Before I share my ten strategies to grow your business start-up, I’d like to check in and make sure you’re truly ready to grow…
Some business that I’ve encountered were never started with a ‘growth mindset’. Their business was created to provide a lifestyle for the owner, but now scaling and growth, and even exiting the business are on their minds.
Scaling without the necessary business model and resources in place can be difficult. Business owners who are reluctant to relinquish control or responsibility also make it difficult to scale and grow, creating a bottleneck and stifling potential. Cash flow and funding need to be in place as does a strategy for growth that won’t impact the existing business.
If this sounds like your start-up, don’t fret, you just need to get some strategies in place and make a few plans to get you ready to grow…
NOTE: Don’t feel pressured to take any steps you feel are too big a challenge. But if you want to scale and grow your business, be prepared for challenge (and big rewards!).
Back to those strategies for growth
These are effective ways, proven by me in my own businesses as well as clients I have worked with, and I hope you find value in them too:
Understand your customers
You have customers, now get to know them better by asking for feedback. Use the results to shape your products and services to better meet their needs.
Invest in digital marketing
Search Engine Optimisation (SEO) is vital to be found online, and this tactic can be employed not only technically in the back-end of your website, but on-page and off-page too. I recommend reading up on how to appeal to AI search as well.
Expand your product or service line
Build on popular products to expand sales to existing customers and attract new ones. Just a note to remind you to ensure your expansions remain aligned with your core business.
Focus on customer service
Be exceptional and set yourself apart from your competitors. Emphasise speed, efficiency and above all, personal touches.
Leverage social media
This is of-page SEO – your keywords work here too, but remember, so does your exceptional customer service. Social media is on 24/7, so it pays to have tactics and processes in place to manage that, so you don’t miss an opportunity.
Explore new markets
This goes deeper than expanding product lines – it includes looking at new geographical areas, different demographics or even going international.
Form strategic partnerships
Collaboration and healthy relationships are a lifeline when you’re in business. They can open up complementary opportunities, give you access to a whole new database and increase brand exposure.
Invest in your team
They are your biggest asset after all… Training and development shows them you care as well as improving skills and efficiency. A skilled and motivated team is crucial for innovation and driving customer satisfaction.
Utilise data and analytics
Data-driven decisions are far more productive than sticking a finger in the air. Using analytics can give you understanding into market trends, customer behaviour and your business performance.
Stay flexible and adaptable
Name one thing that isn’t changing in the business world – I bet you can’t! If we learned anything from 2019/20 it is that being adaptable is pivotal. Possessing this ability means you can respond to market changes, customer feedback and competitor developments. From a start-up perspective, it helps you learn from your business performance data and capitalise on growth opportunities as well as navigate challenges.
REMEMBER: Growth is a journey, not your destination and if that journey seems long and arduous, the next section of this blog will help you cope.
Scaling your start-up in 90 days
One of the elements of scaling your start-up is to place a time-bound restriction to your goals. Growing a business is a multi-faceted endeavour that requires a combination of strategic planning, customer understanding and the willingness to adapt.
I hope that my recent articles, taken from my Guide to Starting a Business have shone a light on those facets so far – but let’s now take a look at that strategy and restrict it to just 90 days…
Why create a 90-day plan to scale your business?
Much of my mentoring is rooted in the theory of ‘step change’. This means that whatever you plan to execute, it results in a significant step towards your ultimate goal. Now, ‘significant’ doesn’t have to mean big, the power of small of steps should never be underestimated, especially when they have a significant impact on your start-up.
NOTE: Ninety days is long enough for goals to be achievable and impactful, but short enough that success and reward are not too far away.
Making a 90-day plan
This will require some thought, so plan to sit down with your mentor or team for a few hours and begin to map out your vision for the business in a year’s time. This is an excellent opportunity for team bonding and alignment, and for clarification on what truly matters, and why. Now, rather than set out on a 365-day marathon, break down that goal into smaller goals that can achieved during 90-day sprints.
My tips to help you with this plan can be found in the blog, ‘How to Create a 90-Day Plan to Scale Your Business in 10 Steps’. And, if you would like further support with how to get your start-up ready for growth, you can always contact me for a complimentary, no obligation call.