When you start off with a new business, the clock starts ticking. As time progresses, you are more and more goal-oriented. Growth Hacking is a generic name given for ways to grow your business quicker. Why go down the traditional line of business set-up, when most businesses fail? (and especially start ups).
Below are not-so-traditional tips for new businesses that want to grow quickly and efficiently:
Empower thy employees
This could be the cardinal sin which is committed at the majority of start ups, and small businesses. The Chief wants to run the whole show, and is afraid to give too much responsibilities and knowledge to key individuals in his organization. These people grow to become experts in their field (best case scenario), and thus become almost irreplaceable, or (reasonable scenario) feel underappreciated, underpaid, deprived, and unmotivated.
Employees who don’t get large areas of responsibilities, and their managers wholehearted belief in their skills, become a part of a machine. That might work for giant organizations that selectively decide some people will perform some sort of a routine, punch the clock at 9 and 5, and when they’re fed up – they leave; Small businesses don’t have that privilege.
To grow quickly you need a staff that trusts you, and your leadership, is heavily involved in the project. These people need to know the strategy, some of the figures (at least the ones relevant to their projects), and the vision. They should be motivated enough to take responsibility and allow the business owner to focus on high-level management rather than micro-management.
Focus on win-win deals
If your product is live, and you want to drive in traffic into it, think of win-win situations where other entities can deliver you traffic, and gain a compensation.
A good example for an affiliate sites is this very site. We focus on money transfer companies, and work with companies like MoneyCorp, World First, Currencies Direct and TorFx. We have invested a lot of time and money to deliver a product that will earn money by referring clients to these companies and others that we work with.
They did nothing but set up an affiliate program, and offered to share a their commission. Win-win; If we bring them clients, we earn good money (hopefully, we’re still starting up), while they still profit from the clients we send them.
Other sort of win-win situations could be with other products in the same niche. If you sell a product (product B) which is complimentary to another product (product A), you can always approach product A’s seller, and offer that he would also start selling your product. It doesn’t have to hinder his own revenues, if he knows where to place the upsale in the funnel.
High risk Required
Without risk, there is no gain. Cliche, but that how things are in the world of businesses. If you refuse to rake risks, the chances that you’ll grow quickly are small. Of course, it might be the right choice, depending on your business, but if you’re aim is to grow quickly, you should consider taking more risks than an established business would.
For example, if a business owner runs out of funds at a particular date but have a solid plan on how to repay debt, he could definitely consider a loan. Funding is a part of the game (and small business owners should not only stick to banks but also considering unsecured alternative funding companies).
For example, when an business opportunity crosses the managing director’s way, he can allow himself make drastic changes in the original plans. Staying agile and flexible is a staple quality for rapidly growing businesses.
Business projections from day 1
Though a workplan that goes further than a month or two, could be excessive to some business when they are just set-up, it’s never too early to come up with a budgeting and projection idea for any activity the business should participate in. Without assuming the value of an action/ project, it makes it difficult to prioritize when new opportunities come, or difficulties arise. Here are some budgeting tips.
Connect and interact
We get a lot of our traffic just by saying hi to fellow webmasters, and connecting on Twitter. Our product is still closer to beta stage, being released only on January 2015, but when we connected with other webmasters and showed we’re serious in our approach, and friendly, we were surprised to see traffic coming from social media, as these folks recommended us. It doesn’t take more than a serious product and a good approach to gain recognition.
Ride on trends
Be aware of your business environment and outside of it. When things are trending, it doesn’t take much to join the hype, and gain a fraction of the immense traffic and wide public interest. The tweet that delivered traffic more than any other thing we did, was asking a question about the future of the RUBUSD when Putin was AWOL for a week, using the genius hashtag #Where IsPutin.