9 Tips to Grow Your Business

Many people start businesses thinking that I will turn on my computers or open my doors and start earning money. Only to find out that making money in a business is harder than they thought. You can avoid this in your business ventures by taking your time and planning all the necessary steps needed to achieve success. Whatever type of business you want to start, you can be successful in your venture by using the following 9 Tips to Grow Your Business.

9 Tips to Grow Your Business

Introduction

In this article, you will read about most of the business experiences and will learn how an entrepreneur can branch out or diversify his business. And how can make profitable every different businesses with the asset light model.

1. Ideate Big to Make it Big

According to every successful businessman,

  

To make your business big, first you need to think big.

But the traditional thinking pattern of Indian businessman doesn’t allow them to think big. They want to be the owner of the business, even if its valuation is very small. They don’t want to be part of a big business with small shareholding.

For example, a businessman wants 100% ownership on a business whose value is Rs. 100. However, the businessman should think that it is ok to have a 10% stake or ownership in a business whose value is Rs. 10,00,000 instead of Rs. 100.

In place of being an owner of a small business with a small valuation, it is better to have a small share of business with big valuation.

The game of evaluation is only for those who are willing to let go of percentage.

Do not hold on to one idea or business, it is only a way to earn money. Do not go after money, thing big.

2. Involve People in Your Business

Start involving people in your business. If 100 people are involved with you, then 100 people are working for your business and their own business.

When you start involving your team in your business and establish an emotional connection with them, they automatically start working with full dedication, thinking it as their own business.

• Develop trust among your team members
• Inspire them
• Motivate them
• Train and skill them

3. Think Different

Here we take an example of Mr. Vivek Oberoi (Bollywood Actor, Entrepreneur and Businessman) While sharing his experiences, Mr. Vivek Oberoi said that when he enters the film industry, his father wants to launch him as a big brand.

But, Mr. Vivek Oberoi decided to become successful with his own talent and skill instead of his father’s back support.

He faced many rejections and challenges. He accepted those challenges and struggled a lot.

So, no matter how many failures come across, you have to accept the challenges and rejection in business and make your way towards success.

Don’t listen, find your own way.

In business, you cannot depend on your family inheritance to help you climb the ladder of success; instead accept your struggle and achieve success because great challenges make great men.


Also Read: How to Create a new Company

4. Don’t love with Your Business

Since business is something that witnesses profits and losses, hence, you need not to be in love with your business.

A business idea is just a way of earning money, so, you need not to be attached to it.

If your business idea couldn’t do well, instead of sticking to it forever, you can shut down it and focus on what is giving you profits.
Fall in Love with your Family instead of Materialistic Things

5. SWOT Analysis

You need to perform SWOT analysis of yourself and your business to figure out what are your internal strengths, weaknesses, what opportunities are available and what are potential threats from competitors.

Ascertaining your strengths helps you direct your all energy in improving your weakness to leverage the potential opportunities, and disperse the external threats.

6. Bring Professionals in Business

Whether you are running a family-owned business or a conglomerate, it is imperative to bring professional talent in your management.

• Convert professionals into entrepreneurs
• Give them a stake in the business

7. Convert your Team into your Stakeholders

Until and unless you give incentives to your employees, you cannot inspire them enough to work for you with full dedication.

If there's no incentive, there's no inspiration

• Make them stakeholders in business
• Hep them create wealth for themselves
• Inspire them to invest in your business

8. Find out the Gap in the Market

Before you attempt to scale up your business, you need to first find out what is missing in the market and what market demand is.

• Find out the market demand
• Link the demand with supply
• Prepare proof of concept (COP)
• Make a financial pipeline
• Scale up your business

9. Build Efficiently in your Team

If you prepare a high performance team, then you don’t need to invest your most of the time and energy in business.

If the team is efficient enough to execute your ideas and vision, then you don’t need to take most of the decision on your own.

For this, all you need do to is to find out the right team, train them, trust them and motivate them.

Must Read 👇 

How to Create a Business Model

Importance of Cyber Security in Business