Growing from a small business to a multi-million dollar enterprise is no easy feat. Many entrepreneurs have discovered what it takes to start small and grow into a multinational company. There are several steps involved in growing a small business. By learning the path from startup to success, you will be able to enjoy a profitable company.
Start Small and Grow Slowly
Some of the world’s most successful companies were started on shoestring budgets, many in home garages. Amazon, Dell, Apple and eBay are all such companies. Jeff Bezos, founder of Amazon, sold his first book in 1995 and by 1997 offered up his initial public offering on the New York Stock Exchange. There are several steps that companies can take to grow their small businesses into multi-million dollar companies.
Have a Plan
There is no shortage of good business ideas in the world. To take your company from small to massive, you need more than just a good idea. You need to be able to execute that idea and grow it into something great. In order to execute your business idea, you need to create a plan that will spell out the direction of your company. If you want to grow your business from one employee to one thousand, you need to plan the steps necessary to make that happen.
Ask for Help
New business owners need mentors. These successful business owners will guide them toward actions that will help them in their growth. Choosing the right mentor can mean the difference between making costly mistakes and making brilliant, money-making choices. Oracle’s Charles E. Phillips is the perfect example of this phenomenon. With over 25 years of experience in management, Phillips became a strong and influential leader in the self-made business arena; following a mentor in the business world can simply mean emulating the steps and structures of successful entrepreneurs. Having a guiding force in your business is essential to enjoying company success, so take some tips from the greats and follow suit.
Market Your Company
Many business owners fail because they fail to market. Effective marketing takes time. While word-of-mouth marketing is often the most effective, it too takes time and effort. If you are not skilled in this area, hire someone who can assist you in your marketing efforts. Market well and market often and watch your company grow.
Growing your business from small to stellar is no easy task. Follow the advice of other successful company owners to find your path to growth.