Most small businesses start with the idea of someday growing into a big business. Not all, I grant you – I know plenty of business owners who are perfectly happy building a lifestyle business without the need to scale and grow into a big company but most people who start businesses or other organizations have a goal of growing, bringing on more clients and serving more people.
So how do you get big? Think big. I’m not telling you to expend resources you don’t have but there are plenty of opportunities for you to apply big business strategies to your organization to help you reach your goals.
Segment Your Market
Think about the start of your business. I’m willing to bet that, when you first thought of that new product, app or service it felt like it was a perfect fit for everyone! Well everyone that matters anyway. Ok maybe just one specific group of people. Alright maybe it’s time to figure out exactly who we should be selling this stuff to…
Big brands segment their markets to make sure that their marketing dollars are being spent in the right place and that their brand is getting in front of the eyes of the people who are most likely to buy. Be sure to note the emphasis – most likely. Just because you’re focusing your marketing dollars on one segment of the market doesn’t mean you’re necessarily excluding other market segments from buying or that you have to say no every time someone outside of that segment reaches out to you.
Small companies get big by closing big deals. The problem with big deals is that they usually require more resources than small companies have at their disposal – in time, money and expertise. One of the mistakes I see companies make pretty often is trying to scale up to pursue a big deal that they may or may not win. I’d say I don’t understand why anyone would put themselves in that position but I’ve been guilty of the same thing myself.
It’s in our nature as entrepreneurs to want as much of the pie as we can eat. The challenge with that is that big deals tend to go to bigger companies. You’re better off going in on big deals with partners that have the experience you need and a track record to show it.
There are plenty more ways that you can leverage big business strategies for your organization, no matter the size. Keep an eye out for more here on our blog.