Hello fellow business enthusiasts!
Let’s talk about growth—no, not the kind that sprouts in your garden, but the one that makes your entrepreneurial dreams soar like a caffeinated kangaroo. Running a small business can feel like participating in a never-ending marathon while juggling flaming torches. But fear not, because we’ve got the ultimate playbook to help you push through the fatigue and reach new heights. Get ready to unlock the secrets of small business growth with these seven rules!
- Know what business you’re in… Seriously, we mean it! Sure, you think you know your business inside out, but the world spins faster than a roller coaster on steroids. Take our own wild ride as a web design and internet marketing company. The online landscape changes faster than a chameleon changes colors, my friends. We had to dig deep, understand our customers’ desires, and adapt to this ever-evolving competitive circus. So, ask yourself, what are your core competencies and how can you use them to expand you business or create new revenue streams?
- Take care of your bread-and-butter business first! You know those activities that bring in the money to keep the lights on and the biscuit jar full? Don’t neglect them, even if they don’t make you do cartwheels of joy. We get it, business routines can be as thrilling as watching paint dry, but trust us, your employees need paychecks, and even your dog has culinary preferences. Keep an eye on your financials, identify the cash flow problems, and nurture your existing clients.
- Don’t bet all your money on one horse. Picture this: one or two clients or distribution channels are your main moneymakers. Sounds cozy, right? Wrong! Relying on a couple of revenue streams is like walking on a tightrope in roller skates—it’s precarious, my friend. We’ve been there, and our nerves were dancing the tango. So, we had to diversify, add new revenue streams, and reduce the risk of becoming tightrope walkers without a safety net. Trust us, it’s a balancing act worth mastering and the reward of having more clients reduces the risk and stress of losing one of those two customers that carry your entire business.
- Be clear about your target market! If you don’t know who your ideal customers are, you’ll end up wandering like a lost tourist in a maze of confusion. The biggest mistake small businesses make is trying to serve the entire universe. Stop, take a breath, and find your niche. When you focus on a specific target market, you can allocate your resources wisely, and your branding message becomes as clear. This will also help you drastically reduce your Pay Per Click spend since you will only target those who are most likely to become a customer.
- Identify exit scenarios… Time to plan your grand finale! We hate to break it to you, but someday you’ll have to say goodbye to your business. Whether you sell it, close it, or pass it on to the next generation of entrepreneurs, having an exit strategy is crucial. Imagine selling your business—what would make it irresistible to potential buyers? Plot a few realistic exit scenarios and the steps needed to make them a reality. It’s like choreographing the final dance number of your entrepreneurial journey.
- Build one business at a time. We get it, you’re a fountain of brilliant ideas, and the possibilities seem endless. But let’s be real, juggling too many ventures is like trying to pat your head, rub your belly, and solve a Rubik’s Cube simultaneously—it’s a recipe for disaster. Focus, my friends and perfect one business at a time. Concentrate on one new direction at a time, whether it’s a product line, a target market, or a distribution channel. Master that one move, execute it flawlessly, and then unleash your entrepreneurial prowess on the next challenge.
- Choose a strategy you can afford… Hint: selling your kidney is not a viable option! Ah, growth—the siren song of every entrepreneur. But let’s face it, it requires cold, hard cash. How will you finance that leap? Will you rely on your own revenues, like a slow but steady turtle? Will you dive into the loan pool, swimming amidst obligations and interest rates? Or maybe you’ll find an investor, like a business fairy godparent? Decisions, decisions! Figure out what kind of financing suits your style and choose your growth strategy accordingly.
So there you have it, my ambitious comrades, the seven simple rules for small business growth. Embrace them like a long-lost friend and let the excitement of your journey ignite your entrepreneurial spirit. Push through the doubt and the “what if” holding you back, grab those opportunities, and let your small business flourish like a field of blooming sunflowers. Oh, and remember to have fun along the way—because what’s success without a dash of laughter and a pinch of craziness?
Keep thriving, keep learning, and let your small business conquer the universe, one customer at a time!