Many businesses that were partially or even entirely shut down due to the virus are ramping back up. Many decisions are on the table. How can we not only recover, but also grow?
Understand the Cause of the Growth
What’s distinguishing about you, your product, and your service? What draws your customers? Why do they choose your product/service over your competitors’? Once you’ve put your finger on it, keep it there. Make it part of your mission and make your decisions under the umbrella of its protection.
Take Time to Pause
Despite all the hardships and negative we faced due to COVID-19, one thing we did learn was the benefits of “pause and reflect.” The demands of a growing company can be constant, but taking time at the end of each week to collect your thoughts, to look over the past week, and its decisions will help you grow. Taking a break saves you from the burn-out.
Ask Yourself the Right Questions
- Who’s my target audience?
- What are the critical points in my profits?
- What are my strengths? My weaknesses?
- What systems slow me down? Which works best?
- How will this decision affect us 18 months from now?
Be willing to change what’s not working! Knowing your strengths also helps you market yourself even better to your ideal client.
As you analyze and observe the answers to your questions, you’ll notice things that worked for you before may no longer be the best choice. We’re not saying to jump on everything new, but don’t cling blindly to the old. Evaluate. Learn to adapt and grow with technology. Set new systems. Train more people. Create new processes. Again, be adaptable!
If you’re watching and planning, scaling up sets the stage for you to succeed. Increasing your capacity creates a structure for growth.
As your business grows, so do expenses. Set sound principles, including:
- Monitoring your finances – both expenditures and ROI
- Set boundaries on both payables and receivables.
- Establish a reliable billing and collecting strategy.
“A business that wants to continue to grow, innovate and attract the best employees must demonstrate that they are willing to invest in the future,” he said. “Customers will appreciate the increased level of service. Employees will appreciate that you are investing in the company and their careers. And ultimately, you will create more value for your business than if you were spending all your profits on personal matters.” Edgar Collado, CEO of Tobias Financial Advisors,
Keep People Your Priority
The two most valuable people groups in your business are your customers and your employees.
Your customers are the bedrock of your success as a company. In every aspect of your business model, from your marketing to the final sale, keep the needs of the customer at the forefront of your mind. Even in your most hectic moment, make their experience your priority.
Your team is the heart of your business. If you lose them, their talent, their loyalty, you’re sunk. Be intentional about investing in your employees. Check-in often and get their feedback, too.
Apply the above principles and watch your business grow. Of course, part of having a good team is building one. That’s where we come in! At Hamilton Connections, our whole focus is connecting you to the talent you need to run your business well. No matter where you are in your business growth — you matter to us! Looking to hire? Contact us today!