Complacency will always be your worst enemy, as you never know what the future holds for you. Business trends may change, political winds may blow in a way that doesn’t favor your business, and naysayers keep warning about the threat of another global recession like the one that happened in the late-2000s. All these variables can get in the way of your prosperity, which makes it very important to grow your business.
Be a leader, not a boss
You probably have seen articles and infographics about this, but by this point you should be aware that there’s a fine line between being a boss and being a leader. Technically, these are two very similar things, but if you come to think of it, there are differences. Stereotypical bosses dictate, control, and punish or embarrass employees for their mistakes, while often taking little responsibility for their own. You don’t want to be like that.
Good leaders, on the other hand, know they’re in charge, but show the right way through example, and not as much by words. They give employees leeway to be themselves while making sure they do their jobs right. And when it comes to mistakes, leaders let their charges learn from their mistakes while they do the same on their end. They also interact well with subordinates, trust them enough to work with minimal to no supervision, and make sure they get appreciated for a job well done.
As it’s also important to have a motivated workforce when growing your business, acting more as a “leader” rather than a “boss” could give you that much-needed buy-in, that sense that your workers subscribe to your vision and mission.
What is your business model, and is it developed?
Sure, you should have a business model by now, may it be direct sales, indirect sales, franchising, or licensing. But is it properly fleshed out? Ask yourself whether you know your target audience, whether you’re making use of all the tools you could use to reach that audience, and whether there are alternative channels you can turn to when improving sales and ultimately your bottom line. If your answer to any one of those questions is “no,” then maybe you need to consider another business model.
You should have a clear understanding of what you’re selling and you should also be sure that your distributors aren’t taking unfair advantage of you by not selling your product when they have the exclusive rights to do so. But most of all, don’t expect your target buyers to drink the Kool-Aid when you don’t even know what’s in it. Know and believe in your product or service and make absolutely sure you’ve got a well-developed business model to work with.
Other things to help your business grow
Of course, there are other things you should do to ensure your business grows like it should. In order to remain profitable, you should think of cost-effective ways to support your company’s solvency, keep a very close eye on your cash flow (selling stuff at a loss on occasion isn’t always bad, as long as you’ve got sufficient cash money), and make good use of your analytical skills to sort out problems before the proverbial molehill becomes a mountain. Keep all of those things in mind and your business would most likely grow to its full potential.