No entrepreneur desires to start a business that fails, especially within the first 5 years. However, if you are not mindful of what happens when the newness wears off, that is exactly what will happen. The advice of “follow your passion” is practically useless if you are lacking strategy on how to grow and stabilize it. The following steps will provide some insight and guidance on developing a business platform that is constantly growing.
- Identify your ideal customer.
Your customer is and never will be every consumer available in one particular market. Every business has a target audience they market for/to. Narrow down who your specific customer is and why. Use this information as a basic guideline to grow and sustain your business.
- Remain flexible.
The taste buds of your clientele will change, because of this, you will always find yourself needing to make small adjustments to remain relevant within your market. Don’t believe this to be true? Just consider how the iPhone has evolved over the years. In an arena that is constantly changing, you cannot be resistant to the change.
- Stay focused.
Do not become discouraged if you do not see results as quickly as you desire. Building a sustainable business takes time and patience. As the old saying goes, “Rome was not built in a day.”
- Know your competition.
Always look at other businesses within your industry to study ways to keep your product or service unique to your clientele. You cannot be afraid to analyze the new or old strategies of your competition in order to remain relevant and success in the industry.
- Capitalize on your strengths.
When seeking sustainable growth, focusing on your strengths will allow you to develop strategies that will help your maturation. Although, you should always be aware of your weaknesses, they will not grow your business.
- Excellent customer service.
Establishing excellent customer service will built customer loyalty and rapport. When excellent customer service is rendered, customers are more inclined to visit again. Building a relationship and positive experience with your customers, allows them to see that they matter.
- Create a strategy.
Growth does not occur when you lack a clear plan or direction of where you desire your business to go. No matter how unrealistic you feel your vision may be, write down a clear path of what you desire to do, how you’d like to expand, and create a plan to get there. Within in this plan, include goals and benchmarks.
- Be teachable.
Newsflash, it does not matter how successful you become, you will not and do not know it all. Always look for ways to education yourself on your business, your competitors, your leadership/management skills, and other areas that can produce personal growth and development. Never get to a place where you believe there is nothing for you to learn.
- Embrace your mistakes.
Every great visionary has an area or areas where he or she has failed. You won’t always get it right the first time and guess what? That is okay! Embrace your mistakes so that you are able to learn from them and perform better the next time around. Have a quick recovery time and keep the train moving.
- Responsible Finances.
Poor money management will destroy your business in the blink of an eye. If you aren’t familiar with the basic concepts of budgeting and money handling, hire someone who does. Finances aren’t always a natural born strength of the average entrepreneur.