A recent article I saw in the Money section of USA Today really hit on a few different aspects of growing your business.. but seemed to resonate with tips and advice I’ve heard at our Roundtables Meetings over the past several years.
Here is an Infographic (PDF) to help break them down:
- Know what business you’re in
Knowing your strategic position and monitoring how your core competencies meet the demand of your clients and line up against your closest competitors is imperative for growth.
- Take care of your bread-and-butter business first
Expanding the breadth of services, especially in a booming market, is fine. However, as you add more services, keep an eye on what you do best and what brings in the most profit.
- Don’t bet all your money on one horse
Sticking with one vendor, one lead generation method, one subcontractor, etc. can be perilous to your business should they disappear or shift their business focus, for example.
- Be clear about your target market
Getting a clear understanding of exactly who and where your target market is drives greater efficiency across your business and leads to growth.
- Identify exit scenarios
Knowing what your end-goals and options are will help you grow your business in the right direction. Start building the policies, procedures and plans for continued growth for the next generation or potential buyer.
- Build one business at a time
Focus on making your business, your product or your service the best it can be and then, and only then, explore other opportunities.
- Choose a strategy you can afford
Getting over-extended can limit growth and lead to disaster; Know your limits, construct your plan strategically and build your operating and marketing budgets appropriately.
Did we miss any? Are there other tips you can provide that helped build your business? We would love to hear some in our comments section below.