Business growth lessons from the UK’s successful entrepreneurs

Make networking one of your number one priorities

Networking can provide your business with contacts that can lead to better exposure for your company, as well as lucrative business deals. It takes time for good networking, especially when a business is just starting out and has little in the way of peers and contacts. Despite her success, Jacqueline Gold, CEO of Ann Summers, wishes that she had networked more when she was first starting out.

Don’t hesitate

While embarking on a business endeavour is by no means something that should be taken lightly, one should not hesitate too long. It takes time to build a business, so it is a good idea to start sooner rather than later. It can help to remember that you don’t have to know everything in order to start pursuing your dream. This is what helped lead Jack Wills clothing founder Peter Williams to success.

Business growth

Know your customer

You need to know absolutely everything about the demographic you most want to attract. This will make sure that your marketing plan is more streamlined, and it will make the most of your advertising budget. Social media can be a great way to get to know more about your target demographic in today’s business world. Reaching out to customers gives them a more personal experience and makes them feel “cared for.” Successful entrepreneurs are amazed at how little time some entrepreneurs spend interacting with the people that will make or break their business.

Be a good listener and seek advice from knowledgeable people

Anyone providing a product or service should take the time to be a good listener and consider the advice and feedback of others. Listening can help the entrepreneur to locate key talent that can help take their business to the next level. Guidance and feedback from Max Mosley was essential in restructuring the Fédération Internationale de l’Automobile (FIA) into the Formula One powerhouse it is today. Mosley started out as a racing car driver, and during this time he was called upon to dispense legal advice for the FIA. His influence over the years went deep, and he went on to serve many years as president of the FIA.

Find a niche market if possible

Satisfying a unique need and being the best at it can lead to business success. Sometimes, this means doing a job that most people simply do not wish to do. While a lot of us would cringe at having to work as a plumber, Charlie Mullins, founder of Pimlico Plumbers, grew his business into the largest independent network of plumbing services in the UK. He has since expanded to Spain and hopes to grow his business even more.

Be aware of opportunities

Always be on the lookout for good business opportunities. Sometimes, an opportunity can present itself when you least expect it. At the same time, carefully consider any opportunity before making a long-term commitment. Awareness is often a major component of entrepreneurial success.