It’s essential to focus on the RIGHT things to grow your business. As a business owner you need to be intentional when you choose where you spend your time working on growing your business.
You can save time, money, and frstrustration by focusing on the RIGHT things.
If you want to know how to grow a thriving business, check out my list of 8 Essential Principles to Focus on Building Your Business:
# 1 - Develop A Quality Service
Your business needs a quality product or service that you can stand behind with pride. Whether you are an online coach or a brick and mortar storefront, you can’t build a good business without a good product.
# 2 - Be Clear On Your Niche And Competitors
Even the best quality products will fail if no one wants what you are selling or if you can’t price it competitively. Many online business owners make the mistake of creating their product or service before they define their avatar and niche. It's also important to invest in an industry analysis so you are clear about who your competition is and how they are positioned in the market.
# 3 - Promote Your Products And Services
Identify the landscape of marketing through traditional and digital media and learn how to effectively share your company’s products and services. To grow your business, you have to be able to rise above the chatter on social media.
# 4 - Build A GREAT Team
People are your most valuable asset. Whether you're growing a staff of employees or you're using contractors, show value and create a culture that invites loyalty. You want to attract people who will represent your mission and goals as clearly as you do.
# 5 - Understand Organizational Structure And Design
You need a basic understanding of how good businesses run effectively.They way you structure departments and personnel matter. It will impact how individual projects are managed. You need to have the right people in the right role to run your business as effectively and efficiently as you can.
# 6 - Use Capital And Cash Flow Wise
You want to set yourself up on good footing. Make sure you have sufficient resources to generate positive cash flow in your business. Be sure to price your products and services in a way that incompasses all costs that are involved in creating the product or service so you are profitable.
# 7 - Gain An Understand The Fundamental Principles Of Accounting And Finance
It's vital to understand and obey fundamental principles of accounting and finance. You can hire a bookkeeper or accountant to help you adhere to the regulations and laws that affect your industry. They can also guide you to obtain necessary permits, complete and file taxes, and pay strict attention to filing deadlines.
# 8 - Honor Your Clients
Make it your #1 priority to serve them with integrity. Deliver your services in a way that meets their needs. If you encounter dissatisfaction, do what it takes to make things right. Client referrals will be an important part of growing your business. The more happy clients you have, the more opportunities you have for introduction outside of your network.
If you're feeling stuck in your biz, we offer a 90-day accelerator program to help you identify the areas you need to focus on, create an action plan, hold you accountable to make sure you get the work done. Growing a business takes a team, we'd love to partner with you to grow your business to the next level.