5 Important Keys to a Successful Business Growth Strategy

An arrow going up for your business growth strategyThe key to a successful business growth strategy greatly depends on your patience and discipline. Most entrepreneurs are driven, ambitious and prepared to take on the world in the midst of building their startup. Setting your goals high is important, but sometimes we all tend to get ahead of ourselves and forget to lay the foundation for steady, healthy growth. Building a multi-million dollar empire is a great goal but make sure you have it planned out every step of the way.

1. Why are you in business?

It’s one thing to decide to go into business but you must know why you are doing it. What is the purpose?

I’m involved in real estate investing, but why am I in real estate investing? It’s not because I want to own an apartment complex and have tenants. It’s because I have a passion for real estate and I believe in it as an investment tool. Plus I want to build enough wealth to take care of my family and retire comfortably.  You must know your purpose for being in business.

Your business growth strategy starts with what you want.

2. Set a goal

When making the decision to go into business you must figure out your why and then start writing down your goals. Not enough people physically write down what they want to achieve in their business, and end up flying by the seat of their pants.

It really is key that you write down what your goals are. I always say if your purpose in business is to create a wage for yourself, there is nothing wrong with that. I have many clients that I advise when they are looking to buy or start a business and I always start with asking them why they want to do it.

“Well, I needed a job.”

So you paid $400,000 so you could buy yourself a job to make $40,000 a year and work 7 days a week, 365 days a year? Is that what you wanted? If it is, there is nothing wrong with that as long as it is what you truly want.
We, as advisors, have to be very careful about what we put in people’s minds because we can easily put our own goals in front of our client’s minds a lot of times. As advisors, we have to be very careful to back away from that.

My goal might be to help you make $500,000, $600,000 or a million dollars a year but if your goal is to feed the children of the world and with no attention to financial gain, that is your choice.

a team for your business growth strategy3. Build a Team

Not only do you need a team of advisors to be successful in business but you also need to make sure that it’s a good team. Unfortunately, you can’t rely on bar room buddies to be your team.

If you’re trying to be successful in business, make sure you have advisors, mentors and consultants on your team that are helping you achieve success. Some of them might be paid, some of them could just be trusted mentors – it doesn’t matter. You have to know who to use and who to rely on for advice because the wrong decisions can be VERY costly.

4. Know Your Competition

You need to know your competition and understand what is going to make you unique. Why are people going to buy your product instead of your competition? What is your Unique Selling Proposition (USP)? Invest the necessary amount of time to research your market and position yourself for success. You can learn from the mistakes of your competition and leverage it in your business growth strategy.

5. Start Small & Grow

Financing is important but come up with your plan first. If your plan is good and solid, the money will follow. The problem I see is a lot of people come up with plans that are too personal and don’t reflect reality and then they wonder why no one is throwing money at them to make their personal goal come to reality.

You have to be realistic. For example, if you want to become a real estate investor and have no money, then your first project probably shouldn’t be a 4 million dollar apartment complex. You might want to start a bit smaller with some friends and family to build some rapport before you go out and try to eat the elephant. Remember, your business growth strategy requires your patience and discipline for long-term success.

Although I’m tempted to reference the famous line from Aeseop’s “The Tortise & The Hare,” I’ll resist and ask you a question instead.

What business growth strategy could you see making a big impact in your business? Share in the comments below.

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