Growing Your Business

Nine Secrets for Turbo Charging Your Business Growth Rates

by
Julie Farless
on
5/16/2016
Nine Secrets for Turbo Charging Your Business Growth Rates

Every business owner has big plans and bigger dreams. They envision the organization that they are nurturing eventually growing into a huge success and achieving the American dream. Though there is nothing wrong with having these kinds of aspirations, it is important to remember that there is no real secret to success. You need to have the right product at the right time, and dedicate yourself to working hard.

That being said, there are certain things that you can do to help facilitate your business's potential and the achievement of your goals. Here are nine of our top tips for helping your business grow at an accelerated rate.

1. Start with the Right Staff

If you think that you're going to do it all on your own, you're making things a lot harder than they need to be. And if you don't think that the staff you surround yourself with matters, you're wrong. Make sure that the employees that you are hiring are highly skilled, talented, and dedicated to hard work and helping you achieve your dream. If they believe as much as you do, then so much the better. If they seem hesitant to do the work, or like their focus is elsewhere, find somebody else. The better your people, the better your chances of success.

2. Know Your Strengths and Stick to It

One of the biggest mistakes that new businesses make is in trying to be all things to all people and trying to deliver services that are outside of their original focus. You chose your business based upon what you are good at and what you want to provide, and as tempting as it may be to agree to offer extraneous items or services that other people mention, or seem to be related, doing so just dilutes your concentration. Do the thing you set out to do, and do it well.

3. Focus on Retaining and Growing Established Business

A lot of companies spend all their energy seeking out new business and trying to expand their customer base. Though new customers are important, it is the established revenue sources that you need to hold onto and concentrate on growing incrementally. It's a good idea to offer incentives to encourage continued loyalty, to analyze past buying behaviors and use them to encourage repeat purchases, and to offer referral bonuses as a reward for encouraging them to send colleagues or clients your way.

4. Motivate by Example

When you love what you do it shows, and it encourages others to feel the same way. Nowhere does this work more to your advantage then in the workplace, so don't be shy about your passion for your business: the more excited and enthusiastic you are, the more energy, focus and good feeling you'll get out of the team supporting you - and that will help your business succeed.

5. Be Nimble

No matter how firm your idea of how your business should operate, it is essential that you have enough flexibility and adaptability to be able to recognize when something isn't working and to make the appropriate change in response. Whether you are impacted by changes in the economic environment, the supply chain, trends in the marketplace or anything else, being able to pivot is essential to your long-term survival.

6. Insure Against All Types of Loss

The potential for loss is present in every type of business, and comes in many forms. A savvy business owner will recognize the risk of supply disruptions, data loss as a result of cybercrime, theft of intellectual property, and other types of losses. Though these episodes are rarely preventable, it is possible to protect against them by ensuring that you have business insurance that is appropriate to your needs. Having an insurance policy in place is a step that is easy to forget, but it is essential - and getting into the habit of scheduling a periodic review insures that your coverage keeps up with your business' growth.

7. Redirect Your Revenues Back Into Your Business

Though it is common for new businesses to have limited profit levels, you should make it a priority to take what little you are able to see as a positive and reinvest it in the business. By doing this, you facilitate and expedite future growth.

8. The Customer is Key

Want to make sure that your business thrives? Keep your eyes and focus on making sure that your customers are happy. Unlike big businesses, small startups have the ability to respond quickly to complaints and to improve services at the drop of a single complaint. The more responsive and service-oriented you are, the better your reviews and word-of-mouth referrals will be, and the more success you will see.

9. Don't Be Caught Unprepared

No matter how well you provide for your clients or how ingenious the product or service you provide, it is important that you have a strategy in place that anticipates all of the possible scenarios that you can face. By doing this, you protect yourself from being caught off guard and ensure that you are prepared for all that may come.

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Julie Farless

Julie Farless

Martinez & Shanken, PLLC is a Certified Public Accountant (CPA) firm based in Gilbert, Arizona. We provide a full range of accounting, bookkeeping, consulting, outsourcing and business services, but we specialize in tax preparation. We work with you to ensure that your personal or business processes are conducted in a manner that ensures ongoing integrity in your financial transactions. We are available to answer your questions and help with your ongoing tax planning and changing business needs.

Deborah Martinez & Earl Shanken
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Arizona

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