Almost everyone in Texas who starts a new business wants to make it grow as quickly as possible. Fast growth does not happen by accident. Here are a few tips, from a recent column in a national business magazine, on how entrepreneurs can quickly grow their businesses.
First and foremost, an entrepreneur needs to ensure that his or her performance standards are set as high as possible. If the entrepreneur determines that he or she cannot live up to those standards and expectations, then stepping back and examining both performance and standards can help the entrepreneur take the necessary corrective actions.
Second, limiting goals to a maximum of three is important. Many business owners fail because they were trying to do too much and were unable to put the required amount of effort into satisfactorily meeting even one goal. By selecting the most important areas of a business and focusing on those, the entrepreneur is better able to meet those goals.
Third, learn to delegate. No one who runs a business of any size should be spending his or her time worrying about the details of essential but not especially challenging tasks. An entrepreneur should hire those who can do those jobs so he or she can spend time on the most important parts of the business. Administrative support in the form of a personal assistant or office manager can help minimize the work load.
Fourth, develop new products or processes. Many businesses get off the ground because of a unique entry into a new or existing market. Product or process novelty wears off over time, however, so begin developing new products or processes as soon as possible to expand the market to customers who are looking for new products.
Entrepreneurs with growing businesses will sometimes run into legal and regulatory issues. It is best to address these issues proactively, and the help of an experienced business attorney can keep the business owner focused on expanding the business.
Source: Forbes, "4 Ways To Very Quickly Grow Your Business," Siimon Reynolds, May 24, 2015