4 Growth Methods for Micro Businesses
What ‘growing’ feels like, is different for micro businesses
I know your time is valuable. These show notes give you the gist if the episode, what is covered, any links or resources talked about in the show, and also gives you a few ways to listen or watch the episode.
This episode’s topic, in a nutshell…
In this solo episode, I speak to you as a business consultant, having worked as a micro business myself since 2007, as well as in working with micro businesses since then.
I break down the reality of what ‘growth’ is actually like for this type of business. And, I’m hoping, for you…this may help you in defining what growth looks like and feels like for you, when you are head-down doing the work that you are doing, or working towards the future you are wanting.
In this episode I walk you through the 4 methods of growth that I see micro businesses using to successfully leverage their time, resources and money-making ability – to grow or create a better functioning and profit-producing business.
Make sure you listen to my full explanation of each of these inside this handy episode.
And, remember, GROWTH…for a micro…does NOT always equal MORE. Sometimes, it actually just means: BETTER.
The 4 Growth Methods:
1. Momentum (timestamp: 00:05:06)
This is the most common form of growth. It’s the natural, organic growth that happens as a result of having all the right fundamentals in place, being consistent over time, building your reputation and spreading the word about how great you are at what you do.
The way I like to think of it, is it is like the continuous ripples in a pond, when you throw a pebble into it.
This is more often than not what every GOOD business should be experiencing at some level, and will feel more and more from about year 3 to 4 onwards.
The result of this kind of growth, means that it impacts:
- Needing more hands on deck
- Systems to be put in place
- Streamlining tools and processes
- Help with the time needed to on-board an expanding list of new customers
- And also in supporting and/or serving those new customers over the longer term
2. Simplification (timestamp: 00:06:16)
This type of growth is where there is a considered decision to narrow your offer and then double down on it.
By doing this – there is focused marketing and attention on less, in order to generate more.
So your activities may look like:
- Active reduction on product/service offerings
- Reviewing systems
- Streamlining tools
- Strength and weakness exercises, to highlight what skills need to be recruited
If the right services or products are chosen, this is a great way to grow.
3. Specialisation (timestamp: 00:07:17)
This is similar to simplification, but different, so listen (or read) closely …
Specialisation is where, instead of narrowing on your offer, the act of ‘narrowing down’ comes about in focussing on something SPECIFIC like:
- A type or customer/client, or
- An industry or segment of market
And then what you work on is matching your offer (your service or product), to that type of client or industry.
The kind of activities that you’ll be heavily investing in for this, are:
- In-depth market research,
- Gaining feedback and input from customers
- Sharping your offer,
- Investing in bulk on things (because you are only focussing specifically on whatever it is, so you can do bulk orders)
4. Diversification (timestamp: 00:08:43)
This is where you do the opposite to SIMPLIFICATION and you focus on expanding your offering to open your business up to opportunity that wasn’t there before.
This could be by offering a new service or product to the same audience, or by finding a strategic partner who can deliver that new service to your audience.
Naturally your activities may include:
- Feedback and input with existing customers (to gauge next step needs or supplementary needs, that you’re not serving at the moment)
- Seeking out and building new strategic partnerships or joint-ventures, or
- Re-training you or your team on the new offer / skill / service.
This is a big conversation
That’s ok. We need to have these honest, real conversations because being an entrepreneur is already tough and its lonely, but if we’re honest with each other about what goes on behind the scenes…then perhaps we can knock those jet-setting-bro-marketeers on the head and put them in the unreal box where they belong.
I think you’ll agree that we do not need to feel bad about our progress, or how fast or slowly we achieve what we achieve. As micro businesses, we are actually the backbone of the economy – keeping the ship afloat in many ways. Remember that – you are a superhero.
Once you’ve listened or watched this one – let me know which growth method is closest to what feels good for you?
You can watch this episode in full colour here and now:
You can subscribe to the show here:
Ask a question
Click the button below for a chance to have your question answered on my podcast.