Growing Your Business In 2020
Let’s say you’re past the startup stages of your business, there’s cash flow coming in but not enough for you to quit your day job and really scale your business. In this article, we’ll go through tips and tricks on how you can scale your business at a much faster rate in hopes to crescendo full time into your business. The reason most businesses fail is that they simply don’t have the ability to give the project enough attention (time) so it can build momentum and not only pay for itself but also pay your bills.
Speed- Build Your Brand Fast
I’m sure you’re reading this and thinking, “yea right, easier said than done”. And I totally agree with you, it’s not easy to build a brand while working a day job and working with a small budget. But it’s possible now thanks to the internet! You can virtually grow your business at least 8x using tools like Facebook, Instagram, and other social media platforms. Let’s be realistic, 20% of businesses that have generated 80% of their business comes from online marketing efforts. We hear excuses all the time like, “but my industry is different,”. All I can say is if you’re not putting some type of online marketing strategy to earn revenue, in the next 5-10 years your business model will be greatly impacted in a negative way.
Sales Sales Sales!
Clearly, without sales there is no business to run, but how can we increase sales? Depending on the industry that you’re in, the velocity of your transactions can determine whether you’re profitable or not. The question is where are your sales coming from right now and how fast? Are your sales mainly only when prospects add your product to their shopping cart, or are you cold calling and building up a pipeline. The key is to get a firm understanding of your sales process, whether its a $1 product, $100 product or $1,000 product getting a better understanding of how much and how long it takes to generate a sale will help in your strategies to scale accordingly.
Grow Without Seeking Investors
I’m a firm believer that there is a notion circulating in the startup community that getting an investor is easy and the way to go, just find someone with money, pitch your business idea and that’s it. Now don’t get me wrong there are thousands of investors out there seeking a great business model to invest time, money and resources, only most businesses fail in this process because they focus less on actually generating sales and more on seeking an investor. If you’re a start-up your main priority is to generate sales independently, and once you can show on paper that the business is indeed valuable to the marketplace through your business model then you might be eligible for extra capital to scale and grow. Even then I wouldn’t count on it, grow first then seek an investor.