where you’re unable to do any more work yourself.
If you are at the stage where you can hire people, make sure you choose the right employees for your organization.
Look for people who have complimentary skills to yours and whose beliefs and values align with your own.
You also need staff members who are committed to your venture and passionate about the types of products or services you sell.
Plus, you need to delegate regularly and use all your leadership skills to motivate and inspire your team to greatness. This will, in turn, lead to business growth.
If you’re not able to hire staff, at least consider outsourcing certain tasks to contractors or other businesses.
Hand off tasks you either hate, do not know how to do, or which someone else could complete much more quickly than you.
Once you free up some more time for yourself, you’ll be able to concentrate on coming up with and implementing growth strategies, such as targeting a new demographic, introducing a new product or service, attending or holding a key event, improving customer service and so on.
3. Spend More Time Dedicated to the Sales Process
Sales is one of the big areas you must concentrate on if you want to grow your business.
Many people complain about stalling growth but have barely dedicated any time to developing and honing a sales process that helps them convert more leads into transactions.
People often put off sales tasks because they’re not comfortable in this area or don’t think it’s necessary.
If you want to generate more revenue each year, it is a must.
Each month, look for new ways to make sales.
Schedule more time in your calendar to call people as well as to organize meetings, send out emails, follow up with leads, attend events, and the like.
Sales aren’t about just converting new browsers into buyers but also about upselling current clients so they spend more money with you and encouraging them to buy from you again and again.
Keep in mind that you need to develop sales skills to grow your business in other ways.
For instance, as an entrepreneur, you need to sell other people on your venture, its brand, and its products or services.
You need to sell people on you, too. For example, to grow your organization, you may need to attract new investors or partners; the best candidates for jobs; agreements from key suppliers; and interest from journalists.
These are just a few strategies you can implement to get your business growing and thriving again.
Follow the tips above, and continually be on the lookout for new opportunities, and you will soon be achieving goals and moving your venture to the next level.
It takes time, energy, and commitment, to be sure, but the sooner you start, the sooner you’ll see progress.