Every small business owner dreams of becoming the next Amazon or Google. While there is nothing wrong with this aspiration the sad reality is that the chances of getting to that stage is one in a million. But that should stop you from trying hard. Even if you can grow you business to a fraction of Amazon it can add substantial value. Your strategy and execution plays a big role in determining how far you will be able to take your business. Here are 3 simple tips anyone can follow:
- Digital
If you haven’t already, your small business should have a strong presence online. In addition to a website and pages on the social media platforms, it’s wise to reach out to major industry blogs or forums relevant to your enterprise. You might become a guest blogger, purchase paid advertising or be lucky enough to score free press in the form of a positive review or profile piece. Before you get into some more assertive marketing, have your press kit and PR materials ready to go and this includes images and content, both short and long form. It doesn’t hurt to have your employees well versed on the vision and focus of your business also so they can potentially be involved in promotional opportunities or simple word of mouth publicity. If online strategy is not your thing, outsource these tasks to a digital agency. If you are particularly budget conscious, there are normally a variety of options in this space that you could choose to undertake if you shop around. Another option could be to enter into a collaboration or partnership with people who can assist you in exchange for services instead of cash.
- Workspace
Many small businesses start in home offices or even the garage and will stay there for as long as they operate. This can be perfectly acceptable depending on your industry, but if you are looking to grow your business in particular, one step to consider is expanding into larger, more appropriate physical premises. This could be an office for lease or a co-working hub that you move into. For some business owners, the act of establishing a headquarters away from the home is a good motivator to get serious and often more efficient as you can’t be distracted by non-work tasks such as the good old proscrati-clean. When you consider a new space, it should be a time where you plan for what you want your business to look like in the medium and longer term. Find space to suit this or establish a timeline with options so your business’ expansion can be physically accommodated when the time comes.
- Leadership
You might have started out as a company as one, so as you grow it’s important to have the proper business structure and supporting processes to facilitate success. Strong leaders not only understand the businesses they run, but that growth is much more complex than an increase in earnings. Make steps to allow your business to function in a way that is enduring and fosters a culture of improvement. Over time, this stimulates growth. Your management team should be able to lead the way with regard to the pursuit of improvement and having them develop strategies to support this ethos will provide the structure under which your business can begin to expand. Some people hire independent consultants to get the ball rolling with regard to changes in strategic direction, or hold team building retreats as a way to refocus a team for the future.
