Building your own business is every entrepreneur’s dream. Taking on such a project takes guts, gumption, organizational skills, and the ability to find the right people for the jobs that need to be filled. It’s a lot of work, but those of us who have achieved our goal and built our businesses wouldn’t trade it for the world.
Whether you are considering launching into entrepreneurship or have already built a business, you can use the strategies below to keep accomplishing your 2021/2022 business goals.
Ten Strategies that Every Entrepreneur Can Use
Not everyone is built to be an entrepreneur. If you have begun a business from scratch – or are hoping to start a new enterprise, this article contains ten strategies that you can use right now:
1. Look for niches that need to be filled
Usually, we look for niches when we begin a business. However, stay on the hunt for more niches that your business can fill. For example, if your business is selling toys, adding games specifically aimed at homeschoolers may help your company reach a new and currently growing market.
2. Don’t be afraid to change
The world around us is changing, so your business should too. Set aside time every few months to deliberately reassess client needs and make sure your business is still serving them. You may need to make a small adjustment, completely change trajectories, or stay on the same path. Be open to all options.
3. Utilize your contacts and resources
Starting a business feels scrappy and exciting. We reach out to all of our friends, family, and associates and find out how they can help grow our business. However, as growth occurs, many businesses become more insular and owners don’t reach out for assistance as much.
Take a step back and assess your resources. Perhaps you need to grow your company into a larger building – and you happen to know the owner. Maybe there’s a grant you can utilize. You may know a college student that wants an internship in your field.
You have great resources and some excellent contacts. Keep this in mind as you scale and grow.
4. Talk to a business coach or consultant
Many of us are not perfect in every aspect of our businesses. If you are working hard but feel like things are stagnating, reach out to a business coach or consultant.
5. Use systems to ensure consistency and to keep things from falling through the cracks
Set up business systems to help keep things running smoothly within your company. We often talk about how a system will keep a customer experience consistent, but not all areas of your business are customer-facing. Systems can also be used to:
- Create consistency in the hiring/firing process.
- Make invoicing and billing consistent and simple.
- Give employees a way to ensure the quality of their work.
- Ensure orders flow smoothly from one employee to another.
- Empower employees to perform their jobs reliably.
- Help to build company culture.
6. Recognize that your systems will grow with your company
Your company is not stagnant, so your systems should not be either! Review processes and procedures periodically, test them out, and ensure they are still working.
This step is not one that you should do all on your own. Talk to team leads about process reviews and delegate as much of this task as possible.
7. Be willing to scrap something that isn’t working
It can be hard to end a project into which you have put time, effort, and money. However, if it’s not working for you, your team, or your customers, it may be time to scrap it. Be sure to recognize when this is necessary and find ways to learn from the experience.
8. Find ways to continuously learn and grow
This step is easier said than done. So many of us get into a groove in our business and feel like we have mastered everything we need to know. However, if you want to accomplish the next step (pivoting effectively), you will need to keep learning and growing as a business owner.
Set aside time each week to take a class, attend a coaching session, or read up on the latest industry developments. Try out new software or machinery to see if a new tool would help you accomplish your business goals. Invest in your team and provide employees with training time.
All of your acquired education, knowledge, and acumen will pay off as you continue to build your company.
9. Pivot effectively
Entrepreneurs often move from one type of business to another – sometimes in the same industry and, occasionally, across industries. We often see entrepreneurs building their company and then writing a book about the experience while still running their growing business. Others, like our recent interviewee Tracey Hicks, went from selling real estate to publishing a real estate newspaper to selling products to real estate agents. There are so many niches to be filled within industries that an effective pivot can keep you on the right track while still staying in an industry that you love.
Growing a company is not for the faint of heart. It takes time, planning, and perseverance. If you are at the cusp of building something great, you do not want to turn back now. Plan for growth and change over time, and structure your business so that it can grow organically. Keep moving forward and build on successes.
As you move forward and continue to build your business, the Business Success Consulting Group team is here to help! Contact us today for your free initial consultation.
Our recent interview with entrepreneur Tracey Hicks helped to inspire this article. If you can, listen to our discussion and find even more tips that we didn’t have a chance to expand upon here.