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Record and keep business statistics.

Building Relationships

Build a solid foundation by hiring a smart and competent team and giving them reasons to stay.

Your business is only as strong as the people you hire.

Don’t be afraid to hire people smarter than you, just make sure you learn from them.

Create a workforce that keeps the business going without you.

You don’t want everything to fall apart if you need to be away or you get sick.

• Build a loyal workforce by consistently responding to your employees’ needs.
• This way, you can retain talented employees and save and money that you would spend training new hires.
• Spend money to provide professional development, both for yourself and your employees. This will improve your efficiency and keep your employees’ skills current.
  

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Improve your network and find ways to grow it.

Attend events that put you in contact with area business owners that you can build relationships.

Building positive relationships with these other businesses is a sure way of getting your company name out there.

If others know about you, they can help spread the word, telling others that you exist and passing referrals on to you. Just remember to reciprocate.

• Attend professional meetups, discussions at local universities, industry association events, and chamber of commerce events to expand your network.
• Consider making referrals to other businesses that provide related but non-competing services and having them return the favor.
• You may also consider paying a referral fee to businesses that send customers your way.

Allow your customers to guide you toward business growth by simply picking their brains and listening to them.

Oftentimes customers will inform you of what they look for in a business, whether it’s the type of service or product they desire.

Listen and learn and try to implement those ideas that support and enhance your business.

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Follow-up with clients, vendors, and employees and find out what works and what doesn’t.

Don’t be afraid to hear feedback as it affords valuable opportunities to learn what needs improvement and what should be scrapped.

Follow-up oftentimes avoids the pain and frustration of the unknown, and ultimately leads to the growth of small businesses.

Refocusing Your Efforts

Delegate your day-to-day duties.

As you grow your business, you will need to adjust your own responsibilities to fill a more strategic role.

Your managerial duties should be delegated to another employee, contractor, or virtual assistant so that you can spend time representing your business and strategizing its growth.

After all, both managing and business and growing a business are full-time jobs.

Just make sure whoever you delegate your duties to is up to the challenge.

• You may want to hire outside the company to find someone to take over your day-to-day responsibilities.
• Outsourcing work does not require hiring a full-time employee. Instead, it can involve building a team that may include virtual members, part-time workers, full-time employees, and freelancer/contract workers.
• Handing over these responsibilities can be difficult for entrepreneurs, but rest assured that delegation will help your business grow and succeed.
  

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Watch your environment.

Current market conditions can be the deciding factor in whether or not your business will take off or remain stagnant.

Your advantage as a small business, versus large corporations, is that your business organization is small and nimble enough to quickly respond to changes in market trends.

Watch for these trends and jump on them if they work with your product offerings.

• Try to forecast your customers’ future needs and accommodate them as quickly as possible.
• Be prepared to make miscalculations and fail, but be equally prepared to get back up and move past these failures.

Build your business’s brand.

Modern customers require more than a good product.

They need to believe in your business’s brand.

A brand defines your business’s ideals and goals and separates you from the competition.

As your business grows, your brand will become a signal to customers that they are getting a good product from a reputable company.

Build a brandy by looking at the following components:

• A brand message. Make your customers associate your business’s ideals with your products. They need more than just a description of your product’s features.
• A well-defined audience. You can’t please everyone.
• Locate your market and sell to them.
• Connection with your market. Make your customers feel like they are a part of your business.
• Replicate your brand message everywhere.
• All business materials, advertising, and employees should consistently reflect your brand message.

Use technology where you can.

With the current proliferation of business-focused software applications.

Chances are you’ll be able to find the technology to fix any problem you have.

Locate difficulties or inefficiencies in your business models and then search for software solutions to fix them.

• Technology can also be useful for automating processes.
• See the step about automation in the part of this article titled “Making Your Business Scalable.”

Stay passionate in your business endeavors.

Remind yourself of your reasoning behind starting your business, and never lose that drive.

If you find you are losing enthusiasm, find out why.

There was a reason initially, so stay on focus, and remain positive.

Without passion, your business will not grow.

Increasing Your Reach

Diversify your product offerings.

Diversification offers a number of advantages, including a larger income stream and profit margins. It can also cut down on seasonal shifts in sales.

Look at similar businesses and compare your product offerings to theirs.

Is there anything else you should be offering?

Think about offering complementary products or simply new versions of existing ones.

Invest in advertising.

Even if you have a small budget, set funds aside for advertising purposes.

Use your money wisely, and find advertising methods that have more “bang for their buck.”

It’s important to make sure that your business is out there for everyone to see and eventually recognize it if you want business growth.

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Enter new markets.

Your current customer base likes your product, so why wouldn’t other markets like it too?

Accessing new markets can include anything from offering your product to distributors (instead of directly to customers), other cities or states, other demographics, or even other countries.

Do your research and look for opportunities in these other markets.

When you’ve found one, consider partnering up with another company that already has a foothold in that market (but isn’t a competitor).

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Expand online.

Consumers are doing more online shopping today than they ever have.

To reach more new customers, both locally and around the world, you should have some sort of online presence.

This can be anything from social media accounts to a full-blown online store.

If you’re really looking to expand, hire a developer to create a professional online website and web store to sell your products.

Open a new location.

The most common first step that entrepreneurs take when growing a business is opening another location.

Examine your current location and scout out similar locations in your local area or a similar area nearby.

Then, simply copy the successes of your business model to the new location and try to remove any inefficiencies or troubles that you currently experience.

• You may also choose to franchise your business, which would free you from having to manage new locations.
  

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Repeat growth successes.

As you explore growth strategies and try them out, take a look at which strategies have succeeded and which have failed.

Look at markets where you were successful and those where you weren’t.

Figure out what factors made the difference between these cases and implement those same factors in your future expansion plans.

If a new location or product introduction worked flawlessly, repeat the same process again with a new location or product as many times as you can.

• You should also look at successes other entrepreneurs have had.
• Analyze what they did to be successful in a certain endeavor and apply it to your own business model.