You may not have attended business school, but that doesn’t mean you don’t have what it takes to become a successful business owner. Take a cue from the greatest entrepreneurs of our time and learn how to “win” in any industry with a mix of intelligence, psychology, strategy, and risk-taking.
Be Resilient and Adaptable
“The market is ever-changing, so in order to grow your business, it is important to be able to adapt to the changes quickly. When you are able to adapt, you can test different business strategies quickly and be able to reduce risks. If it doesn’t work out, you can always try again and get back up. In growing your business, it is imperative to monitor your progress, determine what’s working, and refine as you go. Achieving success doesn’t necessarily mean that you must be the strongest and biggest business out there. Instead, you must be resilient and adaptable in order to thrive and survive in the face of disruption,” says Ryan O’Donnell– Co-Founder and CEO at Replyify
Invest in Modern Technologies
“Automation is the future, invest in automation and it will help you save money, increase your company’s efficacy and encourage business growth. When you automate your repetitive tasks, your team members have more opportunities to focus on building your business and you’ll have more time to plan for your company’s future. Instead of automating all your company’s processes at once, take one step at a time. Decide which issue is the most pressing for your business. Start from there and then move on to the next problem,” says Hamna Amjad – Outreach Manager at Physicians Thrive
Click here for tips to modernize your business.
Market your Business
“You need to understand that marketing is the key to expanding and growing a business. The better you market your product or services, the more customers you attract. Always keep enough marketing budget. Furthermore, always work towards reducing any potential risks and threats to your business. Set out the threats that your business can possess i.e., any potential competitors or overseen loss, and think of the solution ahead. One way of reducing any threats to your business can be having a diverse product portfolio. Always be ready for any unanticipated circumstances,” says William Rivers – Founder and Senior Editor at Senior Strong
“If you want to know how to grow your business, the best way you can do so is simply to grow your business’ online presence. And that does not just mean being more active on social media. It also means increasing your presence on search engines and making sure your web design looks good and is easy to navigate. You can post on social media all you want but, if people can’t find your website on search engines and/or your website doesn’t look right it won’t create a good impression and you won’t be able to get many clients,” says Harrison Tanner Baron – CEO & Founder of Growth Generators
“Just create the simplest, most basic product or service that you can send out into the world and then test it. Use Facebook ads to create surveys. Nothing will be more valuable than gathering feedback early on. It will help you see if you know your audience, if your product is correct, if your offering is valid, etc. In nearly any business, building an engaged email list is the single most important way to give your business value. If you go to sell it, apart from turnover and profit, this is a key metric to guide people,” says Darren Hazan – Founder at DarrenHazan.com
Value your Customers
“The customers are the lifeblood of any business. Improving your customer service should be your priority to grow your business because it is a key enabler for customer acquisition and retention. When you cultivate a loyal following, you can extract more value from them. Happy and loyal customers are more likely to refer you to other people, attracting more prospects, free of charge. Loyal customers will convince prospects to interact with your brand. To provide excellent customer service, it is imperative to seek feedback. You can conduct surveys or establish a complaint system, so you get to learn the experiences, pain points, and needs of your customers. By doing this, you can understand your customers better and know what aspect of your business you should improve,” says Lauri Kinkar – CEO of Messente
“In order to increase the value of your business, it is imperative to add value to everything that you do. There are other businesses like yours out there, and to stand out from your competitors, you have to be able to provide an extra so that you will have the edge over your competition. It could be as simple as simplifying your products to make them easier for your customers to use or increasing the convenience of purchasing your products or services. Also, it is beneficial to do market research. Determine the needs of your existing and potential customers so that you can develop strategies to meet their needs. It is also important to research your competitors because gaining insights can help you make better decisions to be able to scale your small business,” says Liam Johnson – CEO of TheHitchStore.com
Own your Employees
“Building your network is something you should value in your business journey. Growing your business is not a one-night happening and will never be a one-man action. Wanting to achieve progress requires the building of trust within your team and treating them as essential contributors in your journey. The growth of the business is highly reliant and affected by collaboration and teamwork and that should always be considered. I think that this practice is not secret but is underrated. Many starting entrepreneurs do not see yet the impact and influence of a good network in achieving success,” says Keenan Beavis – Founder of Longhouse Media Company
“The most important asset a company can ever possess is its human capital. Working with a dedicated, enthusiastic, and professional team is a key to achieve success in any business. Yet another practical tip for running a successful business would be paying close attention to your data. Or rather, your customers’ data. Why people visit your website, what they think of your products and services and whether they come back has a lot to say about how you’re performing,” says Gevorg Hambardzumyan – CEO of Front Signs
Communication and Building Network
“To grow your business, it is crucial to participate in networking events. Not only does it increase your brand visibility, but it also provides you with great opportunities. With networking, you can have opportunities to partner with a professional in your industry or expand your business to new areas. You can also gain new perspectives and spark creative ideas when connecting with other business owners. You get to know the latest trends in your industry, which is important to help you get ahead of your competitors. The experience and knowledge that these experts can bring to the table are invaluable resources to add value to your small business,” says Matthew Roberts – Chief Operating Officer at My Choice
“A business is not built in value by sales or profit. Sales and profits should be able to be converted into assets of value. Try to set up effective systems and processes. This includes having a process to ensure client pay on time, invoices are correct, expenses are not being inflated or incurred unnecessarily. Always conduct at least a monthly review of your financial numbers as well. This includes financial numbers such as profits, cashflows, key performance indicators/metrics (KPIs), assets, and expenses. These reviews help to quickly identify errors, fraud and position the company for best strategic plans, in addition, to quickly changing as needed,” says Kirsha Campbell at The Boutique Accounting
As long as you keep following master techniques consistently, your business will be fine, and you’ll overcome most of the challenges that you’ll face along the way.