How you can Grow Business without Word Of Mouth

A quick look at the standard new business development model shows that the two lowest risk options are penetrating new markets with existing services or delivering new services to existing markets. The key to both options is appropriate market research and segmenting the market to identify smaller market segment with a need and a reasonable level of existing competition.

It is possible to grow business beyond that which may be secured via recommendation but it requires analysis, research planning and the time and courage to see the plan through. The importance of segmenting the market appropriately cannot be overstated.

Grow Business without Word Of MouthWith market segments recognized and researched it is then possible to build a plan to attack the markets and grow business. When things inevitably slip off track, success is unlikely to be achieved overnight so it is important to plan the steps on the road and have a base to refer back to.

If the issue is capacity then perhaps a higher price service should be delivered to a smaller subset of the market. If it is the level of competition then what could the business do better and if it is the lack of a service what are the implications of delivering that service.

Starting with the segment of the market currently attacked is there realistically potential growth available in that segment. If so what are the challenges stopping the business from taking more business? Is it simply a capacity issue, is it the level of competition or is it the lack of a particular product or service.

A good small service business grows to a point simply via word of mouth and recommendation but then gets stuck at a level. Their challenge is how to grow business beyond this level by other means.

Taking the second opportunity identified by Ansoff, it is then possible to look at the other segments of the market not currently serviced. If the reasons for avoiding particular segments are really valid, evaluate. What are the most attractive segments to attack and research how to attack those segments is a key process.

It is very important to take a step back and look at the current market as a whole. Which parts (segments) of the market does the business currently attack, which ones does it avoid, and why and which ones are most likely available to attack.

Starting with the segment of the market currently attacked is there realistically potential growth available in that segment. If so what are the challenges stopping the business from taking more business? If the issue is capacity then perhaps a higher price service should be delivered to a smaller subset of the market. Taking the second possibility identified by Ansoff, it is then possible to look at the other segments of the market not currently serviced.


Ways to Manage a Fast Growing Business

Significant growth can happen for a lot of reasons. Your new business is just one of the 10% and is being rapidly embraced by your customers, or perhaps you’ve merged with another company and the combined skills or products of your new company are advancing your sales.

No matter how your growth spurt started, you’ll be facing new challenges trying to keep things under control so here’s 5 Tips To Manage A Fast Growing Business.

Create Procedures and policies

Manage a Fast Growing BusinessHaving procedures in place makes training new staff much faster and ensures all staff are learning the same thing. Because your time will be getting eaten up dealing with other matters, keeping everyone on the same page during company growth is essential.

One of the best things you can do for a fast growing business (or even a slow one for that matter) is create policies and procedures. We’re not speaking about creating a plan for every little thing but more of a manual or guide so that you can bring new staff up to speed very quickly.

Get the Right Systems in Place

Ultimately you’ll want a single solution that meets all your needs. Wishful thinking I know, but make sure you do a lot of research in this area as changing down the road is always much harder.

Look at the way you run your business and ensure you get software that has the necessary features to make your company run efficiently. You don’t want to be messing around with multiple software packages and cloud products slowing down staff productivity.

Make sure you’re using a line of business application that works for your company. Do you go on-site to clients businesses?

Stay well organized

I cannot stress enough however the importance of keeping things organized in a rapidly growing workplace. Making sure everything has a spot and areas are kept tidy and clean.

Keeping things organized makes for greater efficiency. There’s nothing quite as frustrating as being in a hurry and not being able to find what you need quickly.

Make sure this is very well laid out and organized if you have a common area in your company like a stationary section. Make things easy to find for yourself and staff and keep supplies stocked.

Pay and hire good people Them Well

Always remember the ones who help you and your business grow to what it is today. Good work is hard to find and you don’t want to be in a position where you’re trying to cheap out with an employee that’s helped you build your business and survive your growth spurt. Do whatever you have to do, get rid of whatever you have to get rid of before you let valuable team members leave.

I know as business owners we’re all trying to save money everywhere we can. Do yourself a favor and don’t try to save on the people that are going to help run your business with you.

I’m not talking about paying the janitor $200k a year, but the key players in your business need to feel appreciated, like they are paid well and feel valuable. Here’s where I get people telling me it’s not always money that makes people feel like valuable members of the team. There of course is truth to this but simply put, non-monetary reimbursement just doesn’t pay the bills.

Keep a Strict Work Schedule

Part of owning and growing a business is the adventure of it. Don’t feel you need to get everything done in a week or a day, or a month.

Remember the other important things in life like family, exercise, relaxing, socializing. You may feel these things take you away from what is most important, building a successful business so you can do all those things later?

Accept the fact that in a growing business there will ALWAYS be things you can work on, improve, tweak, rebuild etc. Because a growing business has a never ending amount of tasks, if you ever do actually finish everything you need to do then be worried.

As a small business owner myself I know first hand the number of hats you need to wear and the time you have to spend making your business function. The problem is if you don’t set your working hours, people like us will just never stop working.

Make sure you’re using a line of business application that works for your company. I’m not talking about paying the janitor $200k a year, but the key players in your business need to feel appreciated, like they are paid well and feel valuable. Always remember the ones who help you and your business grow to what it is today. Good work is hard to find and you don’t want to be in a position where you’re trying to cheap out with an employee that’s helped you build your business and survive your growth spurt. Part of owning and growing a business is the adventure of it.