5 Tips to Help You Grow Your Business

grow your business
Rafiq Phillips

Starting a business is an exciting and challenging time. However, once you get beyond the initial stages of starting a business, you need to figure out how to help grow your business. A business doesn’t just expand on its own — at least not sustainably.

You need to set things in motion that allow your business to grow, and to thrive. Here are 5 tips that can help you grow your business:

1. Know What You Want to Accomplish

You need to have an idea of where you are going, and what you want to happen if you expect your business to grow. Think about what you want to accomplish as a business, and figure out how you can make that happen. In many cases, that means breaking your plan down into steps. Determine which steps will help you accomplish your goals, and focus on those. In some cases this might mean shedding some of the extraneous items that add little value to your business.

2. Network with Others to Grow Your Business

Forge connections with others, creating business partnerships, and other relationships that can help you grow your business. Networking can be a great way to meet those who can mentor you as you improve your business model, as well as help you find new markets for your products and services. Mastermind groups and networks help energize you with ideas and refine best practices.

3. Create a Marketing Plan

It is difficult to grow your business if you don’t actively market to an audience. Consider who might be interested in your products or services, and reach out to your audience through a preferred media form. You can integrate your social media marketing with your offline marketing. Consider where members of your target group are likely to congregate, from the local coffee shop, to an online hangout. Also, having business intelligence training is great for creating marketing plans.

Remember, though, that your marketing needs to be regular. You can’t ramp it up when you need customers, and then let it dwindle away to nothing when you feel you are doing well. Instead, your marketing efforts need to be maintained so that you remain present in consumers’ minds.

4. Add Value for Your Customers in order to Grow Your Business

One of the best things you can do is to add value for your customers. Offer exclusive deals to those who join your email list or “texting club.” Or, offer real time customer service on your website through software. A little effort can go a long way. Some customers are willing to pay a little bit more if they receive something of value in return. Whether it’s the occasional freebie, or whether it’s something intangible like outstanding customer service or a friendly atmosphere. Find out what your customers want, and then try to deliver that value.

5. Plan for Profitability — Not Just Increased Revenue

While it can be exciting to see that you made a large amount of money last quarter, you can’t always just focus on what is coming in. Look at your profits. Are your high revenues offset by high costs. Look at how you can improve your profitability. While you don’t want to take away value from your customer, or drive away valuable employees, you can still look for ways to run your business more efficiently such as incorporating business intelligence into your operations. Double-check your expenses, and your programs (including your energy efficiency), and determine what can be tweaked to improve your cost-efficiency.

17 thoughts on “5 Tips to Help You Grow Your Business

  1. These are all excellent ideas to improve and grow your business. It’s amazing what people can accomplish when they’re looking at the overall plan rather than the initial flash in the pan sorts of things. A lot of the growth in business for me had to do with realizing that the small stuff was important – that offering value to my peeps was the most important thing, and putting myself in their shoes really helped.

  2. I think people sometimes underestimate the power of networking. I have a friend who started his business a few years ago and he built a great name for his business almost entirely through networking. It takes a lot of time, patience and great effort but it also brings amazing results.

  3. These are excellent tips. I can definitely agree with the power of networking. For me, networking has been huge for me in my day job as well as with my side income. Meeting others, hearing about opportunities, and learning new skills from others has been priceless.

  4. I agree with the networking point, too. There are so many reasons to network like those mentioned in the post – to both find help in running your business as well as finding clients or customers.

  5. Those are great info!
    Networking is by far the most important. For me networking is huge on my primary income.

  6. Good Morning. I am new to the Yakezie Challenge and just read your most recent blog. Years ago when I was a dancer I had my teachers name branded on me for months. Everyone used to say oh that’s an Eddie Torres dancer. It was tough to change their minds but I was persistent and decided to go to my audience (market) in different parts of the tri-state area and give them free shows (create a marketing plan). After about 6 months they started to call me by my name.

  7. Pingback: Yakezie Challenge Time | Green Panda Treehouse
  8. I enjoy networking online, but this year I’m ramping up my offline networking efforts. It’s more time consuming, but meeting people face to face facilitates a deeper, more personal relationship. Also, if you’re willing to go the extra mile and really connect with your professional peers and potential customers, you stand a better chance of trouncing the competition. :)

    1. Great point. We would like to meet a few more folks in person, likely at the Canadian PF Conference in September. We would love to get to FINCON12 but Mrs. SPF will have just gone back to work 3 weeks prior so asking for time off may not be acceptable.

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