Business Expansion Done The Right Way
Sometimes the most significant lessons can be learned by watching other people’s missteps in life. Small business owners and entrepreneurs are some of the most “impatient” people on the planet----they are excited to build an empire, and they want to do so quickly. Be warned, business owner, if you rush into expansion without building the proper foundations for your business, you’ll risk losing everything you worked so hard to start in the first place.
The startup company success/fail ratio is 50 percent----this means that half of all businesses that are ever started fail in the first few years of business. With these dire predictions for the future of your business in place, how can you grow your business in such a way that it ensures longevity and steady growth?
To avoid making mistakes that could cost you your entire dream, follow some simple tips for expansion done the right way:
Develop your company culture. Building a rock-solid company culture will keep your employees loyal during times of growth and change. Finding a “why” that will help others buy into your vision will ensure that others will help you build when the going gets tough. Ask yourself some questions as you craft your dream culture: 1. Why did I create this company? Why does it exist? 2. Why do we do what we do? 3. What does our company believe in? 4. What are our company values? 5. What is our vision for the future? 5, 10, and 20 years? Doing what you can to communicate this vision and culture to your employees will create buy-in, a sense of ownership in what you are all creating together. That’s powerful stuff!
Hire and train the right people. Your hiring phase is absolutely critical to the growth and success of your business. You need to take the time and find the right people to grow and expand with you. You hire the right ones, and things will go well…. really well. You hire the wrong people, and you’ll find yourself picking up the slack and ultimately watching your empire crumble into ruin. To prevent the latter from happening, hire people based on their technical skills and experience, not personality. Hire people who will do what you cannot do for yourself and determine if they are a good fit for “right now” or “for the long haul.” Startup life is not for the faint of heart--make sure you communicate to them what they are getting into and see who is up for the challenge.
Innovate...in all the right places. While you may be tempted to spend a bunch of money on product development or the creation and offering of other products and services, consider innovating in an area that sets you apart from other companies. Why not take a look at your online customer interaction, or improve the efficiency at which you deliver your products to customers? Finding small ways to make a significant difference in the lives of your customers is one way to create loyalty that stands the test of time.
Emphasize brand recognition. There is a reason that McDonald’s draws in customers from all walks of life all around the globe. Their brand is internationally recognized as one that creates consistent product and delivers customer satisfaction. If you want signature McDonald’s flavor, you know that purchasing their product will give you just that. Building your brand means ensuring that when customers see your logo, your website, and your online ad campaigns, they know that it’s you, and they know what your company stands for. Start small---reach your target audience in such a way that they recognize your brand--and then expand from there. Before you know it, you’ll be setting up outreach centers in other parts of the world.
Don’t forget about your first customers. These people deserve props for helping you gain stability so that you could think about expansion. Make existing customers feel valued by offering rewards and incentive programs, asking for feedback, and providing information, products, and services that are of value to them. Make them feel heard, valued, and respected, and they will keep coming back to you time and again.
Thinking about expansion? We can help!
Whether you are still wet behind the ears or a seasoned business owner, expansion can be tricky business. We will help you and your business achieve the level of stability that can handle growth. With our cutting-edge marketing techniques, customer retention practices, and Google visibility that is second to none, we will catapult your business to the next level of growth and success. What are you waiting for? Contact www.maxgroupbusiness.com today for an exhilarating ride to business expansion!