4 Keys to Grow Your Business
February 2, 2017
Growing a business in terms of both revenue and size takes time, careful planning and proper execution. Regardless of which stage your business is in (startup, growth, maturity, or re-birth), we’ve outlined four key factors that will help you build a scalable business while generating new revenue.
1. Understand your pricing
Take time to analyze your current pricing structure, including bundling and packaging, any associated costs that influence your price, and how it compares to your competition. It’s important to know the ins and outs of your pricing model so you can test offers and promotions for new customer acquisition, upsell opportunities and customer retention efforts. In addition, understanding the associated selling costs (generating the lead, product/equipment, commission, etc.) will better ensure profitability in each sale. Finally, you’ll want to know how your pricing compares to the competition. Specifically, are you more or less expensive, do you offer more services or value, and so on.
2. Manage costs and cash flow
A key component to growing your business is being able to manage costs and cash flow. Adhering to your approved budget and staying within your cost-per-lead and cost-per-acquisition metrics helps avoid large, unforeseen expenditures that can be problematic when an organization needs to grow and scale quickly. Measuring and managing your KPI’s will allow you to become more efficient over time, but you’ll also be able to recognize and adapt to major changes in the marketplace.
3. Learn to delegate
As a business goes through different stages, roles and responsibilities evolve for everyone in the organization, including senior leadership. Learning to delegate projects and tasks to other members of your staff will allow you to focus on the tasks you should be doing in your new role. It can be difficult to make this transition, so it may be worthwhile to seek the advice from an advisor who can help guide you through this process.
4. Build a network of strategic partners
With a growing business, it’s important to have a strong knowledge-set internally, but it’s equally important to have a strong knowledge-set externally. Having a network of strong, well-qualified strategic partners can help your business bridge a knowledge gap, quickly resolve resource constraints and provide guidance and mentorship.
No matter what stage your business is in, if you keep these four keys in mind, you’ll position your business for sustainable, scalable growth.