As you grow your business
Every business desires growth, however the pace at which each one will grow will differ due to different factors.
Either slow or fast paced growth, it’s better than stagnancy. As an entrepreneur or a key decision maker in a startup, there are a number of things you should pay keen attention to and not lose track of.
Money
Either you’re funded by investors or you’re bootstrapping, money drives your growth irrespective of the pace. Proper finance management shouldn’t be an afterthought. Having a team (irrespective of the size) with integrity that manages the inflow and outflow of funds, that ensures proper budgeting and also measures the possible return of every expenditure is a key factor to growth.
It doesn’t matter the size of your revenue, the diligence and character to manage it efficiently will count for the sustainability of your business.
People
Every business needs “great” people to drive their growth. Either they are great at the point of employment or they’re dedicated to their personal growth. It’s pivotal to have a culture that supports the people that work for your business. A culture that communicates roles and the effect of actions and inactions to people sets them up to do meaningful work.
Build and maintain a positive environment that catalyzes the performance of your people, rewards them promptly and displays love and empathy.
Expansion to other markets
It’s easy to conclude that this should be left for businesses with a “fat” budget for expansion. But I will argue that if you don’t consider expansion as a long-term plan and deliberately work towards the possibilities of expanding and capturing new markets, when you have the resources to, you most likely wouldn’t.
If you see value in what you offer customers, top of mind for you should be how you can reach more people. Keep in mind that every market has its own peculiarities and you might have to approach each one differently to succeed.
Range of product/services
Similar to expansion, you should always review the product and services you’re offering and ask important questions that will prompt growth.
Questions like: how can the existing products or services be better?, can you offer more than what you are offering?, is there an opportunity to cross-sell more products or services to your existing customers?
You should spend quality time ruminating on these questions and more time taking actions about exploring the possibilities around them.
As you build a business, it’s possible to lose the bigger picture as you navigate the day to day challenges that you’re faced with. Don’t shrink your aspirations because of current challenges. Consistency and diligence will yield good results and present growth oriented opportunities.
Grow your business with a mindset of excellence, discipline and accountability. Either it’s worth $1,000 or a unicorn.
Clement Johnson is a communication, growth and marketing professional for startups and organizations. For consultations, reach me via mail.
