Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

6 Tips to Successfully Grow Your Business

Written by Erik Larson, Community Blogger | Sep 15, 2017 2:48 AM

Research shows that eight out of ten start-ups fail in their first eighteen months, and this number continues to grow significantly as years go by. The scary statistics are enough to make many run and give up on their dreams. However, it is important to note that many businesses do in fact make it through their first year, succeed, and continue to thrive in the industry. The question therefore is, what do these successful businesses do to keep afloat in such bad economic times? Here are the top 6 tips to successfully grow your business;

1. Specialization

Nobody can do many things and do them perfectly so it is important to identify what you are good at, where your passion lies and what is that particular need that you can fill in the world of business. Though many huge companies seem to have many products and services, the owners will tell you that they started with one product and service, specialized, perfected it and then moved on to others. Specializing will help you put your entire focus on that one thing and give it your best.

2. Organization

Organization and planning are some of the key secrets to a successful business. You have to set achievable goals and have a one year and three year plan so that you can focus on achieving them. When you know what you are going to do when you wake up in the morning, it will be hard to waste time thinking or doing nothing. Have clear roles, goals, and tasks for yourself, the employees and the company to be achieved daily, weekly and monthly.

3. Make sacrifices

Owning a business is not like being employed where you just have to do your part and leave at five. The entire burden of success lies on your shoulders and so you have to sacrifice by working overtime, putting in your own money and even losing friends. When you make profits as a new business, the cash should be put back in business for it to grow not splurge on new cars and shoes.

4. Make relationships a priority

The biggest asset in your business is not machinery or property; it is the people who work for you because those things can't run themselves. The amount of passion, dedication and hard work employees put in business is what brings income to the business, and so they must be valued. Employees that are treated well, paid well and taken care of will be loyal, more productive and they will not leave the company as often. In the same breath, the business must have good relationships with the customers and suppliers by having excellent customer service. If you cultivate healthy relationships with lenders, you will be able to obtain working capital loans for small business even in times of crisis.

5. Position yourself against the competition

Unfortunately, there are very few things that haven't already been done in this world no matter how inventive you are. Success in business is not about lack of competition but bringing something better than your competitor. For example, Toyota brought Lexus to be their high-end luxury car competing with Mercedes and BMW, but Lexus is cheaper and therefore affordable to many people. Know your competition inside out and try to stand out.

6. Keep improving your product

The only thing that inevitable in this life is change. No matter how creative you are, always challenge yourself to become better. Keep improving your business processes and product. Organize for the employees to get training about new skills as they come up and keep up with technology. This is the only way to compete with new businesses coming up and stay relevant in the industry.

Successfully growing a business takes a combination of many factors including making great products, marketing and staying consistent. You have to be very passionate about what you do and try to infect that passion to your employees so they can be enthusiastic to grow the business. There is no guarantee that the business will succeed but these tips have been tested and proven, and they will work for you. Regularly evaluate your processes and eliminate any strategies that don't seem to be working for the enterprise.

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