Many successful small businesses begin with slow growth – sometimes painfully slow growth – before reaching a tipping point that propels them to steeper growth curves and success. But not every entrepreneur and small business owner understands the strategies and tactics required to reach the tipping point of small business growth.
There are a few strategies that successful small businesses use to reach the point of mass product acceptance and sustained growth. None of these approaches involve rocket science, but many entrepreneurs instead think they can simply rely on luck or time to make this happen.
Here are three ways that many small businesses are able to reach the tipping point of growth, scalability, and success:
Marketing and sales exposure. First and foremost, small businesses need exposure in front of its target market and prospect base. Some small businesses reach the tipping point of marketing messaging by aggressively pursuing social media and targeted, cost effective marketing strategies. Other, more well-financed startups may also opt for mass media marketing, which has the potential to help their businesses reach the tipping point faster or on a larger scale. Further, once this market messaging has reached the masses, there needs to be a clear call to action with aggressive follow-up sales efforts to pursue those leads, whether it be via a free sample, sales demo, special report, or some other point of interest to your target market. You can learn more about effective tipping point marketing strategies by taking our small business marketing training course.
Standard and scalable operations. Strong demand for your product or service doesn’t mean much if you can’t deliver it. With that in mind, it is important that your operations be standardized in a way that can meet the demands of the market and scale for growth. The simplest – though certainly not the easiest – way to do this is to document your internal processes and procedures and train employees on the details of those operations. Even if you are a one-man show, it is important to model a standard way that you will run your operations yourself and how future employees might do the same. Small businesses that neglect this area are destined to be mired by subpar delivery speed, costs, and quality, which will undermine growth. You can learn more by taking our small business operations training course.
Healthy financials and cashflow. Many small businesses succeed in the first two areas, but run into cash and financial constraints. For example, once a product or service reaches mass adoption, some small business owners will neglect to raise their prices to realize increased margins. In addition, many entrepreneurs fall short when it comes to optimizing cashflow, ensuring a healthy balance sheet, and implementing other financial controls that can enable and fuel small business growth. Although not all entrepreneurs are good at finance or accounting, it is an important part of ultimately reaching the tipping point. You can learn more by taking our small business finance and accounting training course.
These are just a few of many ways that small businesses can reach the tipping point of stability and sustained growth rather than potentially declining growth and failure. Learn more about this and other growth strategies by downloading our free guide, Secrets to Small Business Growth.
than potentially declining growth and failure. Learn more about this and other growth strategies by downloading our free Guide to Small Busin