5 Simple Growth Strategies to Double Your Business
When you’re growing your business, it’s easy to come up with big plans — and even bigger goals — but how do you know that you’re focusing on the “right” things? Especially when the goal is for you to work on growth strategies to double your business.
Great question! It’s one I know I’ve struggled with over the years. As someone who works in the online world, there are promises and claims everywhere I turn! Everything from “Make $10k Today” to “How to 10X Your Business” are in my Facebook feed and in my inbox day in, day out.
Over the past 13 years of being my own boss, running multiple businesses, and being behind the scenes in everything from international product launches to dealing with national media events, I’ve learned that simple is the way to go.
Yes, I know, that’s not especially sexy, but I have a secret for you: The boring shit is where it’s at in business. Boring pays the bills. Boring keeps you on an even keel. Boring is sexy.
The boring shit is what’s helped me double my revenue more than once in this business and will help me continue to grow. So, what simple actions can you take to have the focus you need to grow your business and double your business?
Here are my top five simple strategies:
1. Know Your Numbers
I used to be the type of business owner that avoided financials and other numbers at all costs. While I was a rockstar at reporting for clients and measuring what matters, I didn’t want to deal with it in my own business.
Back in 2014, I made a vow to break this bad habit, and I’ve stuck to it ever since. I learned to love the numbers and to embrace all of them. And you know what? It’s way less scary when you do this on the regular. For me, I look at money and marketing metrics so I know what’s what and can make informed decisions.
Getting acquainted with your numbers and learning how to measure everything from your referral traffic to your revenue, makes a big difference in your day-to-day. (And, good news, it’s all easier than you may think!
2. Get Known for Something
It’s really hard for people to do business with you when they don’t know who you are or what it is you do. Your name and what you do should be synonymous so people immediately think of you.
Interestingly, this doesn’t mean you have to do a pile of PR. (But that can definitely help!) The key is that you’re “known” in certain circles for doing something specific. This may be a type of writing or being an expert on a system or process.
You want that same thing to happen for you. Get your story straight so people know what you do and then deliver the goods, so you’re respected and trusted. Narrowing your focus and niching is a great way to do this.
Keep in mind that niching doesn’t have to be in a specific industry; it can also be by the type of service you offer.
3. Do Less (Seriously!)
This one may sound counter-intuitive to you, but wouldn’t it be awesome to do less marketing, less hustling…but get more awesome clients and revenue?
In the course of building different businesses, I became very adept at throwing everything I had at it. This was especially true in my papercrafting business as I would try pretty much anything and was always adding something new to the mix.
The problem being that adding more and more and more was an absolute distraction.
My coach at the time had me go through and streamline everything I was doing. Fewer classes, less marketing tasks, and way, way less of the things that were only delivering mediocre results.
And here’s what happened. The more I cut, the better I did. By the end of that year, I doubled my sales from $34k to $68k. And then the following year, I was able to take the $68k to $86k without a whole lot of extra effort. (Not bad for a side hustle!)
4. Experience Is Everything
That same coach helped me improve my customer experience with some really simple tweaks that I still use today in my online business.
Sure, it sounds catchy, but it’s true – experience is everything. You can have the best marketing in the world, but if your service sucks once a client has signed on, it doesn’t matter.
Experience doesn’t need to be fancy. It can be a simple card, a well-thought-out intake form, or doing what you say you’re going to do. Those things set the pace and help leave a lasting impression.
When it comes to experience, communication is key. Don’t assume that your clients understand what’s happening or even what they’re supposed to be doing. Communicate clearly and do it often so they never have a case of the “what abouts” where they start to doubt you and what you’re bringing to the table.
Focusing on experience is a must if you’re concentrating on growth because happy clients will introduce you and refer you to more perfect-for-you clients.
5. Be Patient
Patience may not be a traditional growth strategy, but it’s critical to your business. Growing a sustainable business isn’t an overnight deal — and it requires consistent, sustained action on a daily basis.
I know, totally not what you wanted to hear. But if there were to be a “No Patience” club, I would be the president and possibly the vice president and treasurer too. (I’m basically the least patient person ever…)
Give things time to work before you decide they aren’t. This means not jumping around between strategies and tactics. The first time you do something, it may not work, but the third or fourth time it might. Know the difference between impatience and when something isn’t going to work, so you don’t abandon something right before it starts to work.
Let things play out over time. That new client you’re dying to sign on may take many, many months to become a reality, but if you can stick it out, it’ll likely be completely worth it.
Don’t demand things happen on your schedule. From clients signing contracts to getting your dream book deal, be patient…because the universe may have other plans.