“By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best,” Lanng told Business News Daily. Lanng said that an agile approach to development, both in your product and your company, will help you grow more quickly. One trait that many successful startups have in common is the ability to switch directions quickly in response to changes in the market. “It’s easy to forget this step amid rapid expansion, but you don’t want to find out that you’ve outgrown your coverage just when you need it the most,” he said. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.”Īs your small business grows, you may add space or equipment, create new products or services, or increase your operating and distribution footprint, so DeHetre recommends periodically reviewing your policy to ensure you have the right coverage. Not every business owner’s policy covers data breaches or other cyber losses. For example, “the theft of employee data, customer records, and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty. “Small businesses need to manage their growth to avert disruptions that can bring business to a grinding halt,” said Mike DeHetre, vice president of product development at Travelers. One important resource to help you accomplish this is your business insurance provider. It’s impossible to control everything, but there are many ways to limit internal and external threats to your company and its growth. Risk is an inevitable part of starting and growing a business. Tip: Maximize your current customer base by implementing a customer loyalty program or trying out marketing strategies based on customers’ purchase histories. This would pique a banker’s interest, because they care about the return on investment more than your business aspirations.” “We learned to emphasize that there is a large market for what we do. “In the past, we would highlight our business goal to become a franchise, which didn’t resonate with banks,” Reilly said. This focus on your established market is especially important if you’re trying to get funding. You can do this by implementing a referral or customer loyalty program or trying out marketing strategies based on previous purchasing behaviors to encourage repeat business, he said. Rather than trying to acquire new customers, direct your attention to the core customers you already have, suggested Bill Reilly, a Wisconsin-based auto repair entrepreneur. In addition, delegating tasks to focus on important work will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture. With hardworking employees dedicated to your company’s success, your business will be better equipped for continued growth. “ Hiring the absolute best people you can is a surefire way to ensure fast growth,” said Christian Lanng, CEO and co-founder of business software provider Tradeshift. Before you can even think about your company’s growth trajectory, you need to have a solid staff to help you achieve your goals.
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