The 5 Keys to Business Growth

business growth lessons

A great deal of time and effort goes into growing a business successfully.

Every business is a little different, but there are 5 essentials to growing any business.

If you keep these 5 essential strategies in mind, you’ll be able to make decisions that lead to sustainable growth.

1. Your Product Fulfils a Need

No matter what product or service you sell, it needs to fulfil a need that your target audience has.

It must solve a problem and make their lives better in a tangible way.

Most products save time, money, or headache for the people who use them.

Identify how your offering is a unique way to solve customer problems.

Get regular feedback from customers as you grow and the market changes.

You can then adapt your office so it continues to meet your customers’ needs.

2. Growth Relies on Information

Great business leaders are information junkies.

They’re hungry to know everything they can about their customers, their industry, and their competition.

Things can change quickly and you need to know about this change even before it happens.

Establish information sources and ways to continually get feedback from the market.

Use the very latest market information to guide key business decisions as you grow.

3. New and Crazy Business Ideas

To grow your business, you need a steady flow of new ideas.

New ideas are where new business opportunities come from.

They don’t have to be amazing, world-changing ideas.

Each idea just needs to be something you can test and see what happens.

You won’t know if an idea is good or bad until you have tested it, so don’t limit your thinking.

In fact, the more your ideas are “outside-the-box”, the better.

Regular brainstorms are an excellent way to find new ideas.

The more ideas you can generate, the more you can try out and see if they have any value.

You should always be thinking of new products, markets, marketing channels, and content types to explore.

Put aside some time every week to indulge in some blue sky thinking.

You never know which crazy idea could revolutionise your business, or a whole industry.

4. Get Ready to Scale Before You Scale

When a business starts to grow, it can feel like things are quickly spiralling out of control.

You now have more orders coming in and you have to ramp up, while at the same time fulfilling those orders.

It can get hectic, so you should lay the groundwork before you actually need it.

Things like hiring outside help, implementing automation tools, and training your staff on new tasks shouldn’t be done in a hurry.

Start now before you really need them.

A great book to read about getting ready to scale is The E-Myth by Michael E. Gerber.

5. A Strong, Clear Business Vision

If you haven’t already done so, create a statement that clearly explains your business’s vision.

How does your business uniquely make your customers’ lives better?

It is important to identify this in the early stages and keep it in mind as you grow so that you don’t stray from the path.

If you’re a small business with a family feel, for example, you want to keep this family feeling even as you grow.

Start Planning For Growth Now

When you think about your business growing, it probably seems like a dream in the distant future.

But even if you’ve just started your company, it’s time to think about how you’ll grow and lay the groundwork so you can do so successfully.

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Written by 

Co-Founder & CEO of Link Management Group. An Investor & Coach to Small Business Owners, for the past 30 years I have helped startup and early-stage businesses to enter new markets and achieve sustainable growth of both revenue and profits. I have experience across a diverse range of sectors including central government, information services, software, health insurance, pet products, couture fashion, entertainment and aviation.  How can I help your organisation accelerate growth and achieve its full potential? 

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