Home > Accounting and Tax Guide

6 Tips for Growing a Successful Business

Starting a business is very different from ensuring it grows and becomes successful. While starting one has become much easier thanks to the growth of ecommerce, a business owner needs to be organised, good at planning, and have the business skills required to grow a successful business. Although you can transfer most of the skills you need to start a business to running it, there are a few things you will need to learn as your business grows.

Understand Better How Entrepreneurship Works

The definition of entrepreneurship is straightforward; it is the process of creating a business based on a product or service, ensuring it operates successfully, assuming financial risk for its success, and selling it off or enjoying the profits.

However, this definition does not cover the underlying challenges that come with being an entrepreneur.  For example, entrepreneurs have to be strategic thinkers or learn how to be because they need to know when to pursue opportunities, where to invest, whether these opportunities and investments are worth their time, when to expand their business, and so on.

They also have to come up with sustainability plans not only for the profitability of their business but to also ensure its success. Entrepreneurs also have to hire and manage people, something that can be challenging if you do not have the right skills to do so.

Lastly, entrepreneurs have to not only assess their market when starting their business, but they also have to continuously do so throughout its life.

For new entrepreneurs, the best way to gain this knowledge is by investing in additional education. When you register for the online MBA programme at Aston University, for example, you can choose the entrepreneurship path that will teach you the strategic, analytical and additional skills to not only start a small business but also ensure it is successful.

Invest In Marketing

Once your business enters the growth phase, marketing becomes something you need to think about. This is the stage where you should be trying to get as many customers as possible while keeping your overall expenses low.

Start by setting aside a marketing budget that the business can afford. How much you can afford to spend will determine the marketing strategies you employ. For example, businesses with larger budgets might consider PPC and paid marketing while those with smaller budgets might go with direct or social media marketing.

Next, find out which marketing strategies will work best for your business. This will largely be informed by your market research and the types of customers you would like to target. Targeting younger people? Why not try TikTok advertising? Trying to reach those between 40 and 65? Facebook and direct marketing might work for you. For everyone else, there is social media marketing and email marketing.

Keep a close eye on your marketing return on investment, and always be ready to switch things up so you are continuously getting better results.

Hire the Right People

Never underestimate the value of hiring the right people. These are people who will see your vision, take it, and run with it to ensure the success of the business. As a small business, start by hiring people for essential positions such as accounting and marketing if you have a limited budget. Once you start growing, you can start considering positions like product developers and employees for niche roles.

Get Organised

The number of things you need to take care of and that need your attention will increase as your business grows. If you do not have organisational skills, you will find it increasingly harder to stay on top of things and complete all the tasks that require your attention and input.

You can learn how to be organised as you grow and there are a lot of materials and courses that can help you gain this skill. The second option is using software to stay on top of things. There are numerous calendar and to-do apps that will help you make lists of what you need to do and even remind you of things you have not taken care of yet.

The last option is to hire someone to handle this for you. Outsourcing this task to a personal assistant is a great option because they may take care of some things on your list. For example, they can reply to emails and answer calls that are not critical to the business and tell you about the ones that are so you can take care of them.

They can also handle things like booking hotel rooms for you so you can concentrate on running the business instead of these smaller tasks.

Learn How to Keep Records

Every business owner should keep detailed records. There are some records you know you need to keep such as those involving your business’s finances. These are the records that will tell you how the business is doing regarding your costs and revenues, and they will also help you when calculating tax.

Some other records you need to keep include all records of contracts and agreements you have entered into, crucial communications between you and business partners and other records that have to do with the running of the business.

In addition to physical copies, also store some of your records in the cloud. When you take advantage of the cloud, you do not have to think or worry about losing your business records. You can also integrate different software you use with cloud hosting providers so all your documents are saved on secure servers.

This last option provides automatic uploads so that you do not forget to upload and store any crucial documents.

Keep an Eye on Your Competition

Although you have already done competitor research when starting your business, it is essential to keep an eye on them. They might have some insight that you may not and could be responding to something that you might not be seeing. Keeping an eye on them allows you to take advantage of their insights, data and implementations without investing in them.

Once your business enters the growth phase, you know it is time to start putting even more effort into the business. That might mean investing in different things, hiring the right people, and marketing the business to increase customers.

comments powered by Disqus