The world of celebrities is filled with examples where people couldn’t handle too much fame at a young age or an overnight success. The same thing can happen to a young and aspiring business that faces growth too quickly. The problem is that even the most optimistic of people sometimes tend to be… well, not ready for it. Sure, they have a worst-case scenario but what about the best-case scenario? Moreover, is it possible to lay a foundation for a business that’s so solid that it can ensure reliable and steady growth? Of course, it is and with these five simple tips, you’ll be on the right way towards achieving this.
1. Invest in analytics
The first step in ensuring your growth is consistent lies in mapping the way towards success. First of all, this requires you to know your starting point and your end goal, both of which depend on your knowledge of the market. Once you start, you need to know what your keys to success are, as well as what your unique selling proposition is. Both of these come from an extensive market analysis. Still, for this analysis to work, you need A) skilled analysts and B) efficient tools to determine this. The latter can be achieved through a combination of big data and business intelligence software. All of this nonetheless requires resources, time and some careful consideration.
2. Start blogging
In order to connect to your audience on a personal level, you need to find a voice for your brand. This will help humanize your brand and make it much closer to your target demographic. Nevertheless, just having a voice doesn’t really mean much if there’s no one to hear it. Therefore, you need a clear channel of communication between you and your audience. Starting a blog is the most obvious choice, yet, vlogging and podcasting are just as valid options. It all depends on preferences of your audience, your technical prowess and, at the end of the day, which of these formats you feel most comfortable with.
3. Branding strategy
The next thing you need is a branding strategy. Some of your branding goals take time, which is why your branding can and should go hand in hand with your expansion. Most important perks of a well-developed branding strategy are a boost in brand recognition, customer loyalty, consistency of marketing efforts and the attraction of talent. However, in order to have clear branding objectives for your local business, you need to find regional branding partners. For instance, your Victoria-based business needs someone who knows the local market well enough, therefore, finding a branding agency in Melbourne, in this instance, needs to be one of your first objectives.
4. Have a backup plan
Blind optimism is never a good thing, even though the self-confidence that comes from it may be beneficial in some scenarios. This is why you always need to have a backup plan. What do you do if the business starts going south? What do you do if the business starts going so well that you can’t handle this increased workload? What do you do when there’s a cash flow problem? These are just some of the questions that you need to have an answer to long before you actually encounter these issues. In this way, you can immediately respond to an urgent situation, which can save you from a world of trouble and make a potentially dangerous scenario into a minor issue.
5. Calculated risks are important
In order to move your business forward, you need to take calculated risks, yet, risking your entire company for every single decision you make is a gamble-like behavior that doesn’t become an entrepreneur. There’s a difference between a leap of faith and a calculated risk. For the latter to work, you need to start asking some difficult questions. First, you need to ask what’s the best- and what’s the worst-case scenario. Second, you need to weigh the risk and the reward in order to see if it’s worth it. Most importantly, you need to set stop orders (stop loss and stop gain). This kind of decision-making automation is important since it helps you make your decision-making process as unbiased as possible.
At the very end, by playing all the cards right, you’ll have an easier job to prepare your business for growth, seeing as how you’ll come to expect it. This means that you’ll also have an easier job managing it and avoiding potential problems that might come along the way. Most importantly, all of these five tips are valid even as your business expands, meaning that these suggestions and hints aren’t valid only for small business and startup owners.