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How To Grow Your Business

by The Goat 9 days ago in investing
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5 practical tips: how do I grow my business?

5 practical tips: how do I grow my business?

The challenge of every ambitious entrepreneur: how do I grow my business? Of course, it also has its charm to try to measure yourself with the 'big boys' with your startup. But if you really want to make an impact, business growth is inevitable.

Discover the 5 tips for business growthowth

How do you turn your startup into a scaleup in a controlled way? Start with these five practical tips.

Tip 1: Dare to choose

It is better to serve and expand a niche very well than to market a generic range that is actually not really distinctive or interesting for anyone. But that's not all. Growing your business also requires focus; a new mindset actually.

Many startups that grow come to a point where working harder no longer helps. What to do then? Work differently. Focus on the right things and customers. Dare to say “no” more often to potential customers.

Tip 2: Map out your core business and processes.

It sounds like an open door, yet we want to name it here. Make sure you know what your core business and MVP (minimum viable product) is, outline your ideal customer profiles, map the ROI of your marketing channels and research whether you have enough funding to cover the period up to the 'product-market-fit' bridge phase.

Don't have this foundation in order? Then you are not ready for business growth. Take the time to get your business model and value proposition in order. For example, together with BOM's Investor Readiness Program. Create the perfect preconditions so that you can really handle the exponential growth.

Tip 3: Change your own role to grow your business.

How did you start your startup? As a specialist with the dream of helping others with your expertise? And when you start, what could be better than rolling up your sleeves every day. However, if you want to grow your business, the inevitable time will come when you will have to spend more time working “on” your business rather than “in” your business. Spend more time on the main points, get your business running and get started on the strategy to have even more impact on the world with your ideas. You can't do that if you still have your feet in the clay every day.

Tip 4: Trust other specialists

When you're starting out, it's very tempting to hire junior employees. They are cheap, eager to learn, and willing to work hard. The disadvantage: you are still in the workplace all day to guide and help your employees because they do not yet have the experience that you do. And that takes time. Valuable time that you can't spend working 'on' your business.

Steve Jobs once said in the book "In the Company of Giants" by writers Rama Dev Jager and Rafael Ortiz about how best to put together a team: "When you're in a startup, the first 10 people will determine whether the company succeeds or not.” And we all know what that brought Steve Jobs and Apple.

So hire senior employees on time who can take your work off your hands. Dare to rely on other specialists and that they work according to your standards.

Tip 5: Invest time in processes and structures.

What you see with many SMEs and startups is that only the founders are involved in sales and sales. Logical in the initial phase, although it is also not very convenient. As an entrepreneur you end up in the dilemma that you have to spend your time to find new customers, but you also have to work 'on' your company.

So the first process you should take a close look at is your sales process. How do you ensure that you approach it in a more process-oriented manner, so that you can repeat it and (partly) transfer it to a colleague. Only then do other processes follow, such as the onboarding process of new employees.

I hope you learnt a lot from this short article. I will be bringing something huge and interesting in the near future, subscribe to my profile so that you do not miss out a chance.
Thank you for reading


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The Goat

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