As an entrepreneur, one secret you can use to grow your business faster is to “tap” the brains of other successful entrepreneurs.
Don’t try to always re-invent the wheel. Spend that energy in refining strategies that are already proven to work, and apply it to your business.
Assuming that you already have a good product or service, Let me quickly give you 7 proven tips that will help you grow your business.
1. Simplify Your Business
Always remember the Pareto’s Principle.
80% of your result will come from 20% of what you do. As a an entrepreneur, your job is to identify the 20% of your activities that is responsible for 80% of your result and focus on them.
Don’t be a Jack of all trade and don’t over complicate things! Which brings us to the next point.
2. Delegate, delegate, delegate
You have a fixed time to achieve a certain goal, and the only way to achieve more, is to delegate and not everything yourself.
Focus on the 20% key activities, and delegate the rest.
3. Know your audience and serve them!
Don’t try to serve everyone, or you will loose your momentum. Identify your audience and serve them faithfully. Everyone is not your market unless you are Dangote, and trying to serve everyone is a sure route to failure.
Again, 20% of your customers will bring in 80% of your revenue. Identify these important customers and focus your energy on serving them and others like them. If possible, create a customer loyalty program for them.
4. Be extremely careful when hiring and never rush
Good and faithful employees are not easy to come by, and when you find them, they can make the difference between success and failure. Bad employees can bring your business down.
Never rush the recruitment process. Before you start the hiring process, make sure you know what position you want to fill. Create a job description and list the required skills and qualifications. You might think the job description is to attract candidates, but it also helps you narrow down what you are looking for. (Click here for our training in recruitment under ESB Program)
5. Marketing, marketing, marketing
There was a time when people will beat a path to your door if you build a better mousetrap. That era is gone. Today, you must constantly remind people about your products and services.
You are the chief evangelist of your business, no other person can talk about your products and services better than you.
Utilize every opportunity and every platform to market your products and services. Offer to speak at seminars, when your local media needs and expert opinion, make sure you offer to help.
Make sure you include social media and digital marketing in your strategies and always remember that marketing is a daily practice, not a seasonal promotion. (You can take our digital marketing course here)
6. Offer great customer service
If you are not directly involved in customer service, make sure you get the “kindest and most empathic” people you can find. Customer service is the face of your business. Go the extra mile when you can. Your customers will not only remember great service, they will also be more likely to refer other people to you. A bad receptionist can destroy your corporate image.
7. Measure, Analyze, Rinse and repeat
After you’ve applied all tips above, don’t forget to always keep a record. Find out what is working and what is not.
A ship never travels in a straight line, it slightly zigzags along the way, but never goes entirely off course, because the captain continually steers it back to the right directly.
You are the captain in your business. You must not relax or remain in one place. You must constantly adjust different things in your business until you get the required outcome.
Building a business is hard anywhere in the world. But these 7 tips will help to make the process easier and less confusing. They are proven to work, and I am sure that with a little modification, they will also work for you.
Cheers and have a great day!
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