What can you actually do to grow your business? A guide for long term visionaries

Growing a business is an interesting and highly challenging journey: it definitely isn't an early morning stroll in the park, but it can be twice as invigorating and purpose-infusing, provided that it's managed the proper way.

While there's no magic spell that can be used to turn any business into a success, there's a proven blueprint that great entrepreneurs all seem to integrate into their practice and that can support and sustain the growth of a business.

In particular, this blueprint for growing a business is entirely dedicated to long-term visionaries who are willing to put in the effort and enjoy the results sooner rather than later. So, if you're one of them: there's some great takeaway for you in the lines here below.

1: Constantly fuel the entrepreneurial mindset

Habits and routines are not exactly a good fit when you are trying to come up with an impactful idea for your business, so it is quite relevant that you keep your entrepreneurial mindset vivid and fresh. Explore opportunities, play around with ideas and find the perfect balance between keeping your feet on the ground and your head way up in the air.

2: Take on the opportunity before you're 100% ready

At some point, if you take your role as entrepreneur seriously, you're going to be faced with what we like to call the opportunity. It may derive from an apparently small step you took as a result of a quick decision or it may come to you in the form of an idea following a long and hard research: either way, you'd better make sure you jump on it without waiting for every single condition to be perfectly aligned. Sometimes, starting out before you're ready is the best thing that you can happen to do, especially when it comes to things that may turn out essential for your business growth and expansion. Bill Gates, for example, did not wait until he had a completely finished OS before engaging with Altair, and look how far he has come since then.

3: Grow your business in one specific area at a time

While your idea of business can revolve around a few different areas that you'd like to cover, when it comes to growing as a company, there's no space for too many things at once. Therefore, you must be ready to pick one area, one field, one specific function and completely commit to it until your company is excellent at it and known for it. You don't need to exclude all the areas of your interest forever, but you definitely need to do it for a certain period of time while you fully dedicate to the growth of your business.

4: Consolidate your practice

When you've reached excellence in a field, you should then consolidate your practice so that providing the same excellent results becomes easier and easier over time. In other words, you should focus on creating an environment set up with processes that - almost unfailingly - produce predictable results.

5: Invest in a dream team to sustain business growth

In spite of some recruitment theories suggesting to only hire the best talents available, it's impossible to structure a company exclusively with high-level, top-notch performers. Any company is made of people and people can't be all evergreen champions. However, it's important that you create at least one dream team in your company, which is a team of trusted professionals that excel at one or more key functions. People that you're willing to put into your dream team should be determined, dedicated and highly competent in what you need them to perform or supervise and they should be ambitious and goal-oriented.

6: Extend your purpose and create a story

Nowadays, successful companies are not just made of numbers, they're also made of compelling stories creating a sense of value around them and building their reputation as leaders or experts or trusted brands. Crafting your company story will allow you to create a stronger engagement by providing a clear, enjoyable and inspiring access to the values, the principles and the mission behind your business. The intimate side of your business is made of dreams, resilience, hard work and full commitment to a clear, well-defined vision: all these elements have within themselves the ability to engage people and provide them with something they can relate to on a deeper level. So make sure you always remember that customers and potential customers are willing to relate, if you provide them with a way to do so.

7 Expand your reach and grow through scaling

Once you can provide your core product or your core service by leveraging a process or a system that produces consistently great results, it's time for you to start expanding your reach and grow your business through scaling.

There are mainly three different ways to do so:

  • You can grow your business by extending the audience geographically
  • You can grow your business by targeting a new group of customers with a specific feature or attribute
  • You can grow your business by creating a version of your product or service that can be accessed by different customers at once, which enables a type of scaling based on automation.

8: Add higher value deals

Last but not least, to grow your business you can also increase the size of your deals: the higher the value, the bigger the business. This step is however to be taken carefully, because closing bigger deals imply bringing a significant and provable higher value to the table. You may need to redesign your product, expand your service, upgrade to a more complex and comprehensive offer, which ultimately requires a great step forward. Therefore, the starting point of this strategy can be very demanding in terms of investment and innovation and it certainly needs extra care to be managed properly. However, once your company is ready to take the leap of higher value deals, the results in terms of business growth will be extraordinary.

Conclusions

Growing a business is often times the contrary of simple and it always requires two main elements: dedication and strategy. While dedication is a very personal attribute and everybody can attach to it their own meaning and their own implementation, strategy tends to be quite replicable over time and even across different businesses. That's the reason why the blueprint covered in this article is a great resource for any visionary entrepreneur who's looking to advance, grow and expand the impact of their business.

Time to Read:

5 min