No entrepreneur launches a startup
and hopes that the business will progress at a snail's pace. For most new
business owners, rapid growth and market recognition are at the top of the list
of goals for their fledgling venture. But immediate success has always been the
exception, not the rule — and even at that, nothing truly happens overnight.
While there's no "magic
bullet" solution that guarantees instant results, there are a few things
you can do to boost your sales and brand image as quickly as possible. Small
business experts and leaders shared their secrets for accelerating your
company's growth.
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.
"Hiring the absolute best
people you can is a surefire way to ensure fast growth," said Christian
Lanng, CEO of business software provider Tradeshift. "It's all about having the right
team."
"With a small business looking
to grow it's important to have the right players at the table," added
AprilDavis, 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.
Reduce your risks.
Risk is an inevitable part of starting and growing a
business. It's impossible to control everything, but there are plenty of ways
to limit internal and external threats to your company and its growth. One
important resource to help you accomplish this is your business insurance provider.
"Small businesses need to
manage their growth to avert disruptions that can bring business to a grinding
halt," said Mike DeHetre, vice president of product development at Travelers, a
small business insurance provider. "For example ... the theft of employee
data, customer records and product designs can destroy a small business,
generating significant costs and eroding customer confidence and loyalty. Not
every business owner's policy covers data breaches or other cyber losses. Small
businesses should be prepared by seeking insurance products that help them
recover, including those that cover the cost of remediation and lawsuits."
As small businesses grow, they may
add space or equipment, create new products or services, or increase their
operating and distribution footprint, so DeHetre advised periodically reviewing
your policy to ensure you have the right coverage.
"It's easy to forget this step
amid rapid expansion, but you don't want to find out that you've outgrown your
coverage just when you need it the most," DeHetre said.
Be adaptable.
One trait that successful startups often have in common is
the ability to switch directions quickly in response to changes in the market.
Lanng noted that an agile approach to development, both in terms of your
product and your company, will help you grow more quickly.
"By allowing yourself to adapt
and change quickly, you're able to test different approaches to business and
find out what works best," Lanng told Business News Daily. "It allows
you to fail, pick yourself back up and keep going."
Focus on your customer experience.
Customers' perceptions of your business can really make or
break you. Do a good job, and they'll quickly sing your praises on social
media; mess it up, and they'll tell the world even faster. Fast growth depends
on making your current and potential customers happy with their experience.
"Compared with large companies,
small businesses are nimble, and often better able to see, anticipate and
respond to their customers' needs," DeHetre said. "The most
successful small businesses exploit this advantage, by bringing new and
innovative products and services to market more quickly and developing and
nurturing long-term customer relationships."
Dennis Tanjeloff, president and CEO
of Astro
Gallery of Gems, agreed, and said that listening to your customers
and giving them what they want is of utmost importance.
"Diversify your offerings so
you can best cater to the customers' changing tastes," Tanjeloff said.
"Remember, you are here to serve the customer — it's why you are open for
business."
Invest in yourself.
In the early stages of your business, you'll likely see a
very lean profit margin (or no profit at all), so any money you do make should
go directly toward helping you grow.
"A startup's ability to invest
in itself [helps] accelerate growth," Lanng said. "In those early
years, it's critical to make sure that you're redirecting any revenues back
into the company. It's vital to invest early and heavily in order to grow
quickly."
Always think ahead.
While agility is an important quality for a startup, you
can't fly by the seat of your pants when you're running a business. Planning
your next step, even if that means anticipating all possible scenarios, is the
best way to stay grounded and secure as your business evolves.
"Set the foundation in place,
water it and watch it grow," Davis said. "If you do the foundational
work, when you experience growth, it won't be that difficult to adjust since
the hard part is already done."
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