Minnesota National Bank News and Information

5 tips to Grow Your Company

Posted by Luke Riordan on Mon, Jan 13, 2014 @ 11:48 AM

tree growing out of money

Start-up companies all want to do the same thing: to grow and be successful. But it is easy to get caught up in small details, when in reality it is necessary to focus on the big picture.  What exactly do we need to get done, and how must we do it in order to gain customers and grow?  Here are five tips that can help aid in the growth process:

  1. Pick and choose your battles:  do not get wrapped up for a week deciding on little things, such as the theme colors for your company’s next advertisement.  There are more important things to obsess over, such as gaining customers and making money (which you already knew).  Remember what the big picture is and have your team remained focused.
  2. Remember passion and commitment: These traits must be in every employers’ mind in order to get your business to the other side and grow!  Without passion and commitment, your customers, team, advisors, and investors will notice.
  3. Create a sense of urgency: it is necessary to set specific timelines for action and achievements.  What are your overall short-term, mid-term, and long-term goals and how are you going to get there?  Being an entrepreneur is a marathon, yes, but there are also a significant number of sprints through the process.  Be crucial to your deadlines.
  4. There is no “I” in start-up: We understand as an entrepreneur, you desire to take the bull by the horns and have a set vision for how you want to develop the company.  But it is necessary to divide projects and use your team’s ideas.  Ask for your team to be creative and come up with new, exciting ways to grow your business.  You never know what they might come up with that you did not think about before!
  5. Celebrate achievements: when one of your team members is exceeding expectations, or a milestone occurs, award yourself and your team! By celebrating these achievements, a new sense of motivation will occur and it will drive energy into your team.

At Minnesota National Bank, we know it is a lot of work to grow your company from start up to a mid-sized company. Don't hestaite to contact us for your business financing needs, we are here to help!

Topics: Finances, Small Business, Growing Your Business, entrepreneur