As a business owner, one of the most important challenges you face especially in your initial years is how to grow/expand your business and push it faster than your competition.
Am I right? If yes!
Then I have 10 really basic and important questions you need to ask yourself and your partner (only if you have any) that will definitely push your business growth:
Is your product or service providing value to the customer?
Ask yourself these few questions when you think about providing actual value through your products or service:
- Why your customers should spend their money and their time on your company’s product or service?
- What’s so special in your product that your competition is not providing?
- Is your business delivering more value to the customers than your competitors do? Do you provide value in the form of lower prices, better product functioning or design etc?
- Is your company providing what customers actually desire to have or expect?
Do you need new customers or a new product line to push your sales?
Expanding a product line is an important business growth strategy from small to large businesses that plan to go high on revenue and market share. A new product line is a group of products or services in the same category or completely new one like if we talk about beauty brands.
A company can start a completely new product line with a difference of the ingredients that go into their products, for example, Brand Lakme. They recently started with a new product line with Aloe vera making them a bit natural for summers.
You can expand your company’s product line by customizing the existing products that match customer needs in the target sectors by knowing your customers better with the use of feedback forms or reviews over your website or maybe via interaction too (only if you are having a small business).
So, if you’re already generating good revenue by selling your existing product lines, there are great chances for your business to grow faster by selling new products to your existing customers even the new ones.
Are you having a right team who can identify and capture growth opportunities or you need to audit?
Do you agree with me when I say that there’s no substitute for having the right people in your team whether it’s a team of 3 people or 10? your team members understand your vision for the business? Do they share the same passion as you for the tasks they are asked to perform?
Are they eager and equally responsible to help each other and contribute in the assigned tasks if needed? Do your team members have logical discussions when in a meeting room instead of illogical debates? And last but not the least you need to ask yourself, “Are they good communicators and respectful?”
After going through the above you will get a fair idea on if you need to audit your team or continue with the same team members.
Are you marketing your products good enough to reach the potential customer?
Sustaining and growing a business isn’t an easy task. From a workable idea to discovering a profitable niche and having a product or service of value to sell them is a big deal.
The most difficult is to spread the word out and reach to the customers. In today’s date, it’s almost impossible to get your word out without a correct (and tested) marketing and promotional strategy to increase your business growth.
But thanks to the influencer marketing & social media platforms like Facebook, Instagram etc. & pay-per-click advertising, it’s become really handy to get the job done.
You need to ask yourself if you are using the tools correctly and if the marketing team doing the job right.
Can you capture new markets by developing new skills?
Developing new skills to capture the new markets is crucial these days. Let’s take the example of Netflix. They built a DVD-by-mail business from its ability to buy DVDs cheap, deliver them to customers’ mailboxes on time.
Even Garyvee, the CEO of vaynermedia is a great example when it comes to what’s new in the market and that has the ability to go great or already doing great and will keep on it for longer. When you spot a new market that’s doing great, list the skills needed to succeed in the new market.
You will have to assess the match between those skills and the ones at which your team does great. You will also have to hire or partner with other people (which we call collaboration) to get the skills you’ll need.
What’s your appetite for risk?
There are all kinds of businesses smaller and larger ones. The larger they are, the greater the risk. That doesn’t mean you can’t build a large business.
So, you have to know that whatever your appetite for risk, there will be setbacks. No business can stand tall without the ups and downs. So, expect them, adjust as per the situations ask you for, take risks and move on.
Are you outsourcing the right tasks?
You might not have the time to get all of the stuff done by yourself or the money to hire the right team to get it done for you. For example, if you are not being able to produce quality content for your business website, going for a freelance writer to produce this content for you will save you lots of time and money. Do you agree with me?
At first, choosing to outsource a few business tasks might seem scary or difficult, as you’ve had full control over your business for so long. On the other side, if you are looking for a sales team, you might think about to get new staff and technology involved.
Are you truly leveraging technology?
In these days, building a Website or mobile app is really easy; getting people to do what you want when they get it is still really tough.
Do you have a mobile-friendly version of your website? Do you have a blog?
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Also, to get the most out of technology, you have to run experiments. You will have to taste different things and find that works for your company and its growth. As Gary Vaynerchuk says, “Be a practitioner.”
Can the business function day-to-day without me?
If you want to run a growing company, you have to have dependable people in your team at your company. You will have to have the time to train them and make them understand your vision and passion for your business.
Also, Finding the time and money to train might seem harder at first, but in the long run, it could be the very best decision you would have made for your business growth.
So, you will have to invest your time and money in your team now to avoid pain later.
Is there any growth opportunity?
Ask yourself the following:
Does your company or team have the right skills to design, build, distribute, and service the product better than any competitor out there?
Is there any growth opportunity in your business if you try to implement all of the above steps?
If yes, then what are you waiting for? Why are you not going all in to make it happen? What is that’s stopping you?
And when you will do so, you will have every single reason to work on your business growth.
I hope you found the 10 Important Questions That Will Push Your Business Growth helpful. Please subscribe for more informational updates and comment below if you have any queries or suggestions for the same.