Business development is critical for any new entrepreneur, and a high-growth business is always the desire. High-growth comes in the form of increasing revenue, but with hundreds of business strategies at your disposal, where do you start?
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First, understand that growth is an ongoing process that requires hard work, patience, and dedication. There is no quick trick to achieving immediate success, but there are ways to catapult your business on the high-growth fast-track.
As owners of three Chem-Dry franchises, spanning two counties – all launched over a 10-year time period – we’ve seen first-hand the secrets to driving a high-growth business. They lie in the tried-and-true basics that lead to sustained business performance. The below tips are meant to inspire business owners with simple to follow, tactical tips to accelerate strong and consistent growth.
Related: 12 Keys to Family Business Success
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In order to drive a high-growth business, you must first set the foundation and build the infrastructure for desired growth. This begins with defining roles and responsibilities. To expect great results from a person in a specific role, you first must be clear about what is required of them. Division of labor and defined responsibilities will create order and structure for your business.
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Remember, the key to accountability is setting clear expectations.
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Giving back and investing in the community means that you need to think beyond the services of your business. Invest time and go the extra mile to provide support at a hyper-local level. For example, we will clean church worship halls in our community at no cost. This does take some time and supplies, but the return has always been wonderful.
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Building the reputation of your small business through community involvement may be the most rewarding element of entrepreneurship as it brings a sense of identity and purpose to your business. It has become clear that business health is reliant on community trust and involvement.
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Fast growth depends on making your current and potential customers happy with their experience. The business environment has changed and the way you service your customers must be elevated. While tech and innovation reign supreme in the post-pandemic era, we must not lose sight of human connection, emotion and empathy as it relates to the customer experience.
Personalizing the experience and becoming the hyper-local provider of choice can boost and strengthen that relationship. This might require diversifying services to meet consumer needs, re-training of team members, etc. Bottom line, prioritize and invest in customer service.
