Business Growth: Start Small, Then Scale
January 14, 2020 |By NuQuo Admin | Business
It’s too common place for people to want things HERE and NOW! Today we’re going to learn why business growth should take place at a steady pace. Start small, then scale when you’re ready. No space program has ever launched a rocket into orbit without first being sure of its probability for a safe return.
Dangers Of Quick Growth
If you’re not being careful about the growth of your business, you may just run into a few problems. These problems can cause all of your hard work to either never make it into orbit, or worse, to crash and burn once you have taken off.
Although growing quickly can be successful at times, here are just a few things that you should be leery of if your business is growing too fast and you think things are going just fine.
Supply & Demand
Whether your business sells products or services, you need to make sure that you can stay ahead of demand. It’s not enough to just keep up with the demands of your customers. This is because you never know when your customers may start talking. Before you know it, you are behind and can’t keep up with the hype.
Under Prioritizing Customer Service
There is a major misconception that your business sells itself. Sure, your products or services might be amazing unlike any of your competitors. But if you’re not putting customer service at the forefront of your business plan, you are going to have some problems.
A recent post shared by Bespoke & Co. identifies that having satisfied customers isn’t enough anymore. You need advocates in order to have proper business growth! As stated once before, If you don’t have phenomenal customer service as part of your business plan, you will fail.
All Eggs In One Basket
Growing too quickly may force a business to think that they can find success by doing the same things over and over again. For example, focusing on one aspect like sales. Now sure, having a great sales team may get your company thousands of leads in a short amount of time, but it won’t help you to innovate which is essential for business nowadays.
Please, please, please don’t do this! Never think that you have found the secret to infinite success. Customer needs and desires are constantly changing and so should your business strategies.
Tips For Successful Growth
Now that we have talked about what to avoid, let’s discuss some ways that you can properly grow your business at a good pace.
FindLaw has some great advice about things that you should implement into your business to be successful. Here are just a few other suggestions that we, here at NuQuo Group would suggest for proper business growth.
Strong Business Model
Structure is the key to having a strong business model. It’s a very important thing to consider when starting a new business, but it’s even more important when your business has been running for some time. As we talked about earlier, many companies get comfortable with the way they have run things since the beginning.
Like a rocket about to launch into orbit, there is an entire team prepared with solutions for any problems that may occur. They have backup plans backing up the backup plans.
If you want your business to grow at a good rate, don’t target every single target market from here to Pluto. Pick a planet and solve the needs that exist there. It’s better that you’re absolutely amazing in one target market than mediocre in all of them.
Set SMART Goals
Using the SMART Goals strategy is a great way to make sure that your business is launching in the right direction. By using smart goals, HubSpot reports that you will be able to better drive results, track progress and prioritize what’s most important for your business to reach its destination.
Businesses can be very fragile. If not careful, they can quickly lose everything that they have gained. Grow your business safely. Start small, then scale. Use these strategies in your own company and let us know how they worked!