Building A Million-Pound Business

August 7, 2018

Where Do You Start When Building A Million-Pound Business?

There are thousands, probably tens of thousands of people who will tell you what you’re doing wrong in business. There are some that will give limited advice on what to do right and here at The Business Ninja we give lots practical information which you can use to grow professionally or commercially.

Building a million-pound business is not going to happen overnight. Not likely anyway. It will take dedication, hard work and vision.

We’ve split our strategy into three sections for planning purposes with some useful and easy to remember tips.

The Start

Start with a business plan. It doesn’t have to be a 300-page business growth bible that a bank might expect to see. Simply physically note down your objectives, your plan and your exit strategy. This could be as simple as 3 sentences.

The Middle

Work on the business, not in the business. Find time on a daily or weekly basis to look at how you’re performing. Pull yourself away from working on admin or more mundane tasks to check how things are performing and where your strengths and weaknesses are. A SWOT analysis might be useful here.

Don’t forget to reinvest in the business. This could be investing in people, in stock, or in advertising.

Market the business well. Deal with complaints, service clients and build your brand.

The End

Hopefully, the end is you building the million-pound business. What happens then depends on your exit strategy. Does it mean that you want to sell? Do you want to reevaluate and set new targets?

*Obviously building a business takes time, effort, and vision. These three simple steps will give you some focus if you haven’t started building a business yet but you may also wish to consider some of the following quick tips:

  • Follow up with customers. Find out what they really think of your business. If this won’t work, send out a survey. Ensure you’re compliant with GDPR though.
  • Get a presence on the internet. Try to be seen. Utilise platforms like Facebook, Twitter and LinkedIn to grow your brand.
  • Review your website regularly. It’s your shop window. Make sure it stands out and gives the right message.
  • Keep in touch with clients/customers. Send newsletters to clients, say thank you and let them know about forthcoming events and offers (remaining GDPR compliant).
  • Work on your corporate and social responsibility. Do you do charity work? Do you get involved in local groups? How is your brand perceived?

Hopefully, this brief insight will set you on your way to building a million-pound business.

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