You have to face the fact that to grow your business, you need to struggle very hard. It demands a great deal of effort. It means you have to face trouble while dealing with scales and marketing, or understanding taxes and corporate compliance. Scaling your business involves interacting with customers on a daily basis. In the end, what only matters is that it takes its toll on you. If you are struggling with how to grow your business, there is light at the end of the tunnel. It is hard and we know it. But, is there any alternative to this? Yes, there is. A life-sucking job of 9-5. But this is quite difficult for you. So, stick to the other one!
If you clear your mind and look at things with a different perspective, you will be able to find various methods to grow your business and make enough money in a very short period of time. There might be hundreds of ways to improve your efficiency but only 15 of them are explained here. They will help you to take your business to the next level quickly and efficiently. These are the ways that are explained by a business growth strategist, Roland Frasier, who has a unique approach to scaling business.
1. Build a sales funnel
The first and important way to quickly grow your business is by building a sales funnel. If you do not have any sales funnel, then you are making a big mistake. Sales funnel helps you to grow your business in a very speedy and easy way. It is obvious that you need to do some work before. But once you have done that, each and everything will go smooth.
According to Frasier, every sales funnel needs to be carefully conceptualized before it is created. You should look for unique funnels first and then it is important for you to build your automated selling machine to quickly scale and grow your business.
2. Research the Competition
When you are about to go to the market and ready to give your offer to people, you need quick research for the competition. Frasier says, there are two platforms for this purpose. One is a Similar Web while the other one is AdBeat. Both of these are highly productive. Now, it depends on you how you use the landing pages, or advertisement copy, or any other stage of the funnel.
Look at the ads of your competitors. How they are advertising? Choose the same kind of way for your business. Because if their business is flourishing by that kind of ad then surely, you will grow too.
3. Utilize a customer management system
It is difficult for you to track the transactions manually. Nobody wants to do that. It gets too cumbersome when the business grows. If you want to scale quickly, use a customer management system. There are different systems. You can choose anyone from them. But remember, you should choose the one that depends on your line of work.
Quickbooks can help you with accounting. Similarly, InfusionSoft can help you with marketing. You should look for which one will work for you and then utilize it.
4. Create a customer loyalty program
Loyalty programs are best to increase sales and as a result, grow your business swiftly. It costs up to three times more money to acquire new customers than it does to sell something to an existing customer. Some resources say that it might increase from four to ten times more. Frasier says that this will help you to retain your customers plus it attracts new customers. You should have to make a very appealing loyalty program and make it accessible to your customers. Now, just wait and watch your sales skyrocket over time.
5. Identify new opportunities
You should have to analyze brand new opportunities in your business by understanding your demographic better. You have to understand everything. It includes distribution channels to your direct competitors or analysis of foreign markets or any other potential industries. There are hundreds of opportunities. You only have to go forward and grab those immediately with the proper amount of analysis.
6. Build an email list
The best and most effective way to enhance your sales and grow your business is to build an email list. It will help you in the long run. Most importantly, it will give you a lead magnet. Because the question arises, why would people like and subscribe to your list? But with the lead magnet, there comes the necessity for a various sales funnel. Look into companies like Awber, ConstantContact, ConvertKit, Drip, GetResponse, and many others for building and managing your email lists.
7. Form Strategic Partnerships
Strategic partnerships with the perfect and appropriate companies will make a huge difference in your business’ growth. It will help you to reach a great number of customers quickly. You should know that identifying that kind of partnership might be easier said than done. But, all you have to do is to look for the companies that are complementary to your own. You should contact them and give them proposals to work in collaboration.
8. Leverage global platforms
You should ask yourself a question, in the eCommerce business selling products why not use Amazon’s FBA service? Why you do not use Upwork for the sake of selling services? And most importantly, why you do not use leverage AirBnB, InvitedHome, HomeAway, or any other platforms? You have to find the best platform that is up to your mark and has reached your saturation. Later on, you should use it to grow your business.
9. Licensing deals
Doing licensing deals is a great possible way to grow your business without doing much effort. If you have a product which you can license to others, then do it. This is an ideal way of growing your business quickly. By taking the most popular or any other successful product and then bringing it into another company with a wide range of customers can help you achieve market saturation quicker.
10. Consider a franchise Model
If your already existing business is growing very quickly, think about it into changing into a franchise model. It is understood that franchise costs are relatively high. To move in a franchise model seems complex and it takes a lot of marketing know-how. But it will work effectively if you are sure about making your business grow in a rapid way. If you are looking for quick growth, then it could make a huge amount of difference.
11. Diversify your offer lineup
You should look into diversifying your offers. Ask yourself, What complementary products you can offer in your business? In order to grow your business, you have to expand it first. For this purpose, you have to think about various ways of expansion. Identify new opportunities within your niche. Disclose your pain points. Think about what else can you sell to your clients. And where else can you add value in the exchange?
12. Build passive income streams
Growing a business demands a great deal of effort. If you are dealing with razor-thin margins, consider building passive income streams. In this way, you do not have to worry about things. Passive income will help you to avail of the opportunities and if in any case, you make a mistake then you do not have to lose anything. It will keep you in business and gives you guidelines on how to make your business grow quickly. It will also help you provide a basis to scale quickly.
13. Acquire other businesses
It may sound odd but sometimes acquiring another business can help you to grow your business quickly. If you can find competitors or businesses in other industries that would complement your own, you could use them as a platform to scale fast. Firstly, you should have to look inside your company and even outside of it. And then you will be able to find the potential for other opportunities.
14. International expansion
In order to grow your business fast, ask yourself the following questions: are you able to expand your business internationally? Are you able to take your already existing offers to the international level? What would it take to do business in Canada or America? If you are able to do the above things then you should opt the international expansion because it will help you to grow your business. Plus you will incur some costs. But on the whole, the potential for profits would be huge.
15. Create a webinar
Webinars are the best ways to promote any product or service. It will help you to grow your business relatively fast. Webinars give you the best selling tool for taking any product or service to market and then reaching a wide audience quickly. Mediums of this kind are best for capturing the attention of the audience which will help you in terms of a growing business.
To grow your business…
Keep this thing in mind, like anything else in life or in business, you have to put your time if you want to gain benefits. You should never think about any short term outcomes of your work. Rather, you have to look at the long term benefits. In the end, it is all about taking action and then putting in the work to scale.