Whether you have recently started a business or have been successfully running your business for several years there are 3 key elements to focus on when it comes to growing your business.
1. Increase Sales Through Distribution Channels
If your business is a Starbucks location, then to double business you need to set up another location to double sales, if your business is a monthly subscription service then you need double the amount of subscriptions you have, at the end of the day business is not rocket science, but one of the most important factors for doubling your business is to increase distribution channels, if you aren’t sure what distribution channels are then you need to figure that out quickly. We recently helped a client in Silicon Valley secure money who literally doubled his business from 2012 to 2013, for his business to double he simply needed larger clients who paid more. His business provides cloud and database services for medium size and large companies. They recently landed a big client, maybe you’ve heard of them, Facebook. In order to double their annual sales he focused on working in networks with larger companies and therefore larger needs, the end result was he doubled his annual sales, profits and overall business.
2. Increase your Sales force
Whether you sell insurance or technology service or tires, at the end of the day people and human capital are often your most valuable resource, in order to grow and double your business, you must increase your sales force. Recruiting and properly training your Sales Force is a definite key when it comes to doubling your business. When thinking about how best to strategically grow your sales force, each business and owner are different, some owners will say be very selective about hiring the right sales person and still others will say take quantity over quality and hire as many as possible and fill the market with your sales reps. Typically I would take the position of neither extreme, you want to hire quality Sales Reps, but if you try to attract only the best and brightest you will surely miss out on other sales people that would have done well and helped to boost your company’s bottom line, at the same time there must be some qualifying formula that you follow when bringing in sales people based on the criteria that you use to hire sales reps. Focusing on a down the middle approach to bring in qualified, but also an adequate number of representatives to build more brand awareness and reach for your business is paramount to doubling and growing your business in a short time.
3. Make Sure you Are Well Capitalized
In order to grow and double your business you must have adequate growth capital and cash on hand to finance it, whether that means securing a better location, purchasing more inventory, increasing advertising investment or dramatically increasing your sales force, each of those actions will require significant capital needed to grow your business. We are all aware that most businesses fail due to running out of money and capital so securing lines of credit, working capital loans and financing for a new location or much needed equipment is essential for a company to double their sales/revenues.
When you increase your distribution channels, increase your sales force and secure growth capital you are well on your way to growing and even doubling your business!