How to increase my business
Business Mastery 101 – How to increase my Business Growth
From the quaint coffee shop down the cobbled streets of Santorini, to the heavenly beaches in Bali and Mauritius, to the lavishly designed exotic boutiques in Dubai, Mumbai, London and other business places around the world, every successful business has someone behind the curtains working on ideas (providing inputs to how to increase my business growth) and plans that turn their dreams of success into reality. Ideating, unfortunately, is not as common as we thought it is and a lot of businesses fail to succeed because of their lack of ideas to grow and compete in a world which is evolving daily due to technology, and shifting market dynamics. Let us talk about mastering the world of business with some tips that can help you skyrocket your business in ever changing new age, and if you are thinking about how to increase my business growth then this will be useful.
1. Know Your Target Market
You have a brilliant business idea in your mind and you have the funds to make it happen. So you go on and start your business only to realize that your target market is looking for something else. Are you willing to make such a costly mistake?
First and foremost, it is important to find out whether your idea(s) will have a willing customer base or not. You must vet the market where you are going to launch your business and find out if it will have the impact that you are hoping for. Start in a way where you can get a quick feedback on that, and then develop further or improvise your product or services according to the needs of your target audience.
2. Plan Your Path
Begin with an analysis of where you stand at the moment. Are you starting a new business or do you already own a successful business and you are looking for ways how to increase my business growth? Depending on your clear understanding of where you are now, chart a map that helps you plan your path towards your business objectives.
Steer clear of ambiguity when it comes to the future of your business. You should know where you want to go in the future. Your path will fuel your business objectives and it will provide motivation to you and your team when you are in the middle of rough times.
Spend enough time during planning to make sure that you iron out various scenarios so that you and your team are very clear when it is time to deliver.
Work with Business Strategists to get outside perspective other than yours and your team.
3. Prepare For The Risks
We are well aware that there is good sailing ahead of the stormy skies, but the challenge lies in taking your team through the touch times. A lot of businesses fall apart when they face hardships. As an entrepreneur or a leader, the true essence of a business lies in the risks that you successfully overcome.
Preparing for the risks doesn’t only mean sound financial planning. It involves the ability to lead your team strongly through the risks. Create a fall-back plan that will help you work on unforeseen events. Stay alert about what is happening in the market. Current market is very dynamic, and business strategies that used to work few years back, do not work anymore. Business system that were effective few years back, are not effective anymore. Invest time to validate various scenarios and possible associated risks, so that you and your team is prepared whenever they happen or are about to happen.
4. Stay Motivated and Act Prudently
Motivation is probably the reason why you started your business in the first place. But the problem arises when we end up losing motivation in the middle of overwhelming business planning, financial planning and leadership tasks that we take up once the wheels of our business begin to chug.
Don’t lose sight of the goals that you have created for your business and make sure that you put your ideas into action so that you can succeed. Work with a Business coach / Life Coach to connect with deeper structures of what drives you, your purpose, your vision, your mission, what are your values and values of your organization. They are critical for you to provide constant motivation during your journey. If you are looking for answers to, how to increase my business growth? work with an NLP Business Coach who specializes in Business Coaching as well as Peak Performance Coaching. This way you will have one person as a coach who can work with you as a transformation coach with respect to business and as well as mental aspects of change.
5. Ideate Strategically
With innovation becoming the need of the hour for every business, we can see everyone coming up with creative ways to own the industry and the markets. But some brands lose sight of their own business objectives in the endless race of innovation and ideation.
The keyword if not ideation, it is strategic ideation. When you strategize your innovative ideas, you provide your brand with the wings they need to fly to new heights. In the absence of the right strategy, innovation can often be an expense rather than an investment. Follow your own path, even though there is a temptation to follow what others are doing. What is working for others may or may not work for you. Think through all the ideas and select those that resonate well with you and your team, and then test it, and then go all out to make business results soar!!
6. Value Time
There is nothing that the business world values more than time. If you make your payments (your vendors etc.) in a timely manner, you meet your customer’s requirements in time. Value time of your clients / vendors, plan all discussions, so that you can keep up with time commitments, and can have a firm grip on the project deadlines, and this helps in building a reputation in the market about your trust, being ethical in terms of time management, and also helps to seek testimonials from your clients.
This will automatically help you yield better returns and gain a good reputation among your customers, partners, employees and vendors.
7. Learn Marketing
Even if you have a team of experts who will handle it for you, it is important that you understand marketing because it is your business, your reputation at stake. You should be able to recognize the prudence or imprudence of your marketing team and point out any loopholes that may be reducing your brand’s chance of making an impact. Marketing team will work based on the marketing that works for various businesses; they may not understand the real values that drive the main wheels of your business.
Learn it when your business needs it and not when you will have the time for it. It is better to know how to market your product beforehand rather than waiting for your product to be perfect before you begin.
8. Analyze The Logistics
Whether you plan to open a brick and mortar store or you want to sell your products online, logistics will make a difference. Find out the logistics in the area that you want to cater to. Look for different options. Take quotes from various companies. Understand the risk of speed vs timely delivery. Vet out the pros and cons of everything that is happening in that space, and plan well.
Keeping your budget and requirements in mind, go with a logistics option that is safe and ensures timely delivery or your products or services. Also, make sure that the vendor(s) who are going to join you share the same values as you about doing business.
9. Understand Financial Planning and Analysis
We have heard a lot of stories about businessmen ending up putting their own money into a failing business only to lose it all. On the other hand there are the rags to riches success stories that prove that sound financial analysis can save you from a lot of business-related sorrows.
Take risks, profits, losses, bad debts, loans, rents and bills into consideration when you plan your finances. Set aside a sum of money for the rainy days and make sure your planning does not leave out small bills either. You must account for all of it to succeed financially. Hire an expert to manage your finances, so that you always have an opinion in this aspect. Your primary forte is doing business and spending time to expand that, focus on the primary objectives of what you can do, and take expert advice in areas where you are not an expert.
10. Beware Of All Legal Aspects Of Your Business
Depending on the kind of business you are planning to start or own, you must be aware of the state and country laws regarding the products or services you will be providing. You must also understand the industry standards and make sure that you are able to meet these standards when running your business. Make sure that you comply with all local and international laws, as regulatory compliance are very critical these days, and your reputation is at stake whenever you do anything illegal deliberately or by mistake. So it is always better to be on top in this aspect.
11. Empower Your Team and People To Grow
A business grows when the people in it grow and vice versa. There must be an environment which promotes forward thinking, positive approach; cultivate a positive work culture and build a community of employees who work to achieve your business objectives and who strongly believe in the values of your business. This will come through a strong leadership team.
Pick leaders who can empower your employees and encourage them to work efficiently.
12. Give Your Customers Reason To Believe In You
Customers who believe in your business and your motivation will always return to you. Your actions should demonstrate that you are passionate about your business, you are passionate to help clients succeed. Integrity is one of the most fundamental aspects of a business that is often side-lined in the view of higher profits.
If you plan to create a niche for yourself in the industry then your customers should be able to trust and believe in you and your brand.
13. Create An Unshakeable Fan Following
Engage promptly with your customers. Listen to their feedback and find encouragement in their praise for your products or services. In the Digital world there are many ways to connect with existing clients and potential clients. These social media platforms are very effective for engaging with your customers.
Encourage your employees to provide exemplary customer services so that you are able to build a customer base who will think twice before they decide to switch brands.
14. Know The Latest Trends In The Industry
Recent payment trends have introduced many automated payment gateways and payments with mobile apps. This is one example out of many more of a market trend that you must know and implement in your business (if required) to stay ahead and to compete efficiently. Keep yourself updated all the time and be the first to know when a huge change is imminent in the industry that you operate in, and take early mover advantage. Industry trends can be a business maker or a business breaker in the current scenario. If you are left behind, then the chances are that you may not be able to cover up the ground which competitor would have gained.
15. The Importance Of Branding
Make an effort when it comes to branding because customers relate themselves to the brands they pick. Your branding efforts will be successful when you see your customers talking about your brand and when people are able to connect to your brand quickly and easily.
Make sure you create a brand logo that your customers will be able to relate to and brand your products to increase the visibility of your brand and to gain more customers.
Even though branding is an important aspect, make sure that you are aware of the ROI of how much to allocate towards branding. Make sure you focus on branding activities only after other important aspects of business are covered.
16. Prepping Up For Peak Times Of The Year
Every business has a peak time when they expect more customers than usual. Whether it is holiday season, wedding time or festivals, brands must be ready with the information about the time of the year when they should expect more customers, so that they are able to prepare for this time, and be ready for the surge
From logistics to the availability of products and services, make sure that the peak season for your brand is a success.
17. The Strategic Use Of Technology
Technology is available in a lot of ways for businesses now. But do you know when to draw the line when it comes to the use of technology for your business? Use technology strategically to ensure that your customers and your employees know that they are a part of a brand that values modernization but also understands the importance of humanizing the entire process. There are some businesses which might require more automation, and then there are some which might require more human touch, so see what works for you, and balance the use of technology and human intervention.
18. Taking The Next Leap Towards Growth
With these tips to master your business you will soon have to prepare for a business that grows and succeeds. Prepare for the leap that you take. It can be in the form of increasing the geographical reach of your business, acquiring new clients, serving new countries or simply opening a new center. Prepare for growth and remember to follow all these tips every time you grow, so that you allow yourself to be a success.