Hundreds of new companies are launched every month. Only a small percentage of them succeed long term because many business owners focus on quick, explosive growth rather than slow, sustainable growth. If you want your company to be successful, it is crucial to perform steps in the proper order without skipping anything so you can give it a solid foundation. These five steps are vital for sustainable growth.
Use Business Tools
Once you develop an innovative product and service, you need to start selling it to make sure there is a market for it. Running a small business by yourself is time-consuming and can distract you from real growth because you will spend a significant amount of time on administrative tasks. Enlist the help of business tools to take some of the weight off of your shoulders. Accounting tools can help you track the company’s income, expenses, and profits while a project management program can help you keep track of tasks so you can set realistic timelines for completion. Finally, a virtual answering service can help your company stay accessible to its customers 24/7.
Write a Business Plan
A business plan serves as a blueprint for company growth. Before you can grow your business, you need to establish its brand values so it doesn’t stray from them as it grows. A written plan also allows you to set goals and track your completion towards them. Seeing an outline of your company will allow you to get a better picture of how the business will work and lets you focus strategically on key areas and set priorities so you grow the company in different ways.
No business can function without proper funding. As you move into the development phase of your company, you’ll need money to build a prototype of your products. You will also need funding for marketing, payroll, equipment, and inventory, and it isn’t realistic to expect your company to immediately generate enough profit to cover the cost of its operation. You have options when it comes to finding the right funding for your business. Each one offers different benefits so it is important to consider your company’s individual needs before deciding which avenue of financing to pursue. An angel investor may be the right solution for some companies while SBA loans are the best option for others.
Create a Marketing Strategy
No one marketing strategy is right for every business so you need to design one that meets the needs of your company and targets your niche audience. You should have some money budgeted for advertising and there are a variety of cost-efficient marketing tools you can use to meet your budget. The campaign you design should be cohesive and eye-catching so it will appeal to potential customers. It should also showcase the company’s logo and brand values so people know what it stands for. An effective marketing campaign may include any combination of the following tools.
- TV and radio advertisements
- Print advertising
- Social media marketing
- SEO optimization
- Email marketing
- Paid advertisements on third-party websites
- Website design
Hire the Right People
As your company grows, you’ll need to hire people to continue operating it smoothly. The people you hire will become the backbone and face of your business so it is essential to find candidates who share the same drive and passion for the company as you do. This is especially important for small businesses. Passionate employees will be driven to help the company succeed and are willing to put in the long hours required to make success a reality. You also need to hire friendly people because they will be interacting with your clients every day. Good employees can solve conflicts in creative ways to keep customers happy so they stay loyal to your business.
Your business has a better chance of succeeding if you give it a strong foundation to build upon. Having a great idea for a product or service isn’t enough to build a successful company, but if you take the time to implement these five steps, you can give your business the tools it needs to succeed. Use them to grow your company slowly and sustainably so you can turn your small startup into a successful large corporation.