Having in place a simple, yet on-point business growth strategy for any small business or startup will represent an important step to remain strong and viable in business. Many businesses stagnate due to a lack of a written, business growth strategy. More than 90% of startups fail within their first year, and when questioned as to their business growth strategy, one discovers that it either does not exist or that it is full of generalities.
Most Small Businesses Stay There
Small businesses are the backbone of the American economy, accounting for about 65% of our nation’s employment. Despite the entrepreneurial aspirations and big think that many small business people and startups begin with, their enthusiasm can become quickly dashed by the hard realities of business growth. Very few small businesses and startups go onto to see amazing success.
The Basics of Business Growth Strategy
Elevate the Know-How
One of the most important factors for business and personal growth is Know-How. It is true that we all learn from our on-going experiences. But without a continual effort to elevate the know-how with yourself and the training of your team members. your business cannot grow to the full potential that your dreams and plans embrace.
A survey of what are the important areas to master will reveal for you what training is most needed to not only witness more growth, but to also address the more difficult challenges that lie in the way of your business growth strategy. For many small business owners and startups it seems to be the areas of marketing and sales. One can begin this process by finding the books, coaches, or workshops that will help you to rapidly satiate your need for proven know-how. Create a short period of time each day to focus on elevating the know-how and skills for yourself and your fellow team mates. Growing your business begins with growing the people within the business. Great organizations are built with even greater individuals.
Create & Manage Your Systems
Small businesses and startups are famous for coping and not organizing. After a while, coping becomes a habit and “this is how we do things around here”, actively preventing the development of highly-effective policies and business processes from being put into place. As a result, it is difficult for business owners and principals to shed their “hats” and duties. Business stagnation immediately sets in.
And important element of every business growth strategy must include documenting every business process and procedure so that any newly hired team members can quickly learn the right way to do their duties, thus becoming productive for the business on their very first day on the job.
Another popular and growing option in today’s business world is to delegate some of your functions to virtual assistants. These people as well can follow your exact processes in a manner that is consistent with the brand’s standards. There is a book that I personally recommend to help you improve the systems in your business, The E-Myth Revisited by Michael Gerber
Branding, Marketing & Sales
The brand that builds the better mousetrap will not have the world beating down their door to purchase it. One of the biggest illusions in business and with eager startups is that the better product or service will win the day, purely on its merits of quality or ingenuity. We could spend hours discussing and citing the many examples of how this is not true.
Often, mediocre products and services go onto make millions, even billions. Does McDonald’s make the absolute best hamburger? No, they do not. They market the world’s most profitable business that cooks hamburgers. McDonald’s has an exact business growth strategy that includes many elements. And one of their most important elements is their branding, marketing and sales strategy.
While your small business or startup may not want to become a franchise like McDonald’s, the truth is that one has to master these business functions to experience success and to grow as a business:
- Branding – Defining and showcasing who you are as a unique and valuable business.
- Marketing – Ensuring that potential customers are reached and engaged into and through varied and specific sales funnels and channels.
- Sales – Offering your products and services at an equitable and profitable price, and then ensuring that plenty of customers are closed for the purchase.
An important element of a business growth strategy includes a comprehensive plan that addresses and moves forward all functions and duties of branding, marketing and sales. These include advertising, local SEO, pricing, design, decor, customer service, reputation management, and many other crucial functions to develop and board more customers.
Business growth is impossible without a comprehensive strategy that continually executes policies, programs and tactics for your branding, marketing and sales. With these in place and implemented, one could state that any business growth strategy is incomplete and set up for failure.
Quotes on the Importance of Marketing
Transforming a brand into a socially responsible leader doesn’t happen overnight by simply writing new marketing and advertising strategies. It takes effort to identify a vision that your customers will find credible and aligned with their values.” – Simon Mainwaring
People are in such a hurry to launch their product or business that they seldom look at marketing from a bird’s eye view and they don’t create a systematic plan.” – Dave Ramsey
Never forget that you only have one opportunity to make a first impression – with investors, with customers, with PR, and with marketing.” – Natalie Massenet
Business Growth Strategy Development
Here is a great video that will help understand three important elements of strategy.