It’s easy to get discouraged by the long-term nature of business. We all want to be successful now, but it very rarely happens overnight. Instead, it’s often years and years of hard work before we can reap the rewards.
With a number of businesses under my belt I’ve learned it’s the little things we do along the journey that pave our later successes.
Whilst the journey is different for everyone, here are a few short-term tips that most businesses can apply to help them take that first step on the path to long-term benefits.
- Grow for growth
One of the fastest ways to grow your business in the short term is to expand. While it comes with a certain amount of risk, in the longer term, a strong expansion strategy may be the first step in growing your business successfully.
When it comes to expansion, there are as many different options as there are businesses, and one size won’t fit all.
Have you thought about taking on more staff? Would you look at moving to a larger premises? Or is there an opportunity for you to increase your product offering or bring new services into the business on your own?
Take the time to investigate what will work best for your business and don’t be afraid to think outside the square.
- Focus on customers
When looking at growth strategies, it may sound cliché, but improving your customer service will help you sell more to your existing customer base and also find new customers, both of which equal growth for your business.
Happy customers will refer your business to others, providing you with free, favourable (and valuable) word of mouth advertising. Unhappy customers will do the exact opposite. Remember, word of mouth can be like wildfire – both good and bad news spreads fast.
Take the time to invest in your service staff, assess their skills and provide training if you find it lacking. Remember, the customer is king, and in today’s market you need to do what you can to ensure they’re happy.
- Time to franchise?
If your business is ready (and compatible), maybe it’s time to think about becoming a franchise. It can be one of the fastest ways to capitalise on your existing customer base, grow your market share, as well as attracting new customers to a popular brand.
And while it sounds obvious, don’t underestimate the fact that your franchisees are financially invested in helping the business succeed. For that reason, they’re more likely to go above and beyond to help you grow the business quickly, because at the end of the day, if you succeed, so do they!
- Take advice
No one knows everything, and the advice you can receive from an experienced businessperson or mentor can help you develop business skills and achieve success earlier than you may have been able to without assistance.
A good mentor will listen, provide advice and also push you to grow your skills and take your goals to the next level.
Look around you, is there a friend or family member or even a business contact that can act as an informal mentor? If not, look into a mentoring program run by an industry association or alliance, or check out further training options to help you maximise your abilities in areas you’re not so confident in.
- Think differently
Never underestimate the power of thinking differently. It may be as simple as improving a product you already offer, changing the way you service your customers, bringing a new product to your market, or even sharing your existing product with a new market. People get excited about trying something new, different or unusual.
When I started my pie business in South Africa, I had high hopes, but never did I expect it to end up the nationally recognised success it was – there’s no doubt that a proportion of that success was simply down to the fact that the concept was new and different.
Don’t be limited by what has worked in the past, and try not to discount those ideas that seem completely left of field – they might just work. Let your imagination take you to where your market is!
Stan Gordon’s piece originally appeared on Kochie’s Business Builders, 30 April 2014.
