What do (always) entrepreneurs who manage to scale their businesses

Climbing, the dream of every entrepreneur who starts with a small business… imagining himself in five years with his own production plant , several commercial premises or a solid team of collaborators working synergistically from various countries. Survive? It is not an attractive option when so much effort, capital, and other significant resources have been invested in the business.

In today’s world, businesses that manage to increase their profits each year advance, while maintaining an efficient operation and a motivated team ; This growth does not happen by accident, but because they have leaders who apply, every day, strategies focused on expansion. Let’s see what this is about.

1) Set SMART goals

A common characteristic among the most successful entrepreneurs is that they take the task of establishing growth objectives very seriously , reviewing them periodically to adjust them to the latest market movements.

If you do not already have them, the first step is to thoroughly review the current numbers of your business, and then define SMART objectives , which meet these five basic characteristics.

  • Specific: específicos
  • Measurable: measurable
  • achievable: achievable
  • Relevant: relevant
  • Time based: with a compliance date

These goals must be annual, and then divided into quarterly and monthly goals that facilitate progress towards their fulfillment with concrete daily steps. When reviewing them (always with the help of data and reports generated by accounting  or business management platforms), business leaders not only pay attention to the results, but also to the usefulness of the practices and tactics that are being applied.

  1. They never forget current customers

Of course you have to go out and find new customers ! But first, it is more effective to focus on the current ones, to get them to buy from us more frequently or to increase their average purchase ticket.

Why is it better to start with them? Simply because we know them better, we already have a relationship with them, so they may trust us . They are, as the experts say, warm leads , ready to go one step further with us.

  1. They ask for referrals in exchange for a reward

Those customers who have already bought your products —or who have already hired your services and were satisfied— are a great opportunity to generate new prospects. We generally neglect them when there is a high chance that they will recommend us to their acquaintances.

Of course, you cannot let this happen at the initiative of those clients or ask them to do it for you without a specific reward. What can you offer them? Something as simple as a gift card or an interesting discount on your next purchase. The impact on generating new leads could be incredible, so don’t be stingy to ask!

  1. They are always attentive to new opportunities

Opportunities are always there and they become more interesting in difficult moments: when the rest of the entrepreneurs panic and freeze. What could be happening out there? Perhaps a competitor is going out of business, there is a new application to sell online or your clients need a new service that you can offer easily and with great quality.

What do growth-obsessed entrepreneurs do in this case? They never stop listening to their client . What’s more: they activate new channels to listen to your comments and complaints all the time, such as social listening applications .

  1. They generate passive income

Even when you have a consolidated team, you can delegate, you have productive work routines, it could make it difficult to scale a business; especially when you provide specialized services, such as legal or accounting advice. The exit? Generate passive income.

To achieve this, you can generate high-value content through ebooks, books, Webinars or other accessible formats through a publication and training platform; of course, for a fee. Also, this is a fantastic way to make your brand more visible and expand your market beyond your city or country.