Recently, as part of the Business Roundtable’s quarterly survey of CEOs, chief executives in the United States showed that their outlook for the economy hasn’t changed much from a year ago, with most seeing the U.S. economy stuck in slow-growth mode. Even the upcoming election in November doesn’t seem to foster optimism about the potential for stronger gains either.
In fact, according to a report published recently by Bankrate, the majority of Americans see the fast-approaching presidential election as the “biggest threat to the U.S. economy over the next six months.”
If you’re an entrepreneur faced with this outlook then, it’s incredibly important to be proactive when it comes to growing your business. While many owners and managers are preparing to attend Fortune’s Growth Summit next month for ideas and inspiration, there is plenty you can do straight away to start building up your venture. Read on for some tips you can follow today.
Have the Best Team Possible
One of the first things you should do is make sure you surround yourself with the best team you can. While in the early stages of a business you may only have a small group of people on hand to help (or may just do it all by yourself), you will never really be able to grow your organization much if you don’t start to delegate some tasks.
When you’re ready to either start hiring some employees or to utilize contractors or other outsourcing options, make sure you look for people who not only have the necessary skills and experience needed for the job, but who also have the right attitude. Choose candidates who seem to be passionate about doing their work to a high level; who are dedicated, passionate, proactive, flexible, and adaptable; and who are keen to work with you for the long haul.
On top of hiring people to assist you, keep in mind that it also pays to use mentors and other advisors if you want to grow your business. No matter what stage of entrepreneurship you’re at, whether you’re about to launch a business or are more established and need to grow your venture in a hurry, having sage advice available can be invaluable.
Learning from people who have “been there and done that,” as well as having someone to listen to you when you feel overwhelmed or stressed, can make all the difference to your business success. Mentors can help you to develop new strategies, sort out your mindset, strive for bigger and better things, and even to make helpful connections.
Use an Event to Build Your Brand
Another good way to grow your business is to host or take part in relevant events. Whether you choose to attend a small networking dinner to meet some potential new local clients, or decide to hire a top events management firm to help you wow thousands of people at once, events are a great way to build up your brand name quickly and start to develop more of the connections you want.
You can increase the hype around your venture with a cool event that gets the right people (and media outlets) talking, as well as get people engaged in your brand and your offerings. In addition, the fact that most event attendees bring their friends, family members or work colleagues with them to an event (or tell their contacts later about the fantastic time they had or the interesting people they met), will help you to rapidly expand your reach in the market.
Hosting or being part of an event also helps businesses to build trust with potential clients. Particularly for start-ups, who don’t yet have much recognition, events can help you to show people that you’re the real deal, not just a nameless company. This instantly helps to build trust and create more interest in your products or services.
Spend Much More Time on Sales
If you’re keen to grow your business, there is no getting around the fact that you will have to spend more time on sales to do so. In fact, according to a number of business coaches and experts, often the main reason that a business is under performing and seeing little growth is because of a lack of time spent on the sales process.
If you are in the startup phase in particular, you should be devoting at least 80 percent of your day to sales. This will help you to gain a foothold in your market and help you to quickly expand your reach. If, on the other hand, you operate a more established venture, you can dedicate around 30 percent of your time to the sales process or other direct customer interactions.