As each new year comes to an end, small business owners always start looking to boost profits in the new fiscal year. Perhaps you’re one of those business owners, wondering how to hit new levels of profit.
Something you need to realize right this minute is that you’re not going to see new growth by doing the same old things. You need a new mindset and a new methodology. That’s where growth hacking comes into play.
The idea behind this methodology is simple. Every action that you take in your day-to-day business will come from a focus of growth. By taking this stance, you’ll optimize your supply chain, be forced to find and properly serve the best customers for your product/service, and promote consistent innovation.
There is not a vertical that could not benefit from this kind of focus. You could be selling freelance writing service, protein supplements, or even chicken coops. All of these models would benefit from a focus on growth.
You really need an education or an ongoing mentor to see the best results when you want to grow your business quickly. As you do your research though, there are a few steps you can take to begin building a strong foundation:
Set tangible goals. Your growth needs to be measurable and attainable. The only way to ensure you’re fitting those criteria is by having goals that can actually be measured.
Fall in love with the scientific method. Very few of your ideas are going to survive first contact with reality. You have to fall in love with the idea of testing every aspect of your business. A great way to stay on track is to fall in love with the scientific method. It’ll give you a step by step outline to apply to every test. There are no niches or facets of business where the method cannot be applied.
The good news is that there is a ton of help out there for business owners who want to adopt the this mindset. There are written guides, podcasts, and video series for those of you that would prefer to go it alone. For those who prefer some hands on help, there are mentors, consultants, and even interactive courses that will set you in the right direction.
Be forewarned though, this is not a business model that you can just dabble in. If you take growth hacking seriously, then your business could potentially become bigger than you ever imagined. If you aren’t giving your all though, it is only a matter of time before the sunken costs put a real dent into your bottom line.
So take some time today and really think about where you want your business to be going forward. Can you imagine and handle a business that outpaces anything you’ve ever done? If so, then get ready. You’re about to become the best kind of hacker there is.