Running a business is not easy by any means. Even after hours of planning and attempts at fail-proofing, there is no avoiding a bump or bruise in the course of making a business grow. And while simply planning ahead cannot assure double-digit growth every year, it can surely pave a long, fruitful path to tread on. Here are a few things to keep in mind if you want your business on an accelerated learning curve.
1. Keep Improving
Technology is changing on a daily basis, with new, better and improved versions of products coming into existence. Nowadays, companies are constantly improving and updating their products to bring them at par with the latest developments. Regardless of your industry, start looking for ways to streamline or tweak the way things are done. Remember, you either move ahead or become obsolete.
2. Take care of your employees
Name-brand companies have the advantage of attracting the cream of any talent pool. However, whether that talent pool wants to stick with them is another story altogether. Ryan Hibbert, CEO of Riot Hospitality Group, suggests it is the culture, benefits and the ideology of the organisation that makes people stay. People work for people, and for this to happen, the relation must be two-sided. When the captain cares about shipmates, it becomes a more coordinated, if not smooth, sail. Talented, happy, and long-tenured employees have a direct impact on a company’s growth charts.
3. Eyes on the prize
Let’s face it – no matter what elaborate plans you draw up, it is your goal that brings people together to produce results. If you don’t have a predefined objective that your organization has to achieve, then all the planning might as well go in the compost. Don’t pin things on for next year. It is very important to set realistic targets and mobilize yourself and your team to achieve them. Even when going gets tough, modify the goals when a situation demands and rally to achieve it.
4. It is not about being good
Being a good professional does not put you on the line to become the next big thing. Just because you are good at something does not mean you will succeed if you make a business out of it. Growing a business is about understanding how the process works. A business only works when you have the required expertise with a business inclined mind The knack of managing the behind the scene operations of a business is what sets apart a businessman from professionals. So, instead of only focusing on utilizing your skillset, take out time to ensure your business’s operational success.
5. Share the passion
The passion of one person cannot keep a business running. Only when the entire team is motivated that you get an organisation enthusiastic about what it does. Showing your excitement towards your work can help encourage your employees to show interest and work harder. They will be more focussed and thus, more successful at work. This will add to the work culture as well as the bottom line in the long run.
6. Set your limits and play by your strengths
Most businesses get stuck when they offer services they don’t necessarily have the means or experience to offer. They try to extend far-reaching services and expand their target markets to get the cash flowing. However, it is something you should avoid doing as this makes you underplay your strengths. You don’t want to be known as a specialist in your trade, not a generalist. Hence, even if it seems lucrative to divert funds into a product outside your experience and comfort zone, take a rain check and re-evaluate the idea when your business is big enough to take on that risk.
7. Don’t overlook marketing
Most start-ups assume that their product, once launched, will have customers lining up outside. But without proper marketing, both big brands and new products end up in obscurity. So, before any product is rolled out, make sure your marketing outreach has penetrated to your target audience.
Business is not a matter of only talent or potential. It is a matter of crossing your “t”s and dotting your “i”s and understanding and keeping up with the industry. While no map can take you to success, these few tips can point the way.