How a business can go from 0$ to 5,000,000$

There’s no surefire formula for instant success, but you can boost your business’s growth from 0$ to 5,000,000$  with these tips

When you first launch your business, your main goal is to establish your brand and start growing. Unfortunately, this doesn’t happen overnight. Growth is an ongoing process that requires hard work, patience, and dedication. There’s no special step or secret way to surpass other businesses in the industry or achieve immediate success.

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I can assure you that building a business is no easy feat. As a two-time entrepreneur, I’ve experienced the ups and downs of building a business and culture. To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought.

You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success. There are, however, proven ways to reach growth milestones that can catapult your business to success and they are discussed below.

1. Find a Trustworthy Partner

While not everyone can start a business together, it helps to have a trusted partner to be #inittogether with. For my second business, for instance, I partnered with my friend of three decades to build our product. Who can you partner with?

2. Hire the right people.

When I think back to the biggest mistakes I’ve made as an entrepreneur, they all revolve around hiring the wrong people, or worse yet, keeping the wrong people for longer than they should be around. What happens often is, we move too quickly to hire someone and end up hiring the wrong person for the wrong position.

Before you can even think about your business growth trajectory, you need to have a solid staff to help you achieve your goals. Hiring the absolute best people you can is a surefire way to ensure fast growth, It’s all about having the right team.

With hardworking employees dedicated to your business’s success, your business will be better equipped for continued growth. 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.

3. Focus on established revenue sources.

Rather than trying to acquire new customers, direct your attention to the core customers you already have. 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. This focus on your established market is especially important if you’re trying to get funding.

4. Say No to What’s Off Focus

It’s easier to create and plan a strategy and focus than it is to stick to it. But if you’re going to be successful, it’s not just important to say “Yes” to the right things, it’s important to say “No” to the wrong things.  It’s really hard to say no–but essential if you’re going to grow your business.

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5. Reduce your risks.

Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are many ways to limit internal and external threats to your company and its growth.

Businesses need to manage their growth to avert disruptions that can bring business to a grinding halt, For example, “the theft of employee data, customer records, and product designs can destroy a business, generating significant costs and eroding customer confidence and loyalty. Not every business owner’s policy covers data breaches or other cyber losses.  should be prepared by seeking insurance products that help you recover, including those that cover the cost of remediation and lawsuits.”

6. Form a Board of Advisors

You can’t possibly know it all, and even with a great partner and great peers, you can use help in growing your business. While it’s great to have friends and mentors who can help you, I recommend you codify your mentors through the creation of a Board of Advisors.

We all have friends and mentors with more experience than we have–by forming a Board you can better tap into that experience.

7. Build Great Values and Culture

You and your employees spend more awake time at work than you spend anywhere else, including at home and with your family. So the core values you have and the culture you cultivate at work are essential to your success and happiness.

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We took great care with both of our companies to create core values that would resonate: Amongst them, for Likeable Media: transparency, accountability, and passion; for Likeable Local: a passion for small business, obsession for customer success, drive, and continuous improvement. We’ve also worked tirelessly to build culture: retreats out of the office, social events, unique benefits like on-site manicures, and massages. The results: Likeable Media has been named to the Crain’s Best Place to Work in NYC for three straight years–and continues to attract the best and brightest people in New York.

8. Build Your Brand

The world of the mobile internet and social media has made it easier than ever before for a small business to “act and look big.” One of our first decisions in business years ago was to publish a daily blog.

Today, whether it’s on your blog, on Facebook, Twitter, or LinkedIn, through online video or pictures, or articles, you can constantly build your brand–to make your business more credible, more trusted, and more accessible to your customers and prospects. Social media is the great equalizer when it comes to building your brand, and you have a greater opportunity than ever before to make your small business brand BIG!

9  Boost your customer service

Another great method of growing your business is to focus on providing superior customer service. When you exceed customers’ expectations, they are likely to tell their friends, family, and followers about your business.

When you go the extra mile, such as by offering discounts if a customer has a poor experience or following up to ensure a client was satisfied with your product or service, you establish a reputation for great customer service.

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10. Ask for Referrals

Have you asked all of your current customers for referrals?  The best form of marketing has been and will always be referrals from your current customers because if you’re doing a good job, they’ll want to help. You won’t have a chance unless you ask.

The Bottom line

Approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it. If you want to be among that 25% to grow your business from 0$ to 5,000,000$ paying rigorous attention to these tips is the smart way to get there.