6 Tips To Grow Your Business
When building a business it's important to play the long game. Here are a few points I would say if you want to build your business for the long term.
1.Time - When building your business, take a 10-20 year perspective. This is not a 365 day journey. It's a 3650 day journey. Think a decade and not a year. Keeping this perspective keeps you from turning mole hills into mountains when making decisions and handling stressful situations.
2.Lifetime Customers - The lifetime value of your customer can be extremely high if you continually serve that customer with a spirit of service. In order for your company to grow, you need to spend money on marketing to attract the right customer into the door of your business. Focusing on long-term client relationships are much more valuable than focusing on any individual job.
3.Funds in the Account - This is a big one. Don't starve your business of growth by taking large personal draws from the company account. A $300,000 business where the owner takes $100,000 salary will have a hard time growing because there will not be enough margin to re-invest back into the company for growth. Once your lifestyle adjusts to a certain level of income, it's very difficult to go backwards and take a smaller salary.
4.Shiny Equipment - Don't tie up your funds in shiny equipment. This is common in the pressure washing industry where a small business will invest $10,000 in new power washers and the latest equipment yet they won't spend $10,000 in marketing to find customers. A shiny piece of equipment sitting in a truck does not make your company grow. I would suggest investing in marketing first and buying adequate used equipment to get your business rolling.
5.Hire Strategically - Sounds like a buzz word in business and it kind of is. Your company's strength is it's people. You want to hire people who can think for themselves and who will be loyal to your company long-term. Once you have great people you can spend your time leading and coaching them, rather than micro-managing them. How much you pay your staff is not super relevant compared to the value they provide. If you pay an employee $100,000 but they bring in $500,000 of business that's a good deal.
6.Learn Everyday - Go to seminars and meet key influential people to level yourself up. You need to spend time with influencers who are 5 levels ahead of you. This will unlock your brain as to what's possible. You never quite believe something is possible until you see someone doing it. In addition, reading books is tremendously valuable. Spending $30 to gain access to an individuals lifetime of wisdom is extremely valuable.
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