Rapid business growth is the hope of every MD and Company Director the world over, but according to the US Small Business Administration (SBA) there are five basic components that need to be well observed if this is to be achieved.
- What’s your USP? Without knowing what sets you apart and makes your business special you do not have a clear message to communicate. “Understand your strengths and points of difference and make sure that every single member of your team knows and understands them too,” advises Brittain’s Managing Director Julia Haviland. “A clear USP leads to clear messaging, which, in turn, leads to business development.
- Know your market. Do not guess it; research it, immerse yourself in it and then understand it. Learn what customers want and then deliver. “It’s worth taking time to be customer focussed right at the very start,” said Julia.
- Performance is key. Or rather, performance indicators are key. Again, from the outset, be sure to monitor, track and measure everything so that you can quickly pick up what works and what does not. From social media use to pricing strategy, regroup and evaluate regularly, tweaking as you go.
- Know your numbers. Be prudent with expenditure when you are starting out and keep a close eye on the books. Not only will this set a president for good practice, but growth is infinitely more likely for a start-up that keeps good and well-ordered accounts.
- Stars, not saps. Picking the right people for your team is arguably the most crucial balancing act of setting up a new business. Look for potential as well as experience and remember that attitude and a willingness to learn and develop can give you a stupendous return on your investment. Make sure that your vision to employ the best includes looking beyond a CV.
For more advice on organic business growth and the best options for your business, please contact our B2B engagement experts for a consultation today.