Successful growth acceleration takes a combination of things, here are things that leaders must do

You own a business, and it has survived the five-year window during which many startups fail.

You feel pretty good about this, and you should.

But your work has just begun. And it will be never-ending. Not only is your specific niche continually changing, but new competition will always be entering the field.

There are improvements in the products or services you offer, and you must stay on top of these changes; there are new and growing markets you have not tapped, and marketing strategies and techniques are continually becoming more sophisticated.

What does all of this mean? You need to maintain all of your current business functions but also focus on business growth acceleration, and that takes leadership strategies. Exactly what strategies and techniques you need to develop are outlined for you here.

1. Know when it’s time to make critical moves for growth

You have to watch for the signs. What is going on in your sector? Are more competitors entering the market space?

This is usually a sign of higher demand. For example, if you are in online retail, real estate, hospitality, online grocery delivery, you are in a sector that will be multiplying right now.

You should be ready for growth.

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The key will be how much growth, how fast that growth should occur, and which untapped markets you may want to address.

You always have to keep in mind your cash flow and the potential for outside investors, for finances will be a significant factor in how much you can grow and how fast.

Many businesses have ultimately failed because, even though they knew it was time for growth acceleration, they did too much too fast.

If your cash flow is steady, then you can take on growth with more confidence and potential for success. Just be sure to find the right balance.

Another thing to watch? Growth in international markets.

With a growing consumer market in many developing countries, it may be time to move into them.

Research the market potentials, even if you have to use native experts to do so.

If there is good potential, develop a marketing strategy, localise all of your content, and move into foreign markets one at a time.

As Kurt Hamilton, editor for IsAccurate, a review service for translation agencies, states, “Moving into a foreign market is a process for which most businesses are not prepared. Finding the right native experts will mean the difference between success and an epic fail. Move slowly and deliberately.”

2. Find the right people

You cannot accomplish growth acceleration as a solopreneur.

You may be using the latest technology for budget and finance; you may have an assistant who is helping with office management. But you need right expertise in other areas.

You have two choices here – hire full-time staff or contract out for needs you cannot meet by yourself. For example, who is managing all of your content marketing needs?

These include maintaining your website and blog, your social media platforms, emails campaigns, and other marketing efforts.

Many businesses use contracted services because they are less costly than employees.

Look at freelance websites like Upwork, or get established with a professional writing service, like Studicus or WowGrade, both of which have excellent content marketing departments.

You need pros who understand today’s consumer and the type of content that will engage and compel.

Building a more massive online presence cannot be ignored, and you should use all of the strategies that research shows are compelling.

Whether you have employees or contractors, be sure that your content is posted consistently.

Be sure that you have established a brand identity and that all of your content is consistent in style, tone, language, etc.

3. Technology is your friend

What amazing innovations have occurred over the past few years, and more are arriving every day.

Consider the fact that consumers can now digitally try on clothes and eyeglasses online; think about the fact that travellers can take virtual tours.

But even more important is the ability to gather data from everywhere about what products and services are most in-demand in your niche.

Banks use this data collection to develop new loan products and other digital banking conveniences for customers, as do insurance companies and financial services organisations.

While this was originally only available to large enterprises who could afford data scientists, there are now tools you can use to gather and categorise data for your own purpose.

Get familiar with them and plan your growth strategies accordingly.

Also Read: 5 common leadership faux pas

4. Keep a continual eye on the future

Nothing stands still – not in any niche. Think of just one sector – personal health and fitness. How many new products and services have surfaced in just the past two years?

It’s a constant struggle to see what’s coming in the future for your niche and to stay on top of it. This will help to make decisions that improve/increases your product to meet the demand that may be coming in the future.

All of this may require some bold choices, but growth acceleration cannot occur without them.

Consider the actions of the founder of GoPro Cameras, for example.

Nick Woodman had many false starts and made some poor growth acceleration decisions.

But in the end, he developed a product that hit pay dirt. And since that time, he has added a great deal to his product inventory.

5. Dig deep into your current and potential customer base

If you have used the right tools and have tracked the demographics of your current customers, you have a lot of useful information. But it is not complete.

You can develop a customer persona; you can use data science to analyse past, current, and likely future customer behaviours.

But how about asking your current customers?

Many businesses are seriously remiss about this critical but straightforward strategy.

They tend to survey their customers after a sale or experience with customer service, but not to ask those same customers for suggestions about product or service improvements or needs. And yet asking customers about their needs is so direct and so useful, as you make decisions about growth acceleration.

Suppose you are a furniture retailer.

Business is good and consistently growing. But would your customers who trust you and like the quality of your products be interested in you carrying a line of home décor items etc.?

You won’t know unless you ask them. Or, develop a small line of specific décor items and test customer responses. Suppose you specialise in outdoor paints and stains.

Would your customers have an interest in patio awnings, lawn décor, and outdoor furniture?

The point is this: You don’t have to move totally out of your niche to develop growth acceleration. Find related products and services that will be natural extensions of what you currently offer.

Develop a “test” by offering these related items and test the market response of your current customers. If it is good, then continue to add more.

An Additional Note: Many businesses looking for growth acceleration ignore the brand ambassadorship that their customers can provide.

If you have happy, satisfied customers, you should capitalise on that satisfaction by using them to promote your brand.

Soliciting genuine photos, videos, etc. from those customers flatters them and increases your trustworthiness.

Plus, when they are featured on your site or social media platforms, they will be sharing those posts with their tribes as well.

6. Innovate boldly but with reason

Also Read: Filling the leadership gap: Why you cannot delegate responsibility

When your research and data analysis suggest that a bold growth move may be a good move, do not reject that move out of fear.

If your research is well-founded, be bold.

Use reason at the same time.

If you do not have the funds for such a move, then seek out investors who are willing to be bold with you.

The founders of Airbnb did their research.

They discovered that there was a market for what they wanted to offer.

The founder of Dollar Shave Club recognised a gap in consumer need and took a bold move to offer a subscription service for razors for greater consumer convenience.

The point made here is that both founders took a bold move, but one based upon reason and research.

Both identified a need not filled, and both realised colossal success.

The wrap

Successful growth acceleration takes a combination of things – research, data analysis, accurate assessment of current operations, confidential information about consumer bases, competition, and the future of a business niche, as well as a passion for your business and its growth.

Growth takes knowledge and work. If you do the homework suggested above and you are ready to take the reasonable risks involved, you will be set for growth acceleration.

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Image Credit: Markus Spiske

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