3 Strategies to Grow Your Company

3 Strategies to Grow Your Company in 2023

Strategies to Grow Your Company, I discussed some of the characteristics that are the foundation of entrepreneurship that I talked about in a recently delivered talk at my school of choice, Cornell. I want to share some of the advice for business I offered at the time of the presentation. After you have mastered the personal characteristics that lead to success, you must still know the strategies essential to building a successful business.

Refrain from eating the free lunch. The most effective strategy is never to eat a free lunch. The truth is, there is nothing free. If you take an offer of hospitality or gifts from someone else that you receive, you play a submissive function.

When I was a newly-established businessman at the time, when I’d eat a meal or lunch, I would fight hard to get the check even though we had no money. This law of reciprocity is for business as well as for life. If you’re generous, others will be kind to you. If you are a victim of the generosity of others, they will also own your generosity.

Each of these strategies shares the same thing: They are focused not on expansion without cost but on steady growth that maintains your freedom. In the end, many entrepreneurs enter the business to seek freedom and control their destinies. It is essential to keep that in mind.

That’s why my company has yet to receive any venture capital funds, and I would always suggest to other entrepreneurs to avoid succumbing to the temptation. There are many reasons why it is impossible to be a true founder by taking a manageable sum of money. Once you take big money from financiers, they become your employees. You’re limited in your capacity to take shots.

The most important thing is to be prudent and focus on organic growth. If you’re saving money, there’s no need to borrow money from others.

Capital investment is indeed needed for many businesses. You may require some financial assistance from banks or your family and friends. However, a small amount of money is enough to test your concept and create a proof of your idea. Of course, you should invest as much money into your pocket as possible.

When I could pay my family and friends back their investment in my business, it was among the most rewarding experiences in my life. We paid them back their money back in 21x their initial investment. It took us 6 to 7 years, but the reward for their risk in our business was a measure of achievement. I prefer to give my family and friends a reward over financiers who view you as a cash cow and treat you accordingly.

  1. Cultivate diverse revenue streams

The second principle and a crucial method to keep your independence are to diversify your revenue streams. Diversification is suitable for every aspect, whether it’s your teams or the streams of revenue you design.

A business that is built on one cash source is not able to show the ability to withstand. I discovered this by trial and error during the outbreak. We were the most extensive group hotel booking website worldwide. That’s not a position you need during a global outbreak where everyone’s in a state of lockdown and not travelling together. We had to perform a significant pivot and change between individual and group hotel sales. We created a unique “gig economy” call centre that allows remote employees to take inbound calls from customers and have resulted in significantly higher conversion rates for bookings for us compared to online. Today, we’re a better company as we’ve set an alternative source of revenue.

The development of a diversifying business will allow you to keep your independence even when things get complicated. The temptation to invest in risk with private equity or venture capital money is more comprehensive than in the beginning, but it could also arise in times of hardship. It’s why it’s essential to be prepared and keep your true independence. Imagine yourself as Henry David Thoreau. Henry David Thoreau of your profession.

Ultimately, the quick financing route could lead to an unintentional trap. It’s like an athlete that does steroids rather than working hard. It’s not a recipe for long-term or sustainable growth. There have been plenty of benefits to “blitz growth” in recent times, especially in the technology field. But this has changed in the past year, with a vast market adjustment. It is best to make an effort, go on the longer route, and put yourself in a position to be successful and sustainable.

  1. You should be an expert and behave like one.

The last rule I’d like to emphasize is creating your knowledge. This is where many get caught up in dangerous shortcuts. Let someone else be the sole expert in your field might be tempting. However, you could end up losing control over your company.

Your customers or clients require them to have the skills of an experienced professional. This means you have to put in the effort to keep taking classes, meeting new people from your field and staying up to date with the latest trends and developments. I often tell young entrepreneurs always to attend that conference or the next one regardless of how exhausted they feel. It is possible to find the time to sleep later.

Strategies to Grow Your Company

One of the main reasons for my company’s success was becoming the booking engine for websites like Priceline, Expedia and Hotels.com. This was due to attending every gathering. When the CEO entered the space, I would go towards them. I would grab them and tell them, “That was a great speech. I loved what you had to say. Oh, we work with your company”, or “We would like to work with your company.” I’ve probably done it to the point of becoming uncomfortable, but it did the job.

If you’re a founder or an entrepreneur, you’re not going to have anyone meet you to introduce themselves, at the very least, not immediately. You’ll have to make yourself available. It will require not being shy and moving wherever you can.

Of course, being an expert means developing expertise in some areas. Finding competent employees and delegating tasks is crucial because you do not turn lazy and leave the entirety of your business’s planning and execution to other companies.

In the final analysis, the most effective way to be an effective leader is to be respected by the hearts of your followers. It’s about being an expert and acting as you are. This doesn’t mean that you’re an arrogant person or a guru, but it does mean that you trust in your ability to recognize trends, take decisions, and guide your business to the next level.

If you adhere to these guidelines, you’ll expand your business and be in complete control even through difficult times. You can maintain your fierce independence while still working together with your colleagues.

Suppose you’re ever tempted to make a shortcut to be aware of why you became an Entrepreneur in the first instance. You set up a business to be a part of the business and the boss of your destiny. Never stop, regardless of the circumstances.

Read More: Start your business and Set Up an LLC in 6 Steps