How to Increase the Speed of Your Business Growth

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Always seek methods to enhance your company, but don't expand too fast or too early. If we look at American Apparel as an example, it established approximately 300 shops in only six years after its start before going bankrupt, closing its stores, and only selling clothing online from now on. What are we supposed to take away from this? It's important to know when it's the ideal moment to build your company before you invest in it. Here are several warning indicators.

Your field is expanding.

You may want to consider expanding your firm if your market or sector seems to be on the rise. According to a survey conducted by the financial services firm Fundera, real estate, hospitality, and consumer retail are among the fastest-growing businesses in the United States, according to the survey.Over the next five years, the managing editor of The Kiplinger Letter, Jim Patterson, thinks there will be a lot more cannabis, online grocery delivery, and health care, and he thinks that will happen quickly.

Cash flow has been stable.

Maintain a strong financial foundation in order to deal with future expansion. You should have a few years of stable income and a constant flow of new consumers before you take any substantial initiatives. In the words of The Hell Yeah Group's Paco de Leon, "a continually rising base of individuals who want to be consumers implies the need is there." You'll be able to progress steadily, and you're not putting the waggon before the horse.

Customers expect more from you.

If your firm is outpacing your capacity, it may be time to expand. After all, a rapid increase in sales isn't always a sign that demand is strong. That's why it's important to maintain a surplus of demand over supply. Is there anything more you could be doing for them? Consult with your target audience. Your customers should be asked about their level of happiness, their interest in new items, and their general impression of your company. Then, search for recurring themes in the comments you get. It's a positive indicator if your consumers ask for more, quicker delivery, or extra services.

  • The moment has finally come to take the next step in your career. Here are a few ideas that you may want to give a try.
  • One of the simplest ways to expand your company is to attract new consumers. And there are a few smart ways to do this, whether those clients are consumers or other enterprises.

 Learn more about your current customers.

According to Ramit Sethi, author of "I Will Teach You to Be Rich" and the founder of Growth Lab, a firm that helps entrepreneurs establish and expand their internet companies, "To grasp what people actually want, you have to find out what their genuine issues are," he said. Understand why your current clients bought your goods in the first place. Using this method, you'll be able to identify what you're doing properly and what you're doing wrong in terms of marketing. Interviewing his own customers who are also company owners is a common practise for Mr. Sethi, who recommends that other business owners do the same. The following are the questions he asks:

Describe the events of the day for us. What's the greatest part? In your opinion, what are the most challenging aspects of this project?

  • Have you ever purchased anything similar?
  • What would success look like if you had a magic wand?

For B2B customers, inquire about their business and revenue objectives. On the phone or by email, you may conduct these interviews. Make sure you have a broad range of consumers, including those who utilise your services regularly and others who only do so sometimes. In any case, the interview process may help you discover what is and isn't working in your marketing.

 What distinguishes you from the crowd?

Many entrepreneurs get their start by replicating the business model of a rival. In order to build your company, you'll need to create your own distinct brand identity and stand out from the competition. In this case, too, customer interviews may be useful.

 Why not give it a shot? Make a persona for your ideal client. In order to have a better understanding of your customer, write a brief bio of him or her before and after they use your product or service. Creating an avatar for your company is something you should do as your company grows, even if you did it initially.

Get someone to assist you.

Affiliate marketing is the practise of selling your goods or services through a third-party in exchange for a percentage of the sales price being paid to the third party. B2B enterprises may find this particularly valuable, since they may leverage their current customers to spread the word about these items to their own clients. In collaboration with other like-minded businesses, bloggers, and influencers, this is an effective strategy for spreading the word about your brand. If they aren't direct rivals, you'll want to make sure they aren't. Make use of an affiliate marketing system that keeps track of links clicked and purchases made before attempting to contact prospective affiliates on your own. You can get started with tools like ClickBank and Rakuten.

Boost your internet visibility.

Your internet brand presence is essential even if you don't have an online company, particularly when your product sells directly to customers. There are a number of approaches you might take:

Post new stuff on a regular basis. Whether you use a blog, a newsletter, or a Twitter account to disseminate information, writing often will keep your audience interested in your business. Make use of scheduling tools like Hootsuite and IFTTT to plan out your social media postings in advance.

Stay committed to your company's brand identity. Keep your online presence consistent with your brand's identity, no matter what platform you choose to employ. An article promoting the greatest Black Friday discounts is perhaps not the best fit for a company that focuses on simplicity and minimalism.

Promote your business by holding a sale. Organize a contest or giveaway to get the word out about your company. Users may be encouraged to tag their trip images for the possibility of being included on Lonely Planet's Instagram page, for example. As a result, they may be able to reach more people and make people want to spread the word about Lonely Planet for free.

It's a good idea to do a split-test of

You may experiment with a plethora of rapid marketing "hacks." Using A/B testing, you may test these tactics to find which one is more effective. You may, for example, compare the effectiveness of a green "purchase now" button with that of a yellow one in converting visitors to buyers on your website. Split-testing a variety of things, such as:

  1. It's time to find out which email subject lines get the most attention.
  2. Which website title generates the most traffic?
  3. Which days of the week do you post on social media and get the most interaction?

If you're already using marketing tools in your firm, you're likely to be able to do split tests. This feature is available in HubSpot, ConvertKit, and Google Ads. Experiment to find out what works for you.

Your company's financial performance is strongly influenced by the speed with which operations move. Patrick Bet-David, a former financial consultant and current CEO of PHP Agency, Inc., an insurance agency, says that speed is the most crucial element for a startup entrepreneur.

According to him, "the quicker you move, the sooner your company can develop." It is important to remember that there are four operational speeds:

Speed of operation

When it comes to the day-to-day operations of your organisation, your operational speed is the amount of time it takes to complete those tasks. As Mr. Bet-David pointed out, "the more assistance you have, the greater your operating speed." In general, the more people you have on your team, the quicker you can work.

Etsy is an example of a company where the owner does all of the work themselves. You're in charge of everything from product development to shipping and customer service. You may outsource the shipping and social media management of your items to an assistant, and your firm will run more efficiently.

There are more options than just employing individuals. Even if your Wi-Fi is very slow, switching Internet providers could make a big difference in how well you work.

Increased processing time

The time it takes to send a product to a consumer is a measure of your processing speed. He said that in the real estate world, "this is the time it takes from "I want to purchase a property" to "I am really close to the home," to say that.

Consider the following scenario: You run a financial consultancy firm. It takes days of back-and-forth emails to set up a consultation appointment with a new client. Make use of an online scheduling tool like Calendy or Square to avoid the hassle of rescheduling. Your customers may now book all of their appointments in one go.

Focus on efficiency to speed things up. Check your business's sales process and determine if there are any processes that may be removed or merged. Automating routine business processes using platforms like Zapier, Hootsuite, and Hubspot may help you do this. If you spend too much time dealing with consumer returns, tools like Returnly can automate and expedite the process for you. Instead, you might be able to speed up the invoicing process by cutting out an extra step from your system.

At the rate at which the clock ticks

In order to build your company, you need to be able to take advantage of the proper moment. Taking a few steps back in order to go ahead is an essential part of the process. Mr. Bet-David thought that this was the more difficult of the two to anticipate. This is a skill best suited to those with a strong intuitive sense.

As an example, Mitsubishi gave a year's worth of free petrol to new customers in 2005 as a prepaid debit card while gas prices were on the rise. According to Heinz marketing, this promotion cost them very little money overall but boosted sales by 7.2 percent. Even better, it boosted their brand's image.

If you want to improve your time management skills, pay attention to opportunities and where you're situated. Be on the lookout for pain issues your consumers may be experiencing and ways to help them. You should think about the best time of year to start a marketing campaign for your goods.

Rapidity of growth

When it comes to expansion pace, it's all about anticipating and acting on the next step your firm must take. Bet-David cautioned, "Control your goals." Attempting to expand a business too quickly isn't better than trying to build a business too slowly. There is less emphasis on growing in the present and more emphasis on understanding when to expand.

For instance, you own a furniture rental company that rents out items for use in real estate staging. Despite the fact that business is booming, you've observed that your clients are increasingly asking for children's furniture, despite the fact that you don't have much of it on hand. You decide to extend your company by purchasing rental children's furniture after interviewing and analysing your clients' wants and requirements. Next year, when earnings are expected to rise by 8 percent, you'll complete this task.

To speed up growth, concentrate on strategy and planning for the future. As Mr. Bet-David said, "the majority of entrepreneurs have no notion of who their ideal consumer is." First, you need to identify your specialty, and then you need to identify your market. " Again, this boils down to understanding where your clients reside, where they spend their time online, and what they're looking for online. Search engine keyword research may be aided by tools such as Google Trends and Quantcast, as well as Market Samurai. You may also conduct surveys and interviews with your current consumers. What other requirements may there be?

If your present offering is doing really well, it may be time to introduce something completely new. He stated, "You may add additional things, higher-priced products, or upgrades and add-ons," Mr. Sethi said. This may be something like Netflix or Dollar Shave Club: a monthly membership fee. Existing customers may buy more from you if you already sell a lot of different things.

Investigate your idea.

If you're launching a new product, you're certainly familiar with the essentials. Research is the first step. According to Mr. Sethi, discovering that no one is interested in the product you've spent thousands of dollars and months developing is a devastating blow. Study existing consumer data for your product to avoid this. Suppose you have a successful money-saving software and are intending to expand into investment. Become familiar with online investment groups and read book reviews to learn more about investing. What are others saying about us? Why do they need to find solutions to these issues? Here are a few more ideas to look into:

  • What your customers want, where they live, and how much time they spend onlineFor this, you may make use of resources such as Google Keywords, Google Trends, Quantcast, and Market Samurai.
  • Competitors who provide comparable goods How are they progressing? What can you learn from their customer reviews?
  • Inquiries and polls conducted with your current consumers What other requirements may there be?

As Ms. de Leon put it, "having client discussions shows you what connected services or products your company may offer." A complementary product or service will certainly divert your attention, so keep this in mind. "

Make a simple product first.

Keep things basic at first before going all-out with this product. You should begin by developing a Minimum Viable Product (M.V.P.). In order to be put on the market, this product must only fulfil the bare minimum of regulations. There is no use in spending too much time on a product that is difficult to assess. Also, you want to be able to expand your product in the future based on user feedback.

As an example, imagine that you wish to introduce a new subscription-based flower delivery business. It's possible that you'll want to give a variety of alternatives for scheduling, pricing, and other aspects of the service. Begin by focusing on the basics: A dozen roses are delivered on the 15th of every month; they cost $39 each. You can expand on this M.V.P. in the future if your clients react positively to it. Defining the problem or benefit you're trying to solve, developing its most basic features, and setting up a sales channel are all necessary steps in the process of launching your M.V.P.

Cross-selling and upselling

Upselling and cross-selling are two different ways of enticing your clients to purchase more things that may still be beneficial to them. On the checkout page or in a follow-up email, many firms cross-sell and upsell. Regardless of every method you use, the goal is the same: to keep your current clients coming back.

Here are a few pointers to keep in mind:

  • Don't be afraid to be up front about the price and the added value. Customers want to know why they should spend more money if they're currently doing so. Make it very clear how much extra money they'll have to come up with. Be clear with your customers about what they'll receive in return for their money.
  • Use social proof. Use client testimonials in the form of video or written text. For those who don't have access to this, you may leverage facts about your company, such as the fact that they'd be joining the 5,000 other customers who have already bought extra services from you.
  • Take a look at the sequence of events. An upsell should only be offered at the right moment. When the seasons change or a certain holiday approaches, you may want to follow up with your consumer to see whether they've reached a milestone linked to the initial transaction. They may also offer new services to their clients between the fall and spring seasons, when their wardrobes need a little TLC.

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