Growing & Expanding Your Business (Proven Steps)
A big business is just a small business that’s made it and we know you all want to make it — but that’s a lot easier said than done. So how do you turn your small business into a business that pays for itself and the house in the Hamptons you’ve always wanted?
Here are our four tips to go from ‘Bill Who?’ to Bill Gates:
1. Act like you’ve been there before
When your business is growing you’re going to be exposed to all sorts of things that you haven’t been before. Whether it’s an extra zero in your bank account or an extra hundred logistical problems you have to grapple with it’s all going to be novel. The key is to project an air of confidence: whether it’s dealing with staff, or interacting with customers, you want to always remain in control even if you’re unsure. Seeming to not know what you’re doing can turn off customers, discourage your team, and halt your growth in its tracks.
2. Operate the business you want not the business you have
We’ve all heard the saying dress for the job you want not the job you have, but that piece of wisdom is much more relevant in running your business than it ever has been in job hunting. The only way to expand your company is if you run it like you would your corporate behemoth. It means little things like the way with which you deal with clients: you shouldn’t ever be in a position to make an excuse about bad service: if an Apple can always have stellar customer service you should strive to too. Moreover, never be happy with where you are: businesses fail when people get complacent. You need to always be seeking to improve and beating your competitors.
3. Learn to deal with rejection
What separates an entrepreneur from someone with entrepreneurial aspirations is perseverance. You will hear hundreds of thousands of ‘no’s’ each year. It’ll come from your customers, your friends, potential investors. Remember to use those ‘no’s’ to improve your product because eventually you’ll start getting more and more ‘yes’s’ and it only takes one of those to change your life.
4. Separate business and pleasure
The biggest mistake budding entrepreneurs make is that once their venture starts churning out some revenue is that they go and spend it all — DON’T BE THAT PERSON. Your business account is not your chequing account; repeat after me, your business account is not your chequing account. If you’re going to pay yourself set a salary. But, the rest should be going into your business and making it better.