The Secrets to Growing Your Business Big, Fast

Just about every business owner I know dreams of making it big.  It could be having a building with their name on it, developing the next hot franchise opportunity, or growing a business which will change the world.  The dream and is a big reason why many business owners step out on their own in the first place.  However, the dream does not happen on its own, and here are some of the secrets to growing your business big and fast.

Let’s take one example of a company which has grown from humble beginnings in the 1990’s to be a world beater today.  I am not talking about Amazon, but rather Netflix.  This company, started as online video rental service and has gone on to revolutionized the entire industry – even killing Blockbuster (remember them) along the way.

Tip 1 – Don’t Overthink It, Just Get Started

This is a common problem for many entrepreneurs as they believe that they must perfect their idea before starting their business.  Granted, you don’t want to get a bad reputation but aiming for perfection will cause you to miss the forest for the trees.

It’s called analysis paralysis and it is real problem for many small business owners.  To overcome this, you should focus on the needs of your customers and then building processes which will allow you and your team to iterate as needed.  So, don’t overthink it, take a good idea and get started today.  Along the way, you will grow and develop and before you know it, you will get big.

Tip 2 – You Can’t be Everything to Everyone

I see this so many times.  Business owners believe that they need to be everything to everyone.  This is a recipe for disaster, especially early on.  Instead, you should find your focus by developing a niche that you can do better than anyone else.  As your company grows you can extend your offerings, but keep them within the realm of what you do best.

This is platform building and the approach is just as relevant for technology companies as it is for a bakery – after all, you wouldn’t want to buy snow tires from your baker, even if you lived in Alaska.  Keep it simple, find the one thing you can do better than anyone else, develop your market, and then find opportunities for growth within your niche.

Tip 3 – Get Yourself a Money Supplier

You never know when opportunity will knock.  One of the most painful decisions in business is when you turn down a chance due to lack the finances.  It could be a new customer who will take your company to an entirely new level, or maybe it is the chance to develop a new product line.  Either way, saying no due to a lack of growth capital is something which could haunt you for years.

This is why you need to establish relationships with additional lending sources from day one. While the traditional source of finance for small businesses were banks, the market has shifted and today more and more owners are turning to alternative lenders when they need money to grow.

The takeaway is that you need to have existing relationships with lenders who can help to grow your business fast.  Don’t wait until the day you need money, start developing relationships now.  So, starting making a long list and begin the process of reaching out.  The time spent will serve you well in the long run.

Tip 4 – Know the Playing Field

In business, it is not always easy to see the playing field for what it is.  Imagine trying to play football without knowing the offside rule?  Sooner or later you will get it, but maybe after you have already conceded one or two penalties.  Unfortunately, there are no referees in business and knowing which moves are the winning moves requires deep understanding of your market.

Going back to the Netflix example at the beginning of the post.  If they had tried to take on Blockbuster directly, they would be lost.  Instead, the founders decided to turn the playing field on its ear by defining Netflix as an entertainment company – why buy or rent when you can stream on demand.  The company realized this early on and this is a big reason why Netflix is a world beater today and your local Blockbuster has been converted into a discount store.  Don’t get blindsided.  Know the playing field and know the game you are playing.