Your business is doing well. You’re in the black, busy and, as well as working with the clients you’ve got, others are knocking on the door. It’s hard work but it’s exciting and rewarding. But how do you take that next step? How do you go up another level and really take flight in the business world?
Here, we’ll explore a number of ways to grow your business and really stand out in the marketplace.
Longevity is built upon strong foundations. Your success relies on this, confirms marketing consultant Kim Baird in her article “Are Your Business Foundations Solid?,” which focuses on your “inner game” and the ambitious mindset that’s got your business into a position of sustained profitability.
That’s a critical part of it, as are strong finances (how’s your credit with the bank?), the reliability of your tech infrastructure (including equipment and other key hardware), and operations (including factors such as task delegation, communication, and invoicing).
And it means underlining your reliability and professionalism with, for example, insurance for a business at next-insurance.com, which offers flexible legal compliance to protect the company from issues such as accidents and injury at work, copyright violation, and professional liability; to give clients the reassurances they need to continue working with you.
Maximize core assets like staff, cashflow, equipment, and premises by ensuring they are operating efficiently. This means consistent review. It’s about making the most of what you have.
This is accomplished by, for example, having in place a business plan, outsourcing non-core activities while focusing efforts on core competencies, utilizing technology to your advantage, being innovative in aspects of customer service, communication, and other relevant areas, and tracking productivity to identify shortfalls and maximize potential output.
Invest to Grow
Investing in the business must be driven by a long-term plan. This will help highlight aspects and areas of the business where investment will prove most advantageous. You may need to enhance your brand with either an entire PR makeover or something simpler like a new logo.
You might need to improve your website, particularly if it’s both a sales tool and an e-commerce portal. You might have ambitions to grow the business’s capability by hiring new staff with fresh ideas or developing the skills of the current workforce through training.
Empower Your Employees
You’ve established a good reputation and you’re producing a great end product. But to really fly you have to get the best out of your staff. There are lots of ways to accomplish this. John Rampton, writing on entrepreneur.com, lists ten, for instance, including operating a working environment that values transparency and feedback. In other words, accept mistakes happen, encourage employees to learn from them and grow within their role, and empower them with reasonable autonomy.
Align the workforce with the business’s long-term goals, make them part of the journey (bonuses and profit sharing are great but a “thanks” is helpful too), and invest in their potential with the best equipment and skills development opportunities.
The key to helping your business truly take flight is to understand how you’ve achieved your success and take that as your stepping stone to the next chapter in your company’s story.