Your business is your baby
Your business is your baby. Parents are well known for constantly bragging about their beautiful babies. Brag about your business to anyone who will listen, they could be your next customer. Parenting also requires sacrifice, so does running a startup.
Hire the right people.
Before you can even think about your company’s growth trajectory, you need to ensure that you have a solid staff that can help you achieve it.
“With a small business looking to grow, it’s important to have the right players at the table,” said April Davis, founder of online dating service Cupid’s Cronies. “They need to be people who aren’t afraid to roll up their sleeves. The words ‘That’s not my job,’ do not exist in their vocabulary. They have to be dedicated to the mission.”
“Hiring the absolute best people you can is a surefire way to ensure fast growth,” added Christian Lanng, CEO and chairman of business software provider Tradeshift. “It’s all about having the right team.”
Focus on established revenue sources
Rather than trying to acquire new customers, direct your attention to the core customers you already have, said Bill Reilly, a Wisconsin-based auto repair entrepreneur. You can do this by implementing a referral or customer loyalty program, or trying out marketing strategies based on previous purchase behaviors to encourage repeat business, he said.
This focus on your established market is especially important if you’re trying to get funding.
“In the past, we would highlight our business goal to become a franchise, which didn’t resonate with banks,” Reilly said. “We learned to emphasize that there is a large market for what we do. This would pique a banker’s interest because he or she cares about the return on investment more than your business aspirations.”
Know When to Slow Things Down
Entrepreneurs can get caught up in a spiral of never-ending working, networking and promoting – which is why it’s important to know when to slow things down… to achieve more.
Slowing down helps you make sure that you don’t steamroll into projects, waste resources like time (our most valuable commodity) and money, and it can ensure that your entrepreneurial growth succeeds, above and beyond expectations.
Not only that, but when you slow down, you become more relaxed – we must switch off from time to time. Doing so is good of our health, our relationships, our business. Everything.