Management

Scaling Up: 6 Tips for Growing Your Business

You didn’t start a business to watch it stagnate. Growth is critical for your brand’s success and survival over the long-term. If that’s what you envision for your company, give it a boost.

Scaling up certainly doesn’t just happen on its own. Growth should be strategic, planned, and managed carefully. Otherwise, you might enjoy an upward spurt now and again, but you won’t be able to sustain it.

There are some tried-and-true ways you can use to help your company to flourish. So, if you’re ready to grow, try these six tips to make it happen.

1. Develop a Growth Marketing Strategy

“Growth marketing” may be a buzzword in business, and one that hasn’t been in the vernacular for long. However, that doesn’t mean it lacks value. And it’s vital that you’re driving a strategy that will propel your brand upward.

Authority, credibility, and visibility are the building blocks of any growth marketing strategy worth its salt. Your efforts should demonstrate your industry authority among your competitors. A shrewd digital PR strategy will build credibility, and a deliberate content marketing strategy will increase your brand visibility.

If you like the sound of this but don’t know where to begin, you’re in luck. Working with a results-driven growth strategy agency with a proven track record will lighten your load. Even more importantly, your partnership will move you toward that growth you want.

2. Commit to Risk to Achieve Reward

You know that running a business is all about risk and reward. But sometimes, you’ll find yourself getting stuck in a rut. Companies often become a little risk-averse in their attempt to maintain a relatively successful status quo.

If you’re committed to scaling up your business, you’re going to need to commit to taking some calculated risks. Consider the potential growth you might realize if you’re willing to pursue it. Then, brainstorm potential pitfalls and weigh them against that potential.

The not-so-secret element of risk in business isn’t to avoid it. It’s to manage it wisely. Having the proper resources can create barriers against risk fallout while clearing the path for reward.

3. Know Thy Competition

Before you launched your brand, you probably took a deep dive into the marketplace to determine who you’d be competing against. That’s business start-up 101. But when was the last time you took a good look at your competition?

The market changes at lightning speed these days. New businesses enter and depart in a constant stream. Who they are and why they succeed or fail can inform your own growth strategy. It reveals your brand’s strengths, weaknesses, opportunities, and threats to scaling up.

In a world of AI and automation, those opportunities and threats fluctuate persistently. Knowing how your competition is using AI and other technology to gain an advantage is important information. Invest in gathering competitive intelligence so you’ll know where to go and where not to as you grow.

4. Push the Envelope

If you want to scale up your business, don’t close your eyes to the possibilities of innovation. Push the envelope in marketing efforts and product diversity. It’s a great way to grow in new areas and bring the rest of the brand with it.

Think Netflix moving to streaming movies from renting DVDs. Or there’s IBM that found its hardware growth stagnating before it refocused its priorities on software products. You may not abandon your company’s core business but expanding it could be your fertilizer.

This is where staying in touch with your audience and reading the room can help you locate new opportunities. At some point, the “we’ve-always-done-it-this-way” attitude is going to inhibit growth. Get creative and diverse, and see where you can go.

5. Get Ambitious

Setting goals is part and parcel of a successful enterprise. Although you don’t want to set your sights unrealistically high, you do want to be ambitious. If you’re not, you’ll find your brand stuck in evolution mediocrity.

Goals for sales, productivity, profitability, and human resources should aspire to peak performance. Of course, you will have to figure out just how high your peak can be. That will be based on multiple factors, including attainable profit margins, improvement in customer and employee engagement, and risk management.

You can either set goals you know your business can achieve or those not impossibly high. Without some stretch, you can’t grow. So, limber up and reach for the stars.

6. Deliver a Phenomenal Customer Experience

Exceeding customer expectations is essential to growing your brand. Repeat customers cost less than you invest in attracting new ones. Plus, they tend to spend more over time. Either way, they grow your profit margin and your customer base.

Your company should always be looking for ways to improve the customer journey. That begins by engaging them in conversations, listening to what they’re saying, and implementing change based on their input. And don’t just listen to the happy customers. Learn some valuable takeaways from those who are less thrilled with your brand as well.

Your website, third-party digital content, interaction with CX representatives, and social media platforms are all ripe spots for engagement. Make sure you’re giving each of them the attention they need. Attracting more customers isn’t the only route to growth. Creating more satisfied customers paves the way as well.

Grow Up

If you have built a successful business, don’t rest on your laurels. Use these tips to scale up and reach your full potential. Work with the lessons you’ve learned to this point, and shift your focus to measures that will put you on an evolutionary trajectory. It’s time to grow up.

If you have any questions, please ask below!