Admit it: growing your business doesn’t happen overnight. It takes considerable effort and a massive amount of time. It means you may wear different hats in the beginning, deal with sales and marketing, understanding financing, ensuring corporate compliance, and much more.
The challenges of growing a business can take a toll on you. But this isn’t the time to give up, is it? So buckle up and clear your mind. In this article, you will learn the 7 most important tips for growing your business fast.
Establish Your Core Values
Core values serve as the northern star of your company. Stronger core values provide both internal and external advantages to your company. It limits your decision making and keeps you on track with your business ideals. It also helps customers know your mission as a company and provide more reasons why they must buy your products.
You can integrate your family values with your business. Then, you can measure on a scale of one to 10 on each value how you were doing for that particular week. You can take your lowest score and add more action items for the following week.
Set Better Business Goals
Like having family goals, you should also have goals for your business. Business goals can be divided into two categories: short-term and long-term goals. Your short-terms goals are your targets for a short period of time. You can set, for example, a 30% increase in sales every quarter – that is a short-term goal.
Long-term goals are designed three to 10 years in the future. You can use your short-term goals to drive success to your long-term goals. When you have goals, it is easy to measure how you were doing for a particular quarter or within the year. Having goals lets you know whether your business has made progress or not.
Stress is inevitable when doing business. When you’re working too hard, stress can cause detrimental effects on your health, which is why you need to recharge yourself. Recharging yourself allows you to have a fresh start and gather new ideas on how to grow your business.
Take time to travel. As a business owner, you will have a lot on your plate, but you can start with making a schedule and making sure you get a vacation at the end of every quarter whether you’re successful or not.
Take time once in a while to unplug yourself from technology. Just close your computer and set a later time to read different emails from employees that are pulling you in every direction. You can use this moment to realign yourself and reflect on the vision of your company. It’s important to recharge yourself so that you remain on top of the game.
Train Your Employees
Training can improve the performance of your employees. As a leader, you can train your own members, but you can also have some experts in your team to train new people who join your company.
The goal is to pass on the skills necessary to establish a solid program and consistent organizational flow within your business. For example, you can schedule weekly or monthly training where everybody on your team can add to the list of things they want to teach the rest of the company. It’s like a show-and-tell kind of training where people who have no experience are prioritized first.
There are many categories on which you can focus your training, such as marketing, management, sales, and other important assets in your business.
As an entrepreneur, you may face a lot of failures, but you must have the courage to go through them. Self-motivation is important to keep you going amidst challenges. It lets you see the advantage of every challenge and turn it in your favor.
You can start by having more regular encounters like-minded people. Have simple IM chats with colleagues or a quick discussion with business partners who like sharing ideas. If you fail, treat it as a challenge and learn what didn’t work so you won’t make the same mistake again. Find the habit of recovering from stress and depression due to inevitable failures. Know yourself better and see the good side of everything.
Keep Daily Reporting
How often do you keep an eye on your reports? Making regular reports is one way of tracking your progress. If you keep a habit of reporting, it will save you a lot of time and money in the long run.
For many business owners, the first year is typically the hardest. So, first, you need to decide how many times your team should report to you and in what format you want the report delivered. What is the content of your reports? What software are you going to use to streamline reporting and gather data?
When you maintain consistent recording, you can monitor the progress of your business, make projections of where you stand financially, and oversee your strengths and weaknesses. Without records, it’s hard to have bases for your next steps. But, with consistent recording, you can make a more informed decision about how to grow your business. You can use this data to make better plans for the future.
Get the Right People on Board
A successful company isn’t measured by the number of employees. You can have a small business with three people but still become successful. What you need are employees who know what they’re doing.
For example, if you need a website designer, then you need someone who has the skillset and experience to do that – someone who doesn’t beat around the bush. Sometimes, it’s wiser to work with people with whom you’ve already worked before instead of hiring new people in your team.
In other words, if you need new work done, start reaching out to people who helped you accomplish the same work before. It saves you time, effort, and money training new team members.
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Josh Felber is no ordinary serial entrepreneur. Not only has he penned two bestsellers (one with Brian Tracy and another with Steve Forbes), he went on to win two Emmy Awards for executive producing the acclaimed documentary Visioneer: The Peter Diamandis Story.
Josh has appeared as a guest expert on NBC, CBS, ABC and Fox, and is the host of Making Bank. Josh is focused on challenging himself and those around him to achieve consistent excellence. His mission in life is to help over 100 million people design, develop and deliver their passions.