Life and business as we know it has turned on its head. Entrepreneurs, their ventures, and societies are digging deep to find creative ways of dealing with unprecedented challenges. Whether you’re a budding entrepreneur or are seasoned in your business owner journey, agility remains a critical part of your success. What worked two years ago may no longer be relevant in your industry or for your business’s success. It’s an excellent time to re-evaluate your strategies, what worked in the past, what needs improvement, and what you can tighten up.
So, what does it look like to take your business to new heights as a solo entrepreneur? Perhaps it’s hiring a team, whether it’s in-house or outsourced? Maybe it’s being able to grow your business while travelling the world as a digital nomad? Whatever it looks like for you, whether you’re looking to finally get that business plan off the ground, grow brand awareness or increase revenue, these business growth strategies will set you on the right path.
Scale your team
If you’re constantly chasing your tail, it may be time to start scaling your team. Perhaps the reason why your business isn’t growing is that you don’t have the sufficient resources to delegate work to.
You can’t take the entrepreneurial world on your shoulders and small tasks that are essential in the smooth operation of your business can be done effectively by someone else if you let them.
We know scaling your team might seem a bit daunting but delegating work allows you to focus on other areas of your business that may need a bit more attention. As a small business, you may not have the sufficient financial resources to hire an entire in-house team but that doesn’t mean you’re left out in the cold. Outsourcing your team for the tasks that you need the most help with is a great way to help your business grow and to get the job done efficiently.
However you decide to scale your team as part of your business growth strategy, make sure you find the right employees who have a strong skill set and fit into your company culture. Once you do, value them and work on employee retention. A happier employee will put more effort into their work which will build a trusting relationship and won’t waste time on a high staff turnover.
Who knows, once you’ve scaled your team you may even be able to take a sabbatical?
The 3 D’s
Develop, differentiate and diversify. The most crucial consideration of all the business growth strategies.
How can you improve on your product or service? Sit down and map out exactly what you are offering and how you can better it. Remaining stagnant and leaving no space for innovation will make you fall behind in the ever-competitive world out there. Take a peek at your competitors. What are they doing and how can you do it better?
Consumers are spoilt for choice and brands are continuously vying for their attention. So, what are you doing that sets your business apart from the rest? Make sure you differentiate your brand to encourage a customer to choose your product over theirs and ultimately grow your business.
Some ideas of differentiation to grow your business include:
- Price points.
- Attractive packaging.
- Promotions, discounts and perks such as loyalty cards.
- Convenience i.e., door-to-door shipping.
- Strong marketing campaigns.
Just to name a few. However you choose to differentiate your business, make sure it makes sense for the overall return on investment.
Keep an eye out on what is happening around you and work out a strategy to diversify yourself from your competition. Whether it’s offering a new product or tapping into another industry or market, make sure you remain top of mind to the consumer.
Whether you chose one or all three of the 3 D’s, implementing them into your business growth strategy will help you grow brand awareness and position you as an industry leader.
Work to your strengths
Instead of wasting precious time and resources trying to work on what you’re not good at, focus on what you are! Playing to your strengths can only have a positive impact on your business growth.
If you’re good at generating conversions from your social media marketing, milk it! Promote those posts, increase those click-through rates and improve your conversions.
We’re not saying completely sweep your weaknesses under the rug, but instead of being fixated on them, use your strengths to grow your business.
Don’t ignore the numbers
Keep a close eye on your finances and the overall ROI of the business. Checking in with your finances on the regular basis could flag potential areas where your money is being wasted.
Monitoring exactly where your money is being spent, what you can cut back on and where you can allocate finances to other areas of your business has a more valuable return and allows your business to grow instead of remaining stagnant.
Perhaps that extra bit of income can be put towards a salary for a new staff member, another machine to assist with production or a bigger budget for your marketing campaign.
We believe in strength in numbers! Find another brand that complements but doesn’t compete with yours, and partner up. Whether it’s running a promotion, collaborating on a campaign or joining forces to offer value to your audience, look for industry leaders with who you can learn from and grow with.
Are you launching a new dried herbs and spices range? Pair up with a company that sells cooking utensils and create an entire campaign around it.
This will boost brand awareness, generate leads, and ultimately build strong relationships with other businesses as well as customers. Partnerships and collaborations are some of the best business growth strategies as you can leverage off each other’s existing audience. Remember, it needs to be mutually beneficial, so take the time to research the brand you are considering partnering up with.
And there you have it! Our top business growth strategies for solo entrepreneurs. Applying one or two of these in your business plan is guaranteed to set you up for success. Still unsure how to go about it? Speak to a professional who can assist you and offer you advice.