Every business needs a growth formula for business if one is not implemented, then your business will definitely be on a stagnant path. Think about it, when you start a business, you will need to have a technique in which you incorporate the right tools and ideas into how to effectively grow your business. Growth tactics are vitally important because, no matter the industry, you have to work with the greatest tools that will make your business successful. But what or how a growth formula can be developed for your small business that will be effective no matter the industry you are established in:
• Know what your business is about and what you want
In your business, you may want to suit the needs of all those who come in but in doing so, you may neglect what is vitally important and focus on something else. It is great to satisfy all customers but as a small business, you must focus on what your business directly offers and grow on that strength. This is what many small businesses fail to realize because it is as if they want to achieve so much in a short period. For your small business, it is important to focus more on achieving the short-term goals than reaching for “far service offerings”. This on its own will allow you to fall off track on what you really need for your business and what you wish to achieve from it. Bear in mind, patience is one of the most important aspects of growing your small business into what it needs to be.
• Stay focused on operating your business
In running your business, you need to be focused at all times. You need to implement strategic planning and incorporate this into operating your business and sticking to it. If during the planning you have set a three-year goal, remain focused on achieving those goals and never focus more on what other businesses are offering. This will definitely throw you off track and if not careful, back to “square one”. You have to motivate your team to work towards what you initially planned for your company to achieve. We have seen so many small businesses that were on a growth path, stumbling shortly after because of avoidable mistakes they made. They were more focused on creating a company like their competitors and in the long run, losing track and having to start over. This is more than enough frustration to even stop running the business. The focus may be considered too as one of the most important for your growth formula.
• Don’t just run the business like it is your trade
Running a business is more than just like doing your regular trade or what you are good at. This means for instance if you are good at App development, doesn’t necessarily mean you will run a great iphone app development company. Operating a great business is more like having a business mind and putting the points into operating a business. Having the knowledge of the industry is great but knowing how to effectively operating under the circumstances is more technical.
There is no perfect way to start and operate a business but implementing the right tools and techniques will bring about success. You have to put in your passion and urge for success and the need to achieve your goals into running your business. Basically, the formula for effective operation includes, creative thinking, strategic thinking and great branding to bring what you need for your customers to need and appreciate.
I am Martin Sumichrast, CEO of Level Brands Inc. I have been a seasoned entrepreneur in my entire career. I have co-authored multiple books and also worked for some big magazines like Engadget.com and Seeking Alpha. Currently, I am working as a part time blogger for DreamJobs that offers various job vacancies in Sri Lanka.