5 Mandatory Principles for Growing a Small Business
Many business owners are so concerned about getting their business idea off the ground that they don’t take time to consider what goes into growing a small business. A good idea is one thing, but it needs to be scalable. There’s no one-size-fits-all way to grow a business, but there are a few mandatory principles that are followed by those that end up being successful.
While this isn’t all you’ll need to be successful in business, these mandatory principles can help guide you toward making the right decisions for growing your small business.
- Timing
Is the timing right for growing your business? If you attempt to scale a business when there’s not a high enough demand then it could end up being a costly mistake. If the timing isn’t right then you’ll have to be patient and wait for the market to shift in your favor, or adjust your offerings to better serve your market’s current needs. Growing a small business is all about being able to stay ahead of your customers’ needs. That way you’ll be ready to meet those needs when the timing is right.
- Brand Equity
These days it’s not just about having the best product or service on the market. Even if that’s the case, if you’re not creating a memorable experience for your customers then you might lose them to a competitor. To keep your customers coming back you need to invest in brand equity. Creating an emotional attachment is key to growing a small business. Building a connection with people that can inspire and influence them is a more important growth factor than having the superior product or service offering.
- Scalability
A scalable business is one that has a repeatable sales process that can be completed over and over again as your business grows. In addition, it also means being able to add new members to your team when needed in order to keep up with the growth of your business. Ideally your sales and revenue should be able to be consistently predicted month after month, and your cost to acquire a new customer should never eclipse the lifetime value of that customer. When these requirements are satisfied then you have a scalable business.
- Technology
“We do it this way because this is how we’ve always done it” is a mindset that can practically ensure the failure of your business. It’s crucial to stay on top of new technology and using the latest technological innovations to manage your business. Growing any size business means being able to embrace change. You can’t expect to scale a business and keep doing things the way you’ve always done them. One of the advantages of being a small business is being able to adjust operating procedures more swiftly than a larger enterprise business. Use that to your benefit.
- Stress Management
Starting and growing a small business is one of the most stressful things you’ll ever do. Entrepreneurs claim it’s many times more stressful than raising children, or maintaining a healthy relationship with your wife or husband. Take care of your mental and physical health to keep stress levels at bay. Try meditation, get in a bit of physical activity; do what it takes to keep yourself happy, healthy, and motivated.
Growing a Small Business: Conclusion
It takes more than just money to grow a small business. The timing has to be right, brand equity has to be in place, your business model has to be scalable, you must be willing to adapt to new technology, and you have to find a way to do this all while managing stress levels.
No one said growing a business was easy, but we can help simplify it. Our concierge services are designed to handle the needs of a growing business. If you need help with scaling your team, our services are the perfect solution.
