One simply cannot achieve success without growth. But how can you experience growth? Growth can arise from a number of situations but the most common one has to be revenue. Simply put, revenue ensures growth while growth ensures success. Given the fact that these three aspects are interconnected and having only two out of the three will break the cycle. Therefore, it will be so much harder to achieve that desired success.
All entrepreneurs strive to achieve success, however, only very few actually manage to grow their business. Having the right strategies and implementing them at the right time will translate into an increase in growth and revenue. So here are 5 ways in which you can achieve success through the escalation of revenue and growth:
1. Discover your unique selling point and apply it as fast as possible. The selling point is the one thing that will differentiate your services and products from that of your competitors. Do you offer products of higher quality? Do you have lower costs? What do you offer that your competitions doesn’t? Use this unique selling point to your advantage. It should be the core of your marketing efforts. Therefore, you should let the customers know on why your product is better than that of the competition.
2. Your customer base is one of the things business owners take for granted and do not pay much attention to. You could tap into that customer base to get additional revenue. Focusing on customer acquisition is one of the biggest mistakes most companies make. Moreover, you should consider creating a customer loyalty program, a customer referral one or even launching an affiliate one to ensure additional revenue.
Just take a look at Starbucks’ loyalty program. By doing this, the company registered a 26 percent rise in profit and 11 percent in total revenue.
3. Before you decide to expand, make sure you work out all the kinks. As an entrepreneur you will always have your eyes on the bigger picture, but don’t put the carriage before the horse, especially when you’re thinking of expanding. Having new locations or tapping into new markets is desirable and can lead to growth, but if you hurry the process too much, this will turn into a major flop.
Ensure that there are no no chinks in the armor of your business before you expand. To create a winner and then copying the success example in additional places or markets is easier than hurrying to expand when your business is not bulletproof.
4. If you plan on running a successful business , you should that you need to get your hands dirty. Nowadays, among most failing businesses the person in charge is always missing in action. Entrepreneurs that create their own business consider that they’re job is over and that they are allowed to just sit back and chill while others do the hard work.
When I started my first business I was working 16 to 18 hours a day. Whether it was talking on the phone with potential clients, sending e-mails, doing follow-up client meetings, or even using social media tools to create awareness, I knew that this was one of the things that I need to do on a daily basis. If you think about it, you’re the person that knows the most about your company, the culture of your company, your products or services.
Moreover, I was aware that in order to grow, I needed to lead the team by example. Work alongside your employees and show them what must be done and help them avoid future mistakes. As a bonus you will gain the respect of your employees and also a team with higher productivity and motivation levels.
5. One of the perks of growing your business is that you will see additional revenue. However, instead of putting that extra cash in an account or in your pocket, invest some of it back in your business. In order to grow even more you will need capital. You’ll have to talk to your employees and share with them your vision and letting them know that you cannot raise their wages until the company will grow a bit more and they’ll have to be put on hold.
Sometimes companies will seek funding and waste it on paying large salaries or unnecessary spending. This situation resembles that of digging up your own grave.