Growing your business is essential if you want to make a good profit, with an eye to expansion in the future and an even bigger payoff. It’s also important to get there quickly, and to keep that turnover coming in so that you don’t succumb to your overheads. Here’s how to do it as fast as possible.
Bill by job, not by month
A lot of businesses will collect all of their work and send out invoices at the end of each month. However, this can be a real hindrance if you are trying to grow fast. Your costs have already been spent, and the goods or services have already been provided. Why wait? Bill your customers as soon as the job is finished, and your turnover will grow quickly too. You will no longer have to wait a whole month until you receive payment.
Build a good team
Your employees are really important in your business model, and they are part of what will help you to grow. Make sure you have good people at your side who know what they are doing, and who have the initiative to take the next step without being told. Hire experts who will tell you what the company should be doing, rather than you having to tell them. This will get things flowing a lot faster, and will rule out much trial and error in your marketing and supply chain areas.
Automate what you can
There are lots of ways to build automation into your business. When things are automated, you and your employees can instead spend time on building the business in other ways. Examples of things that you can set up to run by themselves include marketing, both email and social; accounting; sales reporting; order systems; customer care; and so on.
Nurture your suppliers
You can cut costs and help your business to turn over profit faster by looking for suppliers that are cheaper. But you can also look for a supplier that will deliver as fast as possible, in order to get things to your customer faster. You can look for suppliers who respond well to being taken care of – who might throw in extra services for free or a discounted rate if you are loyal to them. Nurture your suppliers and you will get a lot more out of your business.
Focus on customers
At the end of the day, your customers are what make your business work. No customers, no business. Lots of loyal customers who come back time and again make a business that almost runs itself. This means that focusing on the customer experience and building up brand loyalty is essential if you want to grow fast. Your customers need to have such a good time with you that they come back as soon as they need to place a new order, and they never consider going with a rival company again. That’s how much you need to focus on them. Listen to feedback, especially in the early stages: if you get it wrong once, many customers won’t bother to come back again. Ignore them and do it wrong a second time, and you will lose just about anyone who gives you that second chance.
Growing your business as quickly as possible is all down to technique, and there are more ways to do it, too. Growth Hacking is all about using tips and tricks to keep your growth rate as fast as possible. It’s a very effective way to bring a business to success early on.