Eight top tips for growing your business

Table of Contents

These are the eight best pieces of advice and tips to help you grow your business we can give you, to start today to grow your business.

1. Know Your Strengths And Stick To Them

There are two roads you can go down when growing your business. You can either try to be everything to everyone, which will stretch your abilities and will most likely mean you are not very good at any one thing and that could lead to your downfall. Or you can stick to what you know and just improve and develop it. You might hire more staff so you can take on more clients, or you could develop and learn a new skill so you can slowly add that to your list of services but don’t learn too much too quickly. Don’t go starting to learn five new skills without perfecting at least one, try tackling them one at a time and implementing to see how they perform.

2. Set Your Goals

I believe that if you don’t set goals you have no way of measuring yourself, so how will you know if you have done well? When everyone understands what the overall goals of the organisation are, it allows everyone to rally together and take pride in successfully accomplishing them.

3. Don’t Forget Your Staff

It’s unusual to see a business grow and expand without talented staff. I believe that many organisations forget that loyalty comes when employees feel valued and loved.

4. Learn The Difference Between Trade And Profession

Just because you are good at marketing doesn’t mean you would be good at running your own marketing agency. It’s the same across most professions. Growing a successful business is all about having a good balance between good business mind and a strong skill set. It’s quite common that a business will be better at one than the other. A key factor that needs to be worked on when growing your business is to make sure the behind-the-scenes side of the business (people management, invoicing and operations etc.) run as smooth as the front of the business.

5. Challenge Yourself To Be Better

The world we live in is evolving every day. In order to stay relevant, it is important to innovate, as well as want to get better. This could mean new programs, new services, new thinking or new processes. We should be constantly looking for ways to improve our end product, client relations, and become more efficient at what we do, which ultimately drives a better level of service and higher profits.

6. Be In More Than One Location

Opening up a new office or place of work in a different location can be a great idea. It doesn’t involve having to change how your business operates just means you are in more places than before. However, physical expansion isn’t always the best growth answer without careful research and planning.

7. Licence Your Product

This can be an effective and low-cost method of increasing your profits. You can receive upfront monies and royalties from the continued sales or use of your software, brand, etc. But before you set up a meeting or contact any company, secure a solicitor who specialises in intellectual property rights, this is the best way to minimise the risk of losing control of your service or product.

8. Be More Diverse

Diversifying is a great way of growing your business, it allows you to add value to your current service and allows you to have multiple income streams to increase your sales and profits margins. You can diversify the business you can:

  • Sell complementary products or additional services
  • Teach others how to use your product or teach others how to do your service
  • Do paid talks
  • Learn a new skill you can then sell in the future

Unfortunately, there is no guarantee for successful business growth but hopeful these points can help you and provide inspiration to grow your business.