I share a lot about growth, it’s what I teach, coach and mentor all day, every day. Growth is important. But why should you grow? Why should your business grow?

Good questions.

Growth means a lot of things to different people. I am talking about YOU growing as a person and as an entrepreneur, your TEAM growing and your company growing. It’s about growing wealth which is far more satisfying than money alone.

You might not want your business to grow. You may be perfectly content where you are. You may have a permanent small business. That’s ok.

Just remember – nothing stays the same.
It either gets bigger or smaller. Better or worse. You either grow or you shrink.

So… instead of telling you all the reasons why you SHOULD grow, let me share a few things that may happen if you do not grow:

1. You won’t be able to make as much impact on people’s lives as you could;
2. You won’t be able to reach many of the people that need your products/services;
3. Your earnings will stay about the same, or even shrink;
4. You won’t be able to pay yourself and your team (employees or freelancers) more;
5. You won’t be able to help your clients with innovative products and services;
6. You’ll won’t be able to attract great team members;
7. Your competition will grow;
8. You might be left behind in your industry;
9. You may get bored in your business;
10. You will limit your potential and the potential of your business and team members;

The single best reason to grow your business is to help yourself, your clients and your team members to grow and fulfill more of their potential.

Don’t grow for the sake of growing.

Grow for the opportunities and “wealth” you create for yourself – and for others.

If you are ready… here are 10 ideas how to grow your business:

1. Know Your Target Audience

It’s not enough to create a product or service and hope people will buy it. You need to know what it is your prospects are looking for and what they expect. Who is it you’re trying to help? What do they want from products like yours? Start with answering these questions, and keep working on getting to know them better.

2. Stay Focused on Your Core Strengths

What is the one thing you bring to the table that others don’t? Keep your focus on that. You may feel like you should/could/would do so much more in a perfect world, what you NEED to do is keep doing what you do best, and keep doing it better and better and better. Hire or purchase other solutions, staff, and expertise to take care of the rest.

3. Focus on Quality Content

Creating high-quality content your audience wants to consume will bring them to your business. Some of the best types of content to create include: How-to guides and tutorials, answers to frequently asked questions, resource lists, value-packed blog posts and social media posts…

4. Use Testimonials and Reviews

Include testimonials and reviews of your products and services in all your marketing material. Most buyers consider reviews when making a purchase. This is because most people trust the opinions of others over any form of advertising.

5. Build a Sales Funnel

Think of a sales funnel as a customer’s journey. When they enter your business or visit your website, they’re at the top of the funnel. When they buy something or sign up for a service, they’ve successfully gone through the funnel. You should start with a free offering to get them to opt-in to your list, and by nonstop delivering value to them – build the knowing, liking and trusting cycle.

6. Increase Customer Retention

“It’s anywhere from 5x to 25x cheaper to retain an existing client than it is to acquire a new one”. (Harvard Business Review)… A few ways to increase customer retention: remarkable customer service, client loyalty program, regular email campaigns, social media engagement…

7. Form Joint Venture Deals

Entering a joint venture partnership with another business can give you the chance to reach new clients or deliver higher value to your existing prospects and clients. Here are some great ideas for potential win-win-win joint venture deals.

8. Measure What Works and Keep Improving

It’s important you measure what’s working and what’s doesn’t. For example, if you create a loyalty program and find it’s not improving client retention, you may need to change your strategy. Maybe you’re posting a weekly blog post but you don’t get (enough) engagement – you may need to improve that.

9. Focus on Scalability

When money, time, and expertise are scarce, it can be tempting to go with the quick (or cheap) fix. But shortcuts are rarely a good strategy. Always consider the long-run, and what solution will serve you and your business a few years down the road – even if it’s more expensive (e.g. good email marketing program) or has a longer learning curve (e.g. making good video content).

10. Make a Plan to Grow Your Business

From email marketing campaigns to optimizing your website for mobile, to encouraging testimonials – there are many ways to grow your business. The key is first having a plan. Then implement, test, improve, implement, test, improve… 

Now It’s YOUR Turn

For five minutes… come up with as many ideas as you can… what can YOU do to grow your business?