How to grow your business faster
If you look through Facebook and LinkedIn there is a list as long as your arm of people who can coach, mentor and support you in growing your business. In our social media, internet-driven world, the possibilities and opportunities for you to grow, build and develop your business is huge, so why are so many still asking the question”How can I grow my business faster?”
“A business is limited by the capacity of its leader”
A quick research on google shows that that hundreds of thousands of searches happen every month for keywords like grow business, business growth and grow business faster.
The major limiting factor on the growth of a business is the quality of the leadership. Most issues outside of leadership and direction can we solved by time or money. Money and time cannot solve a leadership problem.
I believe every business owner should be in charge of their own growth, that means they need to understand what their business growth needs to look like.
Organic growth is the dream. Where customers flow through the door, pick up the phone and send in those emails. In reality, that organic growth is the result of a firm foundation strategy and effort.
Here are my key principles for growing a business faster.
1) Know your niche
As much as you might think it, you cannot appeal to everyone. To really get your business noticed you have to resonate with your prospects. You can’t do that trying to appeal to all. People worry about niching down because they fear it will lose them business.
It will lose your business, but you will develop more business than you lose because you will gain a reputation in a vertical or key market which you operate within.
Niche businesses on average charge more than generic businesses. Niche businesses can usually command a more premium price because of their expertise in a very specific market or sector.
Know your niche.
2) Know your numbers that support your numbers.
I’m not talking about the accounts here. Whats the numbers you want to hit in 12 months, 24 months and 36 months? You’ve probably answered me in £s or $s. What about these numbers…
- How many customers will we have to reach our goal?
- How many enquiries will we need to handle?
- What is our clients average spend?
- What awareness do we need to generate the enquiries?
- What is our conversion rate from enquiry to sale?
The financials are great, but often I find a fundamental weakness when working with clients is that they underestimate the costs and work required to reach the goal. They do this by not working on the numbers that support the numbers.
In simple terms to grow faster, you have to convert more sales, you can do that by improving your conversion rate or you can increase the volume of enquiries (or both).
Once you know the numbers behind the numbers, you really know what it is going to take to hit the growth target.
3) Know what growth looks like.
In the desire for business growth, we can lose our heads. We can without realising it adopt a strategy of pursuing growth at any cost. We’d never consciously do this, but we do. We come out fighting and all guns blazing without understanding the channels and where the new business will come from. So, we try anything and everything.
Perfecting your process and methodology matters. We want to win business and when you are actively pursuing new business it, it will come in all shapes and sizes. Make sure that the revenue you seek comes in a package you are prepared for. Adapting to customer demands sounds like a great thing to do, but if you adapt outside of your process and methodology it will cause you massive issues.
Build a process that works for your business and your customers. Sometimes that will mean saying no. Taking on the wrong work or client can harm your business. Only take on what fits your plan, otherwise, you will miss point one.
Don’t waste time trying to be everywhere, be specific in using the channels which your prospective customers engage with the most. Don’t just do what you think, find out where your customers are, how they respond to different sales and marketing messages. Once you know focus on them. Don’t flit about, stick with platforms and mediums which are relevant to your customers. As you get more familiar you can improve your efforts and thus win more business.
Often I find that the answer to growing a business faster is often the opposite of what we might think. More customers might mean niching down, growing profit may mean fewer customers and understanding your business may mean getting outside help.
If you’d like to talk more about how to grow your business faster, why not schedule a free introductory call and we can see how we can help you focus and deliver growth into your business.