You want to build an empire. But it takes a sound strategy if you want to go from a scrappy startup to a profitable growing enterprise. Here are five proven ways to grow your business.
1. Ensure You Can Scale
If you really want to grow, you need a business model that scales. That means you need to stop working “dollars for hours” and ensure you can increase revenue without it costing a fortune or putting a big strain on your resources.
This can be particularly challenging for serviced-based businesses. Consider that a personal trainer has a limit to the number of clients they can work with because there are only so many hours in a day. However, they can start to scale if they run group classes. They can scale even further by running online training programs, which may offer nutrition and exercise plans. Consider how your business can scale so that you leverage what you’re currently doing to create more revenue.
2. Do You Have a Conversion System?
Before you even think about getting more people into your store or traffic to your website, you need a system or funnel for converting leads. After all, what’s the point of attracting prospects if you don’t have a clear way to convert them into paying customers?
That means once people express some level of interest in your product or service, you need a system to nurture them towards purchasing from you. If it’s an expensive item, this might involve a series of one-on-one meetings or calls to answer any of the customer’s questions or concerns. If it’s a digital product, you might incentivise them with a discount or promo code.
3. Smart Marketing and Promotions
Once you have a solid conversion funnel in place, it’s time to fill that funnel! And you do that with smart marketing and promotions. Filling your funnel means getting foot traffic into your brick-and-mortar store or enquiries via your website.
After that, it’s a numbers game. When you fill your funnel with quality leads, a percentage of those will convert into sales. To grow your business, you either need to increase your conversion rate or put more customers into your funnel. And because you have a business model that scales (see point one), your business will be ready to soar.
4. All Systems Go
Efficient growth only happens if your operating systems are robust, clearly documented and streamlined. When you’re growing fast, you might get all hands on deck to cope with everything that needs to be done. But this can leave many people wondering who is supposed to be doing what. Roles and responsibilities need to be clearly defined for every work process.
Implement a ‘worst-case’ approach to documentation. If one of your team members were to resign suddenly, are their tasks clearly documented so that someone else can walk into their role and take over with minimal disruption?
5. Joint Ventures and Collaborations
If you want to grow quickly, consider joint ventures and collaborations with other businesses. For example, a physiotherapist may partner with a local gym. A florist may collaborate with a wedding planner. An Australian business that wants to go global may work with an established organisation in another country. We’re not talking about forming a whole new business – simply a project or campaign you can work on together that enables you to market to their customers.
That means you should collaborate with businesses that are not direct competitors, but that reach your target customers. That way you get to market to a ready-made audience who are likely to be interested in what you have to offer.
Ultimately, fast growth relies on having an entrepreneurial mindset. If you’re ready to put in the work and implement the above strategies, you could be reaping the rewards sooner than you think.
Learn how to start a business like a pro by reading these four key considerations.