How do we grow our business quickly under pressure?
We just closed a small round of family and friends funding. Now, it's time to work on growing our business. In order to meet the expectations of our investors, it needs to be done quickly. We feel like we are under a lot of pressure. How have other business owners handled the stress of meeting their goals when there is a strict deadline?
Step back and take a deep breath first of all. Family and friend investors are tough with high expectations for a return of, not on, their investment.
Second, depending upon your business, you want to create value experiences for the market once you have live market tested your idea and determined your minimum viable offer.
Create opportunities where you can showcase the value to the market and invite people to 'buy-in' either with an email address (Proof of interest) or with a purchase.
Once you establish this criteria, the formula is simple: value then offer. Show the value, make an offer.
You final step is to create a schedule to repay your investors some percentage year over year. The faster you pay back your investors the quick you can begin to grow your business.
I started this exact way and managed to pay back my family with interest. It is the best way to keep you focused.
Hope this helps.
I chunk my goals into steps that can easily be accomplished and create motivation and a sense of accomplishment. This helps keep the stress in check.
One should understand that it is ones business and one is not doing any business for any other person.The first and the basic rule of business is that it should be done daily with upmost dedication. while doing business there are several factors internal and external that leads to stress or anxiety.Be clear in your vision and you will do well in your business.
My first answer would be NEVER allow and artificial deadline to dictate your business growth. Nothing in life is linear so why would you think business should be, there will be ups and downs and not necessarly in that order.
The really big things that enables winning are s all about personal resilience and managing people and their expectations.
Personal resilience relies on several things, enough sleep (you make bad decisions when you are tired and stressed so look into meditation, mindfulness or I can give you some exercises that will work)
Don;t be afraid to ask or say you need help.
When it comes to people ALWAYS tell the truth
Start to sell, offer the investors to become your first customers.
You don't mention what your new venture is or whether you have a prime location storefront. Although there are some good free marketing routes you could take, these do tend to take more time to see results. My advice would be to have a marketing strategy & plan on how and when to implement each and put aside a budget for it. If you are selling high end goods/services then perhaps employ some good self-employed sales people on commission based salary.
Be careful on how you spend your budget but if no one knows you are there then you may as well be located in the middle of the ocean where no one is going to find you.
Qualify and quantify all of your sales calls---Have a solid Marketing plan that includes a mission, vision statement and catchy tag line....Find salespeople who are big gamer hunters, and then sell and sell some more...10 calls 5 opportunities 3 closes is .300 in baseball Hall of Fame numbers
if you have revenue opportunities but are out of cash, Sterling has funded purchase orders and accounts receivable of companies with revenue as low as $250,000 NO ownership for Sterling just aggressive lending
FIND YOUR ADVOCATES!! These are the people that are passionate about what you do, offer, or provide AND the experience you give your customers. Get them talking. Get them sharing. Get them advocating for you.
It's simple math today. If you have 10 advocates (the average followers/connections per person today is somewhere around 1000) and they passionately believe in what you do they will tell their audience (10,000 in this example). Some of them will be interested. Let's say only 1% (incredibly conservative) are interested, that is 100 people in the audience. If you can turn another 10% of these into advocates, you just reached another 10,000 people. The math works...but only if you have advocates.
Forget traditional advertising and promotion...you will die before you ever see any results from this effort...wasted money today. And forget the banner ads, only .01% click on these today. Invest in yourself and your advocates...they will pay huge dividents! All of this assumes you have an awesome product/service...if this sucks, nothing works. Hope this helps change your thinking a bit...but the power of advocated word-of-mouth is incredible!!
I have just one word to explain this - iterative. Take the 'Agile' route. Offer in sprints.
I was being in condition just like you. You have to forget about pressures. You need big mission or vision. Business is working is very good. Big mission arises big value. Big value arises good communications, good partners, good consumers and good investment opportunities. Don't forget your mission, let you forget your pressure. Be strong. This is my experience to left pressures.
Not enough information to go on Daniel. There are many different roads for marketing and advertising to accelerate growth quickly, BUT they are very different for different types of companies. Is it a product or service? Local, regional, national or global? What sector are you in? Who are your competitors and where have they set the bar in terms of frequency and reach for their communications? Providing some of these answers will enable the community to make better recommendations.
Daniel: There is always a deadline and cash conservation and investing your startup capital on the right things should always be top of mind. To answer your question you will need to provide a little more clarity around what business you are in, what KPIs you are trying to achieve, and in what time frame. With a little more information the community on mosaicHub can probably offer you some suggestions.