A business that demonstrates excellent performance at the beginning of its development can subsequently slow down its growth and cease to be profitable if its founders do not think about following the chosen strategy, finding competitive advantages and people who can move the business forward. Don't forget about marketing, which will attract new customers and increase sales.
Instructions
Step 1
As you put together your business plan, you probably worked out a strategy with your partners that you were going to follow in the further growth of the business. For example, it could be a bookstore's strategy to sell only certain types of literature. Try to stick to the chosen strategy and think about every new decision that deviates from it. Constantly "running away" in one direction or the other, you will spend extra time and money on ideas that are not always useful. This can slow down the growth of the business.
Step 2
Constantly analyze how your competitors are doing, what new ideas they have. Capture everything, even new signage designs. Watch their development on the Internet and (if possible) personally: go to competitors' stores, get a haircut in their beauty salons, etc.
Step 3
Assess your competitive advantages and develop them. If you see your competitors have interesting ideas, try to apply them in your business, unless they will destructively affect your overall strategy.
Step 4
Assess your employees every six months. This is necessary in order to identify their abilities and potential that your business needs, to make personnel changes, and to promote successful employees. Also, such an assessment allows you to recognize ineffective people.
Step 5
Don't forget about advertising campaigns. If your first ad campaign is successful and you have enough customers right away, this is not a reason to stop. The more customers you have, the better your business will grow and, accordingly, your profits. Therefore, consider the possibilities of promoting your new services, look for new ways to declare your business. Make sure that your company's website works without problems, specially hired employees regularly blogged. Run promotions among your target audience. This will not only prevent the company from "flying out of the cage" and fade against the background of competitors, but will also guarantee growth.
