How to: Grow a small business
Is a bit like growing a flower. I will use the Giant Himalayan Lily for this example, a gorgeous plant that takes 7 years to grow and blossom into a stunning, 3.5m tall flower.
You first need to get the compost nice and ready.
Perfectly damp with plenty of nutrients ready for the little seedlings. Timing is everything for a small business. The timing of your service breaking out there needs be at the right time in the marketplace. The compost is also there for stability, because you have to cover your back financially when starting out on a small business. One example of a good financial plan is to make sure your cost to acquire a new customer is significantly less than the amount you earn from said customer over a period of time.
Then you plant the seeds.
These seeds are the plans and goals for your business, remember the wise words of Benjamin Franklin; “if you fail to plan, you are planning to fail”.
If the seeds get enough love, oxygen and attention, little sprouts with pop up.
But remember, these little sproutlings are not the beautiful flower you have set out to grow. But they’re still exciting nevertheless! This is the time when your business is getting off the ground and is bringing in some serious happiness (and dosh). Basically it’s the time when you really can’t EFF it up. Investing in good technology at this time is key, as 2/3 of business owners wish they had taken better advantage of new technology innovations to help manage their business near the beginning. It helps you stay competitive and efficient, and can save you money on overhead costs for silly things like accounting, reports, data collection and marketing tactics.
Then, the ugly yet stable stalk will start to bloom little flower buds.
Another milestone! But still they are young and blossoming. Constant attention is still needed but they are beginning to look more attractive. This is the time when you need to catch your customer’s attention via smart branding and marketing. To connect with them, you need to attract them to you with offers/services that they just can’t refuse on different platforms such as both online and offline advertising.
The flower has bloomed. So beautiful and worth all of your amazingly hard efforts to produce such an amazing outcome!
A storm is near.
But, I don’t want to burst your bubble, however all it takes is a big storm to blow that flower down and you have to start from scratch again. So make sure your customers experience the best service you can offer, as all it takes is a few unhappy chappies to blow up and ruin your reputation. 80% consumers are influenced by ratings and reviews, so you definitely need them to boost your presence, just make sure they have nice things to say to you.
Bottom line is its gonna take time, that’s for sure. The growth won’t happen overnight, yet the end result will be absolutely magnificent. So admire the beauty of the blossoming, but feed and protect the roots so it can stand through all rain and shine.