An alumnus of the Stanford Graduate School of Business, Ed Baker maintains a strong track record of helping businesses grow. After working for major names such as Facebook and Uber, Ed Baker is now an advisor to several startups, including Zwift and Change.org.
Here are a few ways to grow a business quickly:
- Build a sales funnel: Automating your business and helping it grow, a sales funnel guides customers through the process of buying a product or service. Setting up a sales funnel requires some effort, but after you get it running, it largely operates on its own.
- Reduce risk: If left unchecked, business risks can quickly ruin your efforts to grow your company. To ensure that the growth process goes well, remove as many risks as possible, and set up recovery plans for risks you can’t eliminate. Don’t forget to regularly address new risks that arise as your business grows.
- Create a customer loyalty program: Acquiring new customers costs about three times more than selling to existing customers. By creating a loyalty program, you improve customer retention and increase sales among existing customers. Loyalty programs can also draw in new customers.
