Growing Your Business
By this point, you’ve mulled over your mission statement and established the vision of your company. You've hired attorneys to deal with all the legal aspects and decided which corporate structure made the most sense for your type of business. You’ve sized up the competition and received feedback on what could be improved about your business model. You’ve also hired a handful of employees and provided them with the right incentives, benefits, and perks. And finally, you’ve explored what kind of marketing techniques work best as you scale your business.
If you’re ready for the next challenge, the question you may be asking is how you can move from the startup stage to the growth track. Here are a few tips to start the upward climb that could bring you company to the next level and lead to even greater financial rewards.
Delegate. Enough of you micromanaging your employees and looking over their shoulders to make sure they’re doing their job. Periodically check in with them, but at a certain point you have to let go of the reins and trust them. Trying to handle everything yourself isn't any way to run a growing business.
Prioritize. If the color of your logo is keeping you up at night and preventing you from placing orders on parts and stocking up on inventory or hiring personnel to lead your marketing team, then it’s time to be real. Your logo will most likely change as your brand and business evolves. No need to obsess over it. As you’re taking your company to the next stage, learn to pick and choose your battles.
Get Attention. Growing up, you quickly realized that the youngest child in a family had to find ways to get attention. Using the same philosophy in the business world, look at your company as the younger sibling to the more established companies you view as your competition. You can do things to get the attention of your customers that older companies can only dream about.
Talk Big. In the beginning, you probably introduced your company as a “small startup.” Now change your pitch. If you want to be seen as a growing business, you have to talk the talk. Explain how your company does what it does better than any your other competitors. When you can say things like “We've increased sales for companies like yours by 15 percent,” then potential customers will see the confidence you have about your business.
- Spur Action. Set hard deadlines on products and productions that you envision being key tools to growing your company. Don’t wait around for someone to get to it. Even if you have to pull staff into a meeting to support this effort as your personal priority, it will give employees a sense of urgency.