You’ve already started your business and began building your clientele. Now it’s time to start looking at ways you can grow your business. The growth phase is the time to define your company and set a course for its trajectory.
Growing your business requires some funding.Getting funding for your business can be done in many ways. The first option is to self-fund your business. This can be a positive option because it allows you to maintain control of your business and its direction. However, this does put all the risk on you. To self-fund, you can use your savings, ask family and friends for money, or even tap into your 401K. Second, you can find an investor. Your investor will fund your business, but you need to make sure you present them with a solid plan for how their money will be used. Keep in mind, they will also have an active role in your business and will be entitled to offer input. Lastly, you can get a loan. This is a great alternative to self-funding if you don’t have the means.
Look Where You Can Improve
Now that your business has gotten its footing, you can start to focus on making improvements. This is the phase where you can see what is and isn’t working. Improvements can include streamlining processes, automating repetitive tasks, or cultivating teamwork amongst your staff. If something is working well, try replicating it in other areas of your business. Part of continuous improvement is a focus on eliminating waste. Waste can include anything from wasted materials to wasted time. Take some time to evaluate your business for waste.
Build Your Brand
How your brand is defined is an essential part of maintaining customers and gaining new ones. To transition to the growth phase, you need to make sure you work onbuilding your brand. The first step is identifying what you stand for and why you’re doing what you’re doing. Brand’s with clear motivation is more likely to attract customers. Along with this, you should create a mission statement. As you build your brand, you should also look to your competitors and see how you can differentiate yourself from them. Additionally, you can do some research on your target audience to see how to appeal to them.
Once your business has gotten established, you’re ready to move into the growth phase. Of course, there’s plenty of work you’ll need to do to grow your business. Take some time to evaluate your business and find ways to grow.
An important part of your business’ growth is making sure you provide a good checkout experience for your customers. Contact us so we can help you!