Tuesday, 20 May 2014
Tips On Growing Your Start-Up
One of the most challenging things when starting a small business is trying to nurture it and let it grow, so how can you encourage growth in your small business?
Optimism is key, if you are full of doom and gloom about the future of your small business then it's unlikely that you'll succeed, on the other hand if you are positive about the future and optimistic that the work you're putting in will pay off then you are much more likely to succeed. Being optimistic will also allow you to see opportunity where others may not and therefore capitalise on potential customers.
Use Size to Your Advantage
"If you're not moving forward, you're going backwards." This famous old adage can be related well to small businesses, as a small business owner you can't afford to stand still in terms of the products and services that you sell.
Let's say for example that you own a company that manufacturers and retails floppy disk drives and the demand suddenly shifted from floppy discs to CDs, a large company will organise board meetings, executive meetings and many many more meetings before any new product or service can be put in the works. Your small business on the other hand can get a new product agreed on in a much shorter time and get it to market!
Being a small business allows you to be fluid and dynamic with your plans, if you see an opportunity then seize it.
Stick to the Necessities
If you have a large enough customer base to begin looking for a small office of premises for your small business then you should keep your feet on the ground and don't spend money that you don't need to. I've seen many small business owners go into an office space that's larger than they need, purchase very expensive computers that they don't need and employ people they don't really need.
The only investments I made when I initially moved into a small office were; a desk (for more information click here), a chair (for more information click here) and a desktop water cooler (for more information click here). Why the cooler? Because the time I could waste on fetching water from the communal kitchen area is much better spent working with my customers!
Customer Service is a Sales Tool
Customers have to be at the heart of everything that you do, keeping your focus in the right direction will ensure that your services and products are to the standard you need them to be and if your customers are at the heart of your businesses' growth then you'll have a good chance of success.
If a change or update won't positively affect the experience of your customers then why make it?
Some management teams like to spread a sense of ownership among their workforce to encourage productivity, responsibility and accountability. By involving your customers from step one you can give them a small sense of ownership and build a loyal customer base.
Two Minds Are Better Than One
If you're starting a business with one or more partners then it's advantageous for you to collaborate on ideas, share your opinions and give different perspectives; furthermore, even if you are starting up a business on your own, you can still find like-minded fellow start-up entrepreneurs to share your ideas and common goals with.