Grow your business like a weed with our simple 10 tricks and strategies for a better growth for new, small, businesses. Some may refer to it as growth hacking, but these are not “hacks” as in shortcuts, these are things to implement and act by, when your business is ready to grow.
1. Be The Boss
The secrets to businesses that grow substantially over short periods of time is leadership. Managing a staff is not only telling people what to do, but taking command. Without being involved in all the core aspects of the business, a business owner decreases his success expectancy. After all, who would take care of your business if you won’t step up?
2. Have a second in command
All established businesses have a dominant boss, but beyond that they have a second in command. That would usually be a COO (Chief Operating Officer) who knows about everything which is going on. This allow a business owner some versatility, and will make sure the business won’t collapse in his absence.
This is an important key to growth, because at some latter stage of the growing process, the glass ceiling effect is in motion.
By all means, one of the most common mistake for new businesses is a lack of focus. New business owners want to the world by a storm, and in many cases, especially with start-ups, have more ideas than execution force. That means that a small staff works in several products, or deals with several verticals, or even has side-tasks distorting it from its main targets.
As a business owner you must make sure there a clear path explained to all employees. For yourself, and your COO, you could afford more flexibility, as you understand the business goals from a higher levels than the average employee which finds it confusing to handle diverse tasks.
4. Don’t focus too much on competition
Though some verticals are highly dependable about what competitors do, spying over competition shouldn’t be the one of the core tasks of the company in its early stage. Instead, there are more pressing tasks like setting up the processes, mechanism, marketing strategy and execution, financial supervision, proof of concept, getting clients, establishing business relationships with market makers, and more. When you’re head to head with your competitors, then you can ship more of your focus into there.
5. Devotion is contagious
Not only you have to be very devoted to the success of your business, and fully committed to achieve that, you need to demonstrate it to your employees. If they’ll understand your motivation, where is it coming from, and how does it push your forward, it will affect their motivation as well. Devoted employees could very well be the difference between a lagging business that takes long to adjust, to a success-driven business with success-driven employees.
6. Going sub-niche
Instead of working on a tight budget in a competitive industry, it’s better to come up as the big dog in a smaller sub-niche. It will enable a new business to take a substantial market share sooner, will increase the Time To Market of a product, and will make marketing easier, together with focuses. It will enable employees to operate freely with room to their own initiatives if there’s a large budget, rather than a small budget, and thus contribute to motivation as well.
7. Showing courage
One of the main success factors of businesses is support from “above”. Having strong backers, strong advisors, and strong industry connections make a huge difference. To achieve that, without being born to the right family in the right part of town, requires courage. Being upfront, speaking frankly, and pushing yourself into places. Impress people in the high windows, and they can be your key to moving up the ladder.
When things are happening with your business, you need to capitalize on them to increase the public interest of your company/ service/ product. As small things as may happen, like signing up an agreement, starting a JV, recruiting a new person into the management teams, there are all small things that some business magazines could write about. They just require a little twist. Be creative, try to push everything, and it will eventually pay off by getting free advertising in the biggest outlets.
9. Don’t be greedy
Growth hacking tip number 9 could be hard to swallow, but a lot of new businesses that start to make money become greedy. The owner or investor feels he deserves the first Dollars coming in, which can collapse the business. At the first years, take what you absolutely need to live, and keep the money flowing in the company to allow it to expand.
10. Stop reading generic hacking tips
You are allowed to finish this article 🙂
It’s important to say though that it is more effective for small business owners to focus on creative TAILORED initiatives that start off at “home” rather by trying to implement methodologies invented by others. Truth is that the best business growth hacking ideas could be achieved by a proper analysis of one’s business. Try to analyze your business using a few of these suggested papers from Google Scholar, or simply start off with a proper SWOT analysis.