Whether you’re a small business holder, someone with a great idea for a start-up or a CEO of an established company, there are always ways and means to make your business grow.
I’ve taken ideas, projects and companies and helped them expand, become reality and achieve success many times in my career so far.
Here’s some of what I’ve learned about the best ways to bring growth to your business, no matter how big or small it is.
What's your USP?
First of all, you must identify just what your unique selling point (often called USP) really is.
A lot of people are thinking: ‘oh, we offer personalized mugs.’ However, that alone is not unique.
Now, if the mugs are painted by 100-year-old monks in the Himalayas who then bless them while they're at it – you know that's pretty unique.
So, what is it you do that’s particularly unique, and which is going to draw someone to your company?
We have to remember anything unique is only a one-off to a certain extent, because there's only so many uniques on the planet, right? But whatever it is, make it something specific to you.
Finding out just what that is makes your business special – and capitalizing on it is one of the keys to success.
We have to understand what our unique factors are, be it individual attributes (like offering great service thanks to a warm personality) or a combination of factors that make your business, products, and offerings stand out among your competitors.
Believe
Secondly, you must have perseverance and belief.
You're going to be confronted with a lot of people who either don't believe in your idea or want to shut it down because it's competitive.
You can't get into business if you don't have grit and you certainly can't survive if you haven't got that same grit and persistence. It's important to be self-aware, to believe in yourself and know what you are doing.
But you should only do this up to a point because you don't want to be delusional either.
So, if the facts and figures suggest a need for change, it's crucial to quickly adjust your approach or product.
Be clear about your mission
The third point is – ask yourself ‘why?’
Why is someone going to use you? Why should someone choose you? Why is someone going to buy your product?
You have to understand these points, so you can leverage them.
Asking yourself why is really important because you might have unique selling points but you have to look at the market and the customer and compare yourself humbly to where you sit within the competition.
The ‘why’ might be service, the functionality, the way you deal with people, the quality of your product - there's loads of whys.
If you can pick up on the ‘why’ that sticks out when compared to your competition, then the customer will likely choose that same thing.
The ‘why factor’ is important now because there isn't a lot of brand loyalty left, especially when we're talking about retail spaces. People are going for price, they're going for ease, they're going for time to access.
These are very big whys nowadays, so why is more important, I think, than just relying on brand names.
Keep level-headed
Finally, don't let success – or the lack of it - get to your head.
Whether or not your business ideas are successful, don't let anything get to your head, even the negativity.
When you're in a business, be it a big company or a start-up or running a shop, your ability to keep a clear and sound mind is crucial to making the right decisions. This means not developing an ego when things are going well, and not feeling too stressed when they aren’t.
Those situations will mean you're going to make bad decisions and impulsive decisions.
So find ways, whichever works for you, to relax, to think about other things and to disconnect from your business for a short while, so that when you’re back focused on it, you’ll do the right things with a clear mind.
Justin Anastasi.Having considered all the above, there’s something else that’s important to remember too - don't be patient and wait for the right time to do anything.
There's never the right time when it comes to starting a new business, expanding an existing one or branching out into a new area. Just do it. The right time was yesterday.
Justin Anastasi is CEO of VentureMax, an investment firm based in Malta. He is also Chief Executive Officer at Greighter, an angel investment company, and has previously worked in senior positions in HR.