Starting your own business: sometimes it is one of the best decisions in your life. But it can be tricky situations. And you will have to make some difficult choices. Fortunately, there is Richard Branson, who gives us four handy tips to grow your business.
“It is not obvious, as long as you receive sufficient support and use a smart approach. Because then your dream to evolve as a startup to a successful company becomes tangible, “says the founder of the Virgin Group.
“If you still want to do business in 10 years, you need to have in-depth knowledge about your company and its market, and a fantastic team that supports you.”
Create a long-term plan
Do not you think in the long term, and do you not take into account possible risks and opportunities? Then that has consequences for the success of your company.
“With clear milestones for you and your team you have something to work towards, and that keeps you motivated and driven,” advises Branson. “Of course you will have to deal with certain growth obstacles. Although you can partly anticipate this with a roadmap: that helps you to build a structure. And when focusing on decision making. “
Richard also recommends that some strategies be set up. This way you can limit frequently occurring risks for your business model. “Do you have a clear vision of where you want to be with your company within ten years? Plan how you want and can achieve that. “
Adhere to the core values of your company
Branson has a golden board for when you open up new areas or develop new products. “Keeping everything under one roof offers the best-added value for your company. Because customers feel more involved with a brand and its values than with physical product characteristics. These core values are therefore fundamental. “
Moreover, he recommends working out those company values and principles early enough. This way you can easily convert them into concrete activities with which you can meet customers.
“Virgin has always turned around …
- a) putting the customer first in all our activities
- b) innovating within sectors that are ready for disruption. That is what we stand for, and you always see coming back in everything that we come out under our brand name. “
Put together a fantastic team.
Investing in the people you work with? And giving them the confidence that they will take their responsibilities? That too is, according to Branson, a key ingredient for successful companies.
“I learned this from childhood: it makes little sense to take talented people into the home if you do not give them room to develop. For you as a founder, it is a relief to pay less attention to daily business activities. Because that way you can better focus on the overarching objectives from your roadmap. In 40 years I have, as an entrepreneur, put together a strong team that cares about those days to do’s. The result? I got the chance to work 80% of my time with Virgin Unite, the non-profit part of Virgin Group. “
Make Sure You Get The Right Support.
With a good mentor at your side you learn from someone else’s mistakes so that you can – hopefully – avoid them. And as icing on the cake you get advice on how best to use your available resources, it sounds at Branson.