Solo business growth strategies

As a soloist, you may love your work but for many there comes a time when you reach the limit of your experience and want to push your business further.

Here are the business growth strategies I've implemented to do just that:

1. Network

It seems basic, but getting out there and networking is a crucial first step. The aim is to have an effective network around you that includes referral sources, clients, suppliers and excellent drinking companions when you need to discuss an issue or celebrate a win.

2. Widen your skill set to broaden your range

I suggest starting a variety of courses. Some will be great and some will leave you flat. Take care not to do too many at once or you won’t have time to implement the lessons. It is easy to get caught up with everything else your business requires you to do, so make sure the useful lessons you learn are not lost.

3. Get a business coach

Business coaches can give you a great external perspective. They push the boundaries and question your motivations. They help you identify alternative directions. But don’t forget that ultimately, even if they say they are a partner in your business, they are a paid consultant, not a partner.

At the start of 2007, I’d followed all these business growth strategies. I thought “I have a good network, I’ve done courses and I’ve had a coach.”

While all of these were beneficial, to really make sure I use what I know to grow my business, I needed accountability.

It was time for me to get a “boss” that I have to regularly report to. So for me, the next step was setting up an advisory board.

4. Advisory Board

I thought about the experience of the people close to me. I have a father who is a retired executive from a multinational, on the board of a nonprofit and a director of a small business. Then there’s my brother who is an accountant at a New York accounting firm while my mother has grown up in a small business family, worked in small business and moved up the ranks in the hospital pharmacy system. Finally there’s my friend who has a range of marketing experience.

This group were willing to donate their time and expertise at advisory meetings every six weeks. When my business has the gains required, they will get the benefits of a board (i.e. dividends), without the risks as they are not financially liable.

I now have a group of people, a board of sorts, that I have to report to. This has made me step up from being a technician to being a director. I am now required to report on my compliance (profit and loss), activities including SWOT assessments of projects and strategies such as marketing. I have to follow up the actions that are discussed and report back to the board at the next meeting.

I have a good network of like-minded business people who give me great insights just from talking to them, I go to great courses and learn heaps and I have also had a business coach who asks the right questions of me.

But an advisory board has given my business something nothing else has – it has made me think like the director of a company rather than just someone who runs a small business. It is this new perspective that has given me the perspective to really push my boundaries and take my business to new heights.

What business growth strategies have worked for you?

Kate Tribe enables decision makers with limited time and resources to be clear-headed about the direction of their business. Drive change through meaningful data that solves the puzzle of understanding your tribe.

11 comments | Add your own 1 2 | Next» View all»

I strongly disagree with get a business coach - many so called coaches have no qualifications & questionable experience - however I have seen my clients drop $500 an hour into their pockets. If you feel compelled to spend $500 to grow your business - go and see a qualified accountant - they can provide you with sensible strategies to grow your business, identify (key performance indicators) kpi's and assist you in reading your management reports, rather than stroke and over inflate your ego and expectations.
Kate did you talk to your accountant about growing your business? Heather Smith from BRISBANE
Hi Heather, I think it depends on what your specific business challenge is. I think coaches and accountants both can play a very important (but very different) role in business growth. There are plenty of consultants in all fields willing to take your money, so the real trick is finding a good one :) Cheers, Peter Peter Crocker from Flying Solo | Read my articles
Hi Heather, Yes I did talk to my accountant about growing my business, and my brother, who is an accountant and on my Advisory Board. They have both been very beneficial in helping the business grow in certain ways. My coach brought a different set of skills to the business. I agree with Peter that the real trick is finding a good one. Kate Tribe from Tribe Research, Sydney | Read my articles
Heather it sounds like you had a bad experience, or have only heard of negative experiences. Perhaps if you substituted the term "mentor" rather than "coach", this might change the way you look at people who perform this valuable role.
Like all advisors tou need to choose carefully, take what you need from them (which may not be everything they have or can offer) and ensure the advice is appropriate, applicable and cost-effective.
The problem for many small business owners, especially "solos" and "newbies", is that they don't know what they don't know, nor what they need to know, nor who knows it and can share the knowledge with them.
Sites/groups like Flying Solo are a great place to begin to spread your awareness of what "extra" you might need or would be useful to you.
Seek and ye shall find, as the proverb states. Mark from Sydney
I agree that the key point when it comes to choosing external help is to clarify precisely what help is needed. It's unlikely anyone would find the entire breadth of expertise in one individual...and personally I'd run a mile from someone who said they had all the answers. Get clear on what gaps exist and it should be obvious where to direct your search. For many working alone, a competent sounding board is what's missing - someone who will listen to your issues and challenge you to think differently, think bigger...and who does so without ramming their preconceived notions of what's right down your throat. It matters not what they're called; what matters is what's achieved. Robert Gerrish from Flying Solo | Read my articles
Would you be an accountant, Heather? A lot of good points and especially Robert's comments - I'm guessing he's a Coach who delivers!! OK, from experience, I know he is, but the point isn't to sanctify Robert, its the clarity and wisdom of his comments above that speak for themselves. You want someone who knows what you need from the outset AND who can explain why in a way that makes sense to YOU! Grant Hyman from Sydney | Read my articles

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