Running your own business is something most people think about trying in their lifetime. It’s easy to be tempted by the massive levels of success seen by the top entrepreneurs in this era. One thing all the largest companies share in common is high levels of early growth.
However, if you’ve spoken to anyone who owns a business or has experienced owning a business before will tell you that it’s certainly not an easy task. There are many ups and downs in the entrepreneurial world, and many of those downs can potentially put you out of business!
Many start-ups end up shutting down in the first few months. So how will you stand out and set up a successful business? You can start a business without a lot of money, while others are fortune enough to have VC funding. Deepak Shukla started Pearl Lemon Group by bootstrapping it and funding it himself, with his experience in this approach, we asked him to share his main tips for driving business growth that inspired this article.
Growth is incredibly important when running a business. Higher levels of growth can help a business get off to a great start and carry the firm over any potential issues.
But achieving this growth is easier said than done, especially if you’re not a seasoned entrepreneur. Read on to find out some crucial tips about achieving healthy levels of growth.
Focus on Risk Management
Risks are always going to be taken when running a business. Starting a business is a risk in itself, as it can already cost you a lot of time and energy.
However, limiting your risk and increasing your chances of strong business growth is still possible. You’ll need to work on your decision making if you haven’t got a lot of experience. You need to be able to evaluate your decisions and analyze the risks that may arise from your decision.
The longer you spend running a business, the stronger your decision-making will become. After a few years of experience, you should be able to instinctively make good decisions and choose options that mitigate the risks.
Furthermore, another practical way of reducing risk is business insurance. Business insurance can help with any unexpected costs or issues that come your way. This reduces the chance of large costs being sprung up on you that bring your firm grinding to a halt.
Prioritise Customer Experience
The way customers view you makes a massive difference to your performance. Positive customer perception can be the difference between mediocre growth and faster growth.
Nowadays, consumer reviews make a big difference and making sure consumers come out of a transaction happy will make them recommend you to other potential clients.
Bringing in as many clients as possible will help boost your sales and, consequently, your growth. Working on customer experience will increase your consumer sentiment and result in more people having a positive view of your business.
Utilise Social Media
Technology is always advancing, and it’s important to use this to your advantage.
In our generation, everybody has social media. This means social media can reach most of the people on this planet. Therefore, social media advertising can greatly bring more attention to your product.
Do your homework
As a small business, you’ll likely have many other competitors trying to do the exact same as you. This is why it’s important that you need to stand out.
Researching your competitors will allow you to implement good aspects of their business and apply them to yours. Furthermore, you can analyze problems in their service and solve those issues with your product. This allows you to improve your service and increase the number of customers interested in your company.
Don’t neglect networking events
Networking events can be an incredible tool, especially if you’re new to the business world. Networking allows you to gain more professional relationships.
Professional relationships give you more opportunities for your business. This can range from an increase in your client base to new ideas to improve your service. Furthermore, you have the opportunity to speak to professionals with more experience so you can grow your own expertise.