Much like you establish and grow your retirement investments, you want to successfully establish and grow your business, too. For example, in retirement planning, you want to begin investing with confidence. You’ll need to not only be able to ride the market’s ebbs and flows, but truly grow those retirement investments throughout many years. Over time, you’ll tweak your strategy to help your investments dominate the market — ensuring you have as many dollars as possible in your golden years. A similar pattern holds true for starting a business and business growth.
Let’s look at the three critical stages of business growth.
1. Establish
To be successful, your business needs to fulfill a need. An important way to get the word out about how your business addresses this need is a professional web presence. Without a website, many potential clients will doubt the legitimacy, or even the existence, of your business. The first seconds on the site needs to capture your clientele’s attention and convince them that they need your product or service. A successful marketing strategy will ensure that you create a trustworthy brand. To begin proving your business’ value, establish the following:
- Domain name: Your domain name signals that your business is professional. It’s an extension of your brand. According to Brandgy.com, “When your domain name matches your brand, you get better recognition from your customers and attract even more potential visitors.”
- Website: Your website is a critical tool to reach new customers, as well as a way for you to continue connecting with them via drip content. An attractive, professional website design that is on-target for your branding and easy to navigate will help your business.
- Hosting: In order for your website to be published and available on the Internet, hosting is required. Security, cost, support, and management tools are some factors to consider in selecting a hosting provider.
- Professional email: Your business e-mail should include your domain name. Personal e-mail addresses may signal that your business is a fly-by-night operation and that the information potential clients share isn’t secure.
2. Grow
Once your business is established, don’t get complacent. Just like you routinely critique and tweak your retirement investment strategy, you’ll still be on the lookout for ways to regularly evaluate, change, and grow your business.
Grow bigger and better with:
- Business Directories: Listing your business with directories helps customers find you in a variety of ways (e.g. keyword or location). Also, a listing shows your company is reputable and boosts your SEO (Search Engine Optimization).
- SEO: Although Google doesn’t publish their search engine ranking algorithm, well-accepted strategies have been shown to improve a website’s SERP (search engine ranking position). Ensuring your website has fresh, unique keyword-rich content is key. This needs to be done on an ongoing basis. If you don’t, your competitors will and may surpass you.
- Advertising: Select the correct advertising avenues that hit your target audience. Clients still need to be aware of your business’ presence (even when you’re already successful).
3. Dominate/Compete
Your business has now risen above the competition. But you have to make sure you’re still relevant for the long haul. According to Upwork, “At this point, the goal for the company is longevity. The business has the staff, the financial resources, and well-developed systems in place to achieve this goal as long as the owner keeps their entrepreneurial spirit and takes advantage of the resources available to maintain the company’s standing in the industry.”
Paying attention to these areas will help you stay ahead of competition:
- Content Marketing: Keep your business top-of-mind with your clients by providing them interesting, educational, valuable, or entertaining information, all while helping your website’s SEO.
- Site Maintenance: Keep your website secure and software updated. Avoid breaches and display problems caused by compatibility issues.
- Competitive Analysis: BigCommerce.com suggests that businesses identify key direct competitors and keep a step ahead. Make it a point to observe and study competitor’s pricing and marketing strategies, so you fully understand your business’ own niche.
You’ll need to craft a retirement investment growth strategy in your personal life. In your business life, you’ll experience three critical stages of business growth: First, establish your business; Then, keep growing. That way, you’ll be able to continuously dominate your key direct competitors.
