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As an entrepreneur, starting up your new business it can be incredibly exciting. But getting it off the ground can also be equally as difficult. When profits start to appear and you get used to the demands of your business, expansion could be the last thing on your mind. But while it’s important to enjoy your new found success, you may also want to look at growing your business.
When it comes to business growth, it’s important not to do too much too soon. Instead, focusing on growing your business organically will help ensure steady growth and profit, instead of making a huge and uncertain leap into paid growth and falling short. But how can you successfully grow your business organically?
Invest Some Time In Your Online Presence
In the words of Bill Gates, ‘there will be only two kinds of businesses, those with an internet presence, and those with no business at all.’ We are living on the internet of things, so it’s important to make sure you’re online. People turn to the internet for all kinds of information, and you want to be there to provide it. Even if you’re running a one-man business, it’s worth investing some time in your online presence. Get yourself a website and make sure it is optimised properly so that people can find you online easily. Use social media to regularly interact with customers, prospects and other businesses.
Network Like Your Life Depends On It
One of the things that helps many businesses stride from start-up into small and even medium sized businesses is networking. Getting your face out there, meeting local business owners and building relationships is crucial for any successful growing business. There are a lot of different options for networking out there, and the best way to find one that’s right for you is to try some out! For example, if you want a very laid back and casual approach to nurture ongoing relationships gently, you could try Business Biscotti. If you’re looking for something structured, aimed at accelerating growth quickly with structure, and are prepared to commit to an early morning weekly meeting there’s BNI. Or if you’re looking for a supportive group of women who can help you and your business grow at a pace that suits you, there are groups like 10-12 Business Club. The trick to getting networking to effectively grow your business is finding a group you like, that works for you and your business type. So try out every group you can find, then dedicate yourselves to the ones that work.
Keep An Eye On Your Cash Flow
The saying ‘you have to spend money to make money’ might hold some weight, but small businesses still need to keep a close watch on their spending. Businesses will typically calculate their cash flow based on what’s left over after all of their essential expenses are paid and non-cash items are adjusted on the net income. When you start to think about business decisions from a free cash flow perspective, new growth opportunities become more apparent. But if you start to lose sight of your cash flow, you may find yourself making big capital investments with large depreciation costs that provide little long-term value, and you can get into trouble.
Build Key Relationships
Relationships are one of the most important things to any growing business, and spending some time building and nurturing them can be worth its weight in gold. Whether it’s with your suppliers or with new customers, those relationships are critical. You should also look at making connections with other businesses in the area that could grow into partnerships. So, for example, if you provide a marketing service, you might want to build some key relationships with specialist service providers, such as social media gurus, bloggers or SEO specialists. Make sure you are spending time helping the relationships you do have, and the return will be huge.
At 10-12, we are all about helping business owners connect and build their businesses together. All of our members are dedicated to not only making connections but building giving as much help and support as they can to other business owners on the road to growth. If you are interested in trying out a new networking group and joining a network of supportive, successful business owners focussed on growth, just get in touch with us today, or arrange to visit one of our groups.