There are many ways to grow a business yet growing as a business owner is also important.
That could mean something as simple as realizing that there is always room for growth and learning.
Knowing your risks is also helpful yet so is surrounding yourself with the right people, and great employees.
Some tips may mean more for your business than they do for you but they can still make you grow as a business owner.
By becoming socially responsible and putting the customer experience first, you can develop your own way of running your business effectively.
With just ten ways, I will show you how to grow as a business owner.
Table of Contents
1. Keep Learning Every Day
Business owners who are passionate about their endeavors should be open and prepared to learn pretty much every day.
That should mean reading as knowledge is vital, especially for those business owners who do not have a degree.
Reading could mean setting aside time at the start or end of the day with a book or simply listening to an Audiobook during a commute. Even reading articles when you can during the day can provide focus and guidance to how you lead your business.
Online training courses, such as those on Udemy and Coursera can prove invaluable in providing teachings that you can apply in your business.
2. Know Your Risks
Growing a business is never plain sailing so a deep understanding of your risks is crucial. As you grow as a business owner, you can find it easier to spot risks earlier and know how to reduce them before they become big problems.
Being a business owner can be seen as a learning experience and that means spotting issues in their earliest form and being decisive to ensure that they do not escalate.
Part of your growth will be to become resilient but also proactive and determined in your decision-making.
Even the biggest businesses make mistakes from time to time when they fail to understand risks.
Remember when Coca-Cola introduced New Coke in 1985? The taste tests indicated it would prove successful yet the brand underestimated brand loyalty and learned that you should not mess with a winning formula.
Though the introduction was a setback, the brand applied what it learned and has largely steered clear of such dramatic changes. The Chairman and CEO, Roberto Goizueta even admitted that the learnings built value for the owners of the business.
3. Manage Your Time Effectively
If you have not heard of it yet, the 20/60/20 rule could prove transformative for you as a business owner.
The rule can apply to how you use your time, your leadership skills, and even how you generate results in your business.
Essentially, the rule is applicable to relationships in that 20% of individuals will say yes to whatever you are saying immediately. Another 20% will be opposed while 60% can be influenced either way.
To manage your time effectively as a business owner, you need to leave that first 20% alone as they are already on board. For the negative 20%, the same guidance applies as your efforts will be wasted and you may get frustrated.
You should be focusing on that 60% which can be a great takeaway to make you grow as a business owner. If you can learn how to get that 60% onboard with your ideas then you can improve your communication and how you operate as a business owner.
4. Choose Your Team And Employees Wisely
Be stringent when it comes to choosing your team and employees as they can hold your business back, and you as a business owner.
Look for qualities that mean you can rely on them when times are tough and ensure that you can communicate your values effectively. Being able to bounce ideas off others is important yet your workforce should want to help the business grow.
Using a freelancing platform like Upwork, Toptal, or Fiverr will help you get into contact with employees that could make a real difference, even if it is not on a permanent basis.
5. Hire A Business Coach
Even business owners need help occasionally and hiring a business coach can be a truly smart decision in the long term.
Business coaches can show you the way to time management while still growing as an effective business owner. Their expertise can go across the board and with just some tiny adjustments, your business can thrive.
While you should be making investments to develop your business, I think investing in yourself as a business owner is an even more important decision.
6. Network Smartly
Be selective with the way you network as you may find that doing it incorrectly is costing you time and effort.
If you use social media or network in person, try to find a way to address an individual’s primary interests. Offer your audience insights to showcase your business and you as a business owner.
You may get some advice you can work with and grow your audience into groups that truly care about you and your business.
7. Understand Customer Experience and Focus on It
The customer is king so look out for them. As your business grows, you should be keen to find out what works, and what does not, for your customers.
By opening yourself up to learning and adapting, you can grow as a business owner and even enjoy higher returns.
Try to personalize the customer experience and put yourself in their position. If you can tap into what the customer wants and develop products with them in mind then you can create a truly valuable business and become the business owner you want to be.
8. Remain Socially Responsible
Being a business owner does not simply mean accumulating wealth but looking out for customers and communities.
That may mean donating to endeavors that speak to your interests, and those of your brand.
Showing how you are becoming socially responsible can become a personal and professional driver of growth. By endearing your brand to customers, you can grow a business into something that does all manner of good.
Look at how the founder of Patagonia, Yvon Chouinard, decided to give away future profits and the company to fight climate change.
Also, how the Google CEO, Sundar Pichai, spoke out again Donald Trump’s anti-Muslim sentiments.
Finally, there is how Netflix has offered a total of 52 weeks of parental leave, paid parental leave.
9. Show That You Can Be Flexible
Once business owners realize that there will be forks in the road, they should learn to be flexible.
That could mean listening to advice, even if it goes against your wishes, or simply understanding that plans need to be changed and being decisive about them.
Showing flexibility is important for a business owner as it can show how success is a long-term plan and that adaptability is key.
10. Create A List Of Personal Growth Goals
One of the final, but most important ways to grow as a business owner is to create a list of personal growth goals.
The list can be your own marker for the ways you want to improve which could highlight certain areas including sales, time management, communication, and process management.
Make sure that the goals can be SMART so they should be relevant, attainable, and time-bound, as well as specific and measurable.
11. Delegate More Tasks in Your Business
As a business owner, it’s very common trying to do too much. This can make your business stressful and hard to manage.
There might be different reasons why business owners try to do everything themselves.
After all, during our childhood, we are often thought to work hard as opposed to asking other people to do work for us.
Delegating work to other people requires a shift in your mindset. The simplest way for that shift to happen is to stop doing everything yourself and start delegating.
Start by delegating small tasks, this will give you the confidence to delegate more and more.
And when you start delegating something magic happens: as a business owner you start having more time to focus on the tasks that have the biggest impact on your business.
So, remember…
As a business owner, you have to give up the urge of doing everything yourself. Delegate more to bring your business to a new level.
12. Learn From Your Mistakes
We all know mistakes can be frustrating when they happen, and you’re bound to make a few along the way.
So, instead of kicking yourself when you’re down and feeling sorry for yourself, you may as well use them as a positive driving force, ensuring that you use them as a way to expand and grow.
It’s normal to make mistakes and there’s nothing to be ashamed of, even though they feel like it sometimes.
Just make sure that you move forward from the experience and use it to evolve.
Thomas Edison, one of the biggest innovators of all time, said:
“I have not failed 10,000 times. I have not failed once. I have succeeded in proving that those 10,000 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.”
Can you see how thinking this way shows how critical mistakes are for a successful business?
Conclusion
Part of becoming an effective business owner is to never become complacent.
Continue to learn with every mistake and look at the bigger picture of your social responsibility, the customer experience, and how your own personal growth is going.
Even something as simple as remaining flexible or reading the right books can make a real difference.
I’m a blogger and entrepreneur. I want to help you in your journey to build your business online.
