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Let's face it. Scaling your business is hard. It takes considerable effort. In the beginning, it means wearing different hats. It means dealing with sales and marketing. It means understanding taxes and corporate compliance. It involves having to interact with customers on a daily basis. And so much more. At the end of the day, it takes its toll on you.
If you're struggling to grow your business, there is light at the end of the tunnel. Sure, it's hard. But, what's the alternative? A life-sucking 9-to-5 job? Surely not. Okay, maybe you're longing for the security of a guaranteed paycheck. But, at what mental or emotional price will that come?
The truth? If you buckle down, clear your mind, and just look at things in perspective, you can easily identify ways you can grow your business and make more money quickly. While hundreds of business growth strategies likely exists, the following 15 will take your business to the next level quickly and efficiently.
Roland Frasier, a business growth strategist, has a unique approach to scaling businesses. As a principal of Digital Marketer and Native Commerce Media, and CEO of War Room Mastermind, he knows a thing or two about the online marketing world.
Frasier, who builds and scales seven, eight and nine-figure businesses tells me that there are loads of ways to grow a business quickly. But, only 15 core strategies that will truly make a real impact on your bottom line. Some are time intensive at the outset. That much should be expected. But, the benefits and profits will ultimately make them well worthwhile.
Like anything else in life or in business, you have to put in the time if you're looking to reap the benefits. Don't focus on the short-term outcome of your work. Look to the long term. Build sincere value and look to help your customers. Genuinely care. That should be the foundation. After that, it's simply a matter of taking action and putting in the work to scale.
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1. Build a sales funnel.
The first way to quickly grow your business is by building a sales funnel. If you don't have a sales funnel, you're making a monumental mistake. Sales funnels can help to automate your business. It helps you to scale and grow quickly and easily. Sure, there's some front-end work involved. Obviously. But, once those processes are in place, it's smooth sailing from there.
Frasier says that every sales funnel needs to be carefully conceptualized before it's created. Consider the different funnels first and foremost. Whether it's a free-plus-shipping offer or a high-ticket coaching funnel, it's important to build your automated selling machine to quickly scale and grow your business.
2. Utilize a customer management system.
Manually tracking transactions is hard. No one wants to do that. It gets too cumbersome as the business grows. If you want to scale quickly, use a customer management system. There are plenty to choose from. But, it really depends on your line of work. Of course, cloud-based software like SalesForce is always a viable option.
Quickbooks can help you with the accounting. InfusionSoft can also assist with sales and marketing. There are plenty of CMS systems, most of which integrate with other cloud-based services. Find what works for you and utilize it.
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3. Research the competition.
When going to market, and you're really looking to get your offer to the masses, you need to research the competition. Frasier says he uses two platforms to conduct his research. The first is Similar Web. The other, AdBeat. Both provide competitive intelligence. It's your chance for x-ray lenses into all landing pages, ad copy, and other stages of the funnel.
This allows you to uncover any advertiser's online strategy. Find the ads that have been running for the longest and emulate those. That's the quickest way you scale any business. If it's proven and it's working for your competitors, it's likely it'll work for you.
4. Create a customer loyalty program.
Loyalty programs are great ways to increase sales. It costs up to three times more money to acquire new customers than it does to sell something to an existing customer. Other resources pin this number anywhere from four to 10 times more. However, any way that you slice it, acquiring new customers is expensive.
Frasier says that building a customer loyalty program will help you retain customers. It might also help you attract new ones as well. If there's a clear incentive to spend more money with you, it'll pay off in the long run. Build an attractive loyalty program and make it accessible to your existing customers and watch sales skyrocket over time.
5. Identify new opportunities.
Analyze new opportunities in your business by understanding your demographic better. Understand everything from distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately with the proper amount of analysis.
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6. Build an email list.
One of the most best and most effective ways to grow a business quickly is to build an email list. Clearly, that means you need to have a lead magnet. Why else would people subscribe to your list? And, with a lead magnet, comes the necessity for a sales funnel. Look into companies like Aweber, ConstantContact, ConvertKit, Drip, GetResponse and others for building and managing your list.
7. Form strategic partnerships.
Strategic partnerships with the right companies can truly make a world of difference. It could allow you to reach a wide swath of customers quickly. Identifying those partnerships might be easier said than done. But, look out for companies that are complementary to your own. Contact them and propose opportunities for working together.
8. Leverage global platforms.
In the ecommerce business selling products? Why not use Amazon's FBA service? In the business of selling services? Why not use Upwork? In the business of renting vacation homes? Why not leverage AirBnB, InvitedHome, HomeAway or other global platforms? Find a platform that's reached saturation and use it to grow your business quickly.
9. Licensing deals
Doing licensing deals is a great way to grow your business without too much added effort. If you have a product that you can license to others and share a revenue of, that's an ideal way to grow quickly. Taking a popular or successful product and bringing it to a company with a large footprint can help you achieve market saturation quicker.
Related: I Started Saying 'No' to These 6 Things. My Life and My Business Got a Lot Better.
10. Consider a franchise model.
If you have a successful business, and you're really looking to grow quickly, consider franchising it. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, it could make all the difference if you're truly looking for quick growth.
11. Diversify your offer lineup.
Look into diversifying your offers. What complementary products or services or information can you offer in your business? In order to grow, you need to think about expansion. Identify new opportunities within your niche. Uncover the pain points. What else can you sell to your clients. Where else can you add value in the exchange?
Related: 9 Steps to Increase the Value of Your Business
12. Build passive income streams.
Growing a business takes significant effort. If you're dealing with razor-thin margins, consider building passive income streams. This way, you don't have to worry so much about keeping the lights on, so to speak. Passive income will afford you the opportunity to make mistakes and not have to lose your shirt. It'll keep you in business and provide a basis to grow and market and scale quickly by giving you ample resources.
13. Acquire other businesses.
Sometimes, acquiring other businesses is a very quick way to grow your own business. If you can find competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast. Take a look within your industry and even outside of it to find potential for potential opportunities.
14. International expansion.
Can you expand internationally? Can you take your existing offers and scale them internationally? What would it take to do business in Canada or Mexico or Europe? If you have a converting offer, international expansion could be a quick way to grow. You'll incur some costs. Sure. But, the potential for profits could be massive.
15. Create a webinar.
Webinars are a great way to promote any product or service. It can also help you grow any business relatively fast. Webinars provide an automated selling tool for literally taking any product or service to market and reaching a wide audience quickly. The webinar medium is great for captivating audiences to clinch sale after sale, automatically.
How can I expand my business quickly? ›
- Do Your Research. ...
- Build a Sales Funnel. ...
- Increase Customer Retention. ...
- Participate in Networking Events. ...
- Practice Corporate Social Responsibility. ...
- Form Strategic Partnerships.
- Identify your critical success factors. ...
- Keep score. ...
- Learn from the best. ...
- Create the future. ...
- Involve your people. ...
- Set goals. ...
- Make a plan.
- Develop systems.
Different types of business expansion include purchasing new assets, opening new units, adding sales personnel, increasing advertising, adding franchises, entering new markets, providing new products or services, etc.What 3 things make a business successful? ›
- Pursuing a mission. A company's mission is essential to running all aspects of the business. ...
- Focusing on customers. ...
- Employing a great management team. ...
- Retaining employee talent. ...
- Keeping detailed financial records. ...
- Continuing to innovate. ...
- Pursuing long-term goals. ...
- Adapting to new technology.
The four growth strategies
These are Product, Placement, Promotion and Price. Where the Four Ps focus on audiences, channels & pricing, the Ansoff Matrix is more effective for a broader view of markets and uses the older Four P framework within each of the 4 Ansoff quadrants.
Positive, Committed, Persistent and Patient senior management. A Defined Business Concept and current Strategic Business Plan. A Structured and Functional Organization. Basic, Automated Tracking Systems to support the organization and make it efficient.How can I grow my business in 2022? ›
- Educate client partners on new paradigms. It's important to inform your clients and partners about changes you're making to better benefit your business across a shifting economic landscape. ...
- Widen your business's online footprint. ...
- Consider hiring more gig workers.
If a company has above-average management—people who have experience and have been with the company for a long time—there's a good chance that the company will be a success. Companies can achieve market leadership through quality, innovation, customer service, or even warranties.
4 types of business growth include organic, strategic, internal, and lastly- acquisition, merger, or partnership. 4 strategies include product development, market development, diversification, and market penetration.What are the top 10 successful businesses? ›
- #1 Apple Inc. (AAPL)
- #2 Microsoft Corp. (MSFT)
- #3 Industrial And Commercial Bank Of China Ltd. (IDCBY)
- #4 China Construction Bank Corp. (CICHY)
- #5 Alphabet Inc. (GOOGL)
- #6 Agricultural Bank of China Ltd. (ACGBY)
- #7 JPMorgan Chase & Co. ...
- #8 Alibaba Group Holding Ltd.
What are the seven levels of business growth? ›
The seed, startup, growth, established, expansion, maturity, and exit stages. Each stage of growth in business is important because businesses are known to face different challenges at each stage. They also require different financial management practices at each stage to survive.What are the business strategies? ›
What is a business strategy? A business strategy is an outline of the actions and decisions a company plans to take to reach its goals and objectives. A business strategy defines what the company needs to do to reach its goals, which can help guide the decision-making process for hiring as well as resource allocation.How can small businesses increase profit? ›
- Change Operating Procedures. You need to generate more sales while reducing expenses. ...
- Stay Visible and Connected. ...
- Maximize Your Cash Flow. ...
- Streamline Management Costs. ...
- Raise the Marketing Bar. ...
- Make Everyone a Salesperson.
4 types of business growth include organic, strategic, internal, and lastly- acquisition, merger, or partnership. 4 strategies include product development, market development, diversification, and market penetration.How can I sell my small business fast? ›
- Prepare to put your business on the market.
- Time the sale for the right moment.
- Calculate the value of your business.
- Get professional help — broker, lawyer, and accountant.
- Perform sell-side due diligence.
- Put your business on the market.
- Pre-qualify buyers.
Positive, Committed, Persistent and Patient senior management. A Defined Business Concept and current Strategic Business Plan. A Structured and Functional Organization. Basic, Automated Tracking Systems to support the organization and make it efficient.