Top 5 tips for growing a business
You can ensure that your business keeps growing if you focus on these five strategic objectives.
- Have a clear goal and vision - and communicate it tirelessly. If you don't know where you're going then how will you get there?!
- Know the USPs of your product or service, why you are better than your competitors, and how to tell people.
- Be tenacious. Over-night successes tend only to happen after years of actual work. Don't give up but learn from the successes and failures to keep going forward and pick a growth market when possible - it makes life a lot easier!
- Put the customers at the centre of your business. The customers pay the bills so you should understand what they want and value. Always talk and listen to customers; know who they are, why they would buy your product, and what they are willing to pay for it.
- Employ great people and empower them with autonomy and accountability. Make no compromise on the people you hire; keep kissing frogs till you get the person you want for the role, and when you make a mistake act quickly and with integrity.
BONUS TIP: Remember the adage: turnover is vanity, cash-flow is sanity, profit is reality. Know your P&L inside out, and keep in mind that a sale hasn't happened until you get paid for it. Cash is the blood of a business.
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