Make a difference day – today and every day! You’ve done a lot to get your business off the ground. Now it’s time to plan for your business’s future. From your company’s sales strategy to its processes and procedures, there are plenty of steps you can take now to guarantee meaningful growth down the road.
That’s why we asked 11 successful entrepreneurs from Young Entrepreneur Council the following question:
Q. What’s the one thing my company should be doing right now in order to see meaningful growth down the road?
1. Focus on the Top of the Funnel
Early on, you have to focus on the top of the funnel. Creating content for marketing purposes, getting quoted in magazines, speaking at events, and generally making your customers aware of your existence is the best thing you can do to guarantee future growth. Once you achieve growth, then you can focus on optimization and unit economics. —Brennan White, Cortex
2. Become a Media-Focused Company
We are all in the business of media. You may not be a content marketing company, but you should be a company with content expertise. You may not be a venture capitalist, but you should have fiduciary responsibility. Become a media-focused company by being dedicated to creating and publishing useful blog posts, videos, podcasts, social shares, and live streams. Appear to be everywhere with your target demographic. —Peter Awad, Slow Hustle
3. Invest in Online
People are purchasing, browsing, and finding more businesses online than ever before. If your online presence isn’t up to speed, you’re going to get passed by. Invest now and do it correctly. Don’t skimp in the place where you can easily see the biggest growth, learn more about automation in marketing.
4. Improve Your Processes and Procedures
If you don’t have documented processes and procedures, you won’t have a way to improve them. Make sure every process in your company has a written standard operating procedure and that your employees all have access to it. Then take a process a week and look for ways to improve. By the end of the year, you will have improved 50 processes, which will have an effect on your bottom line. —Nicole Munoz, Start Ranking Now
5. Focus on a Specific Niche
It’s easy to spread yourself too thin with a new venture since there seem to be endless opportunities. Achieving growth in the future is easier for startups that are able to identify a niche market that values their core competency. Becoming a leader in a specific niche will naturally allow for growth if that market matures, but will also provide valuable tools and lessons for success in other markets. —Charles Bogoian, Kenai Sports, LLC
6. Plan for Diversified Growth
When it comes to growth, many entrepreneurs make the mistake of putting all their eggs in one basket by focusing on acquiring a few large customers. While this has a positive effect in the short-term, it’s not the meaningful type of growth you want. Nothing is guaranteed; that one big client could leave you in the dust at any point. By setting diversified growth metrics, you’ll ensure sustainability. —Elle Kaplan, LexION Capital.
Elle Kaplan is the founder and CEO of LexION Capital, a fiduciary wealth management firm in New York City, serving everyone who feels left out by traditional “Wall Street”, including women and the families they love.