Growing a Successful Business
8 Keys To Expansion
Author — Edward Emono
One of the most common questions I get from clients seeking help is; What is the best way to ensure long-term sustainability, and how do we achieve it? The best way to sustain your business over the long term with continuous success is to grow and develop. Without growth and development, comes stagnation.
Some of the biggest companies in the world still have expansion and diversification on the top of their priority lists because this is what facilitates innovation and gives them an edge in the capitalist market.
To put it in perspective
Think of yourself as a company, now think of all the skills you have from most competent to least competent. If you, the entity were to employ all those skills you will have several divisions. If your highest competence came in 2 out of 5 skills then guess what, not only can you run your business on those skills but now there’s room for improvement and expansion inclusive of the other 3 skills that can be acquired.
It is for this same reason Janet, a highly-skilled accountant just got hired at SPACE X. She knows nothing about space and yet it sounds more impressive than average to acquaintances. I’ll be sure to expand on this down the line of the following 8 keys to expanding your business for long term sustainability.
Start a joint partnership
Get out of your comfort zone and work on a project with someone you usually see as a competitor. When you know someone who is promoting complementary products and/or services for you, step in to promote something together. The more you participate in the Joint Venture, the more familiar you will be with your company and your offerings.
Create more products or services
Diversifying your offering can also help you grow and thrive. For example, if you currently offer groups or online courses on how to do this, you could expand them and offer individualized training services to go deeper than what you currently offer. You can also ask for more money.
The fastest way to grow and develop is to attract more customers. Of course, you are only one person so you may need to outsource more work to ensure you can accommodate more clients. It is for this reason a company like space x hires Janet to run an accounting division and not Musk.
Teach others what you know
If you have the skills to share with others to teach them how to be as successful as you are, don’t keep it to yourself. Share this. You won’t make another competition even though you think it will. Conversely, not only do you get more customers, but you are also considered an expert.
Write a book
If you are already good at something, you can broaden your experience by writing a book on the subject. Then use the book to promote your other products and services. You benefit from the book and the additional advertising opportunities the book offers.
Join the discussion
Once you have books, courses, and coaching programs, it’s easy to get into discussion groups. Paid lectures can help you spread the word about your business and ultimately amplify your experience.
Be consistent and persistent
If your business is already growing and growing, keep doing what you are doing. Ultimately, consistency and persistence pays off for any business model.
Network to Get work
My biggest regret from college was not doing enough of this, Networking. One of the things I noticed at the end of each semester (especially with classes I really liked) was that when I would have those final goodbyes with professors they would often say; “if you need anything send me an email”. My usual response in my head was, “I probably won’t since this class is done”. Years down the line I would often kick myself for not having a recommendation for a job application in specific fields. Pay attention to how you work on the network and with whom you communicate. You want to connect strategically with potential partners for joint ventures, potential customers and colleagues.
Growing and developing requires self-awareness of what you are doing and what you are not doing moving forward. Sometimes you evaluate your goals to ensure that you are heading where you think you are at a certain point in time. If you are successful, keep doing what you are doing. If you fall behind, everything will be fine; You just have to adapt.
Being an entrepreneur can be overwhelming and stressful. So what about when some people thrive and achieve their goals and dreams while others struggle? The answer is simple, mindset is everything.