Having started businesses of my own and helped clients successfully grow theirs, I have become all too familiar with the typical pitfalls that almost every new business owner encounters. There are however, 5 key principles to growing any business which, if you master them, will propel you past these hurdles and help accelerate your growth exponentially:
1. Know Your U.S.P.
2. Grow Your Business As If You Were Building a Franchise
3. Promote Your Money Makers
4. Strive To Always Be The “Latest Thing”
5. Learn To Be An Innovator
In part 1 of this article, we discuss the first two of these five key principles:
1. Know Your U.S.P. (Unique Selling Proposition)
Before you can address your market, you MUST know what sets you apart from your competition – what makes you different. This can be specific to your company, your product or service and your offering. If you cannot identify what makes you stand out from the crowd, you will have a very tough time convincing the market that they should buy from you instead of the many other companies who can clarify that for them. Even though you may have a better product, if you can’t identify it then you can’t communicate it, and if you can’t communicate it you will be wasting any marketing dollars you spend.
2. Grow Your Business As If You Were Building A Franchise
There is a reason why the best franchises sell for so much money. They have proven sales, marketing and business systems that delivers results. When growing a business, take a look at what the big boys are doing in your market. For example, if you’re in the fast food industry few business models outperform McDonalds. What McDonalds does brilliantly is document processes and make them almost fool proof so that their employees can get up to top speed fast, be replaced quickly if they don’t work out, and produce exactly the same results over and over again.
Next, in Part 2 of this article, we discuss key principles 3, 4 and 5 on How to Grow a Business and lead into Part 3, where we put these 5 Key Principles for Exponential Growth into Action.