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Is your venture stuck in a rut? These five tips on growing a business could come in handy

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First off, if you are going to grow a business, it is important that you actually have a business in the first place.

You see, many people think they have got a business, but what they actually have is simply a concept, which is a far cry from a tangible business.

Businesses have to be practical, and must meet a need. No matter how good the product or service is, if people don’t need it, you are never going to build a business.

People know what they need, so you either bring them what they need or you create a hunger for something new among them.

So, how do you grow a business?

1. Build a talented team

Many people try and go it alone. I can assure you that one of the sure fire recipes for disaster in business is thinking that you can do it all. None of us is excellent at each and every aspect of business.

You might be brilliant at sales but really lack managerial skills. In that case, you need to find a good manager.

On the other hand, you might be a great manager but can’t sell water in the Sahara. So you definitely need to find a talented salesperson.

You are probably worried about the money, but hey, you do not have to employ everybody full-time! Remember, don’t try to improve your weaknesses, just outsource them.

I, for one, am fortunate to have a great team around me. We combine our strengths and together we function more efficiently, we produce more profitably, and we are able to help more people.

2. Sharpen your marketing

Most people think that marketing is simply advertising. It’s not.

Advertising is showing your business. Marketing is selling your business to the client. Marketing is the evangelization, the proclamation that you are here and you have got an incredible service and product.

Marketing should include incentives, special offers, bring value and create hunger.

Everything in your marketing team should point to creating a need and closing a sale. So, even if you are not a great marketer, cut a sizeable piece out of your budget and invest it in someone who is. You won’t regret a cent.

3. Maintain a steady cash-flow

Every business rises or falls in cash-flow. You will have to get familiar with your peaks and troughs and build systems and strategic plans to create a healthy cash-flow all year round.

I often watch businesses sabotage themselves, spending their profits rather than reinvesting them. Remember, cash is king. And in business, it can either cripple you or launch you.

4. Keep up with the times

One of the great companies that illustrates this is Apple. Apple has kept up with the times, developing smart, savvy and easily accessible technology exactly when people wanted it, from iPads, iPhones and iPads.

Can you imagine life without your iPad or iPhone?

Similarly, your business adapt to the current market needs or else get left in the dust. You know what they say, the only constant in life is change.

5. Lastly, build yourself!

Your business grows hand in hand with you as a person.

You have to grow and feed your mind and inner person to expand your business.

If you are stuck with old ways of thinking, if you are not growing in things such as your personal development, your business skills, your leadership skills, I guarantee you, your business will die. I know this sounds harsh, but it’s a fact of life.

Pat Mesiti is an internationally celebrated speaker, seasoned business executive, entrepreneur, mindset growth strategist, bestselling author and consultant. His books and courses have sold over 2 million copies and he is the author of “The $1 Million Reason to Change Your Mind” “How to Have a Millionaire Mindset”, “Soaring Higher”, “Dreamers Never Sleep”, and “Staying Together Without Falling Apart” and in February 2013, he released “Pathway to Prosperity”.

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