When you first started your business, you probably thought that you had set some fairly ambitious goals. However, after your business has established some rapid growth, you might look back on these goals and realize that you had completely underestimated the market potential.
Although early success is not a guarantee of continued growth, it is a sign that you are on the right track. By setting new goals, more ambitious yet realistic goals, you may be able to grow your business at a faster rate than you had previously imagined possible. For instance, you may have merely imagined a local or regional business, but now have become aware that your product line has the potential to satisfy a far wider audience.
Here are 3 strategies to reach the new growth milestones you have decided to set for yourself:
Strategy #1: Talk to CEOs of large, successful companies to get sage advice.
If you have a small- or mid-sized business but have now set your sights to expand globally, you may feel that talking to a CEO of a national or even multinational brand is a bit of an overreach. However, you have to take into account that large companies didn’t start at the top. They worked their way up to become key players in their industry. Some of the most prestigious companies you now know often started out as small companies. If you remember, Apple was not always a tech giant. When Steve Jobs started out in his family’s garage, he probably didn’t imagine that his business would become a dominant technological force. Similarly, when Michael Dell was tinkering with computer repairs in his dorm room, it probably didn’t occur to him that he would one day be selling computers all over the world. So, getting your hands on aCorporate Office HQ list could change your financial destiny. You might be surprised at how many top CEOs are willing to spend time sharing invaluable tips with up-and-coming businesses on how to strategize a plan of attack.
Strategy #2: Upgrade and increase your workforce to handle more responsibility.
If you want to improve your business, you need to start by improving your staffing decisions. If you have a number of competent people working for you, then figure out ways to help your stellar team expand their skillsets. For instance, you could reimburse them for any classes they take so that they can play a more significant role in your organization or you can offer to upgrade the quality of their technological tools.
In addition to improving your staff’s knowledge and skills, which will prove indispensable when you give them more responsibility in your business, you may also want to consider hiring fresh talent, particularly in the areas of your business that are somewhat underdeveloped. If your business could do with a better computer system infrastructure, a good place to start would be to hire IT people who can help you make the best decisions on exactly how to improve this aspect of your business. And if your customer service staff is overwhelmed, you may want to consider hiring more people to reduce the workload on existing customer service personnel.
Strategy #3: Generate more revenue to fund your planned growth.
If you are planning on growing your business, you will need to fork out the money for better-trained staff, new people on board, and better equipment, to name but a few new expenses. While one way to do this would be to seek out a business loan, it also makes sense to see what you can do to improve your revenue streams. For instance, you could implement a referral program for your loyal customers to bring in more business. You could also take a look at your marketing budget and see if you can increase your advertising spend or consider ways of empowering your sales team with additional sales training to be able to close more deals.
Prepare to Adapt to Change
In order for your business to grow, you must prepare it to be able to switch direction quickly. By getting advice from top CEOs in your industry, by upgrading the quality and quantity of your workforce, and by finding new ways to generate additional revenue, you are doing far more than simply expanding on what your business is already doing well. You are also positioning your business to be able to adapt to new, emerging markets.
Besides adapting to the possibility of moving into new markets, expanding your product line, or increasing your services, you must also be willing to adapt to change itself. Many of the changes you plan on making won’t be easy. You will encounter many unexpected obstacles as you take on new business challenges.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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