When it comes to running a small business, there is a lot of groundwork to do yourself. For better or worse, you are the master of your destiny, and the success of your business, which lives and dies, depends on your ability to make strategic growth decisions.
You may now own a small business, but planning for long-term growth means considering the possibility that it won’t always be small. With the right planning and execution, the entrepreneurial seeds you sow today could become the multinational of tomorrow. To plan successful growth on this scale, it helps to look on the shoulders of other giants who started out like you.
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A particularly ubiquitous superstar of next-generation small businesses is Google. Together with its parent company Alphabet, the company is valued at $ 1 trillion. The company is so influential that the term “Google” has become a verb in the dictionary.
If you’re a small business owner looking to mimic the success of the tech giant and other large growth-oriented companies, here are three tips that will help you replicate Google’s manual to get it done, attract investment, and drive business success.
1. Differentiate, differentiate, differentiate
Before you can sail into the sunset with a small business idea that will make you millions, you need an idea. But not just any idea. It would be helpful to have a business model that differentiates itself from the competition by offering something that others don’t.
Think of Google. It is certainly not the only search algorithm out there. Other big names in the industry are Bing, Yahoo !, Ecosia, Ask and many others. At the same time, none of these companies do the same thing as Google. That’s because Google is characterized by a search algorithm that is constantly learning, evolving and growing. Their goal is simple: to give users the absolute best results, instead of getting the most results.
Google’s Playbook is about quality, not quantity. As such, the company is rewarded for the attention of its users as it fulfills a market need that improves lives and solves problems for billions of people every day.
Like Google, your product (and the nature of your business) doesn’t have to be completely new. It is important that you develop a new look within the existing market. Rather than simply replicating previously successful businesses, you create elements of a new model that meet a market need that is not. If you do, you will be well on your way to steady growth in no time.
2. Expand into new areas
Google’s parent company Alphabet spans a wide variety of industries and owns some surprisingly big names: YouTube, the Waze GPS app, sportswear brand Fitbit, and more.
The above is an essential part of any business playbook model. As an entrepreneur, it’s important not to put all your eggs in one basket. If your small business revolves around a single product, business model, or sales strategy, what will you do when market needs for that product, model, or process stagnate?
Unfortunately, so many startups fail. Startups making angel investments in hopes of turning their idea into a young national conglomerate often fail after spending all of their funds on a unique and unattractive business model. Rather than relying on a vision or strategy, consider diversifying your business and meeting a range of needs for your specific audience.
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Google isn’t the only player who knows the value of expansion. Amazon started out as a bookstore, and Uber wasn’t always a grocery delivery service. Elon Musk started out as the creator of PayPal, now his space exploration company has its sights set on Mars.
When it comes to running a small business, no expansion dream is too big. The reality is, when the time is right, expanding may be the best thing you can do for you and your business.
3. Stand out in your niche
Google knows that diversification and expansion are essential. Still, you never lose sight of your true value as a company – by providing first-class search results to countless people every day.
The goal of expansion and diversification is to stave off the potential of an idea that doesn’t work. However, once you’ve found an idea that works and is connected to an audience that wants more, it’s important to hone your niche and become a leader in the marketplace.
Becoming the best at what you do takes time, practice, investment, and innovation. It is probably the strictest piece of advice to replicate, and it is not a “get rich quick” scheme. If you simultaneously take care of your craft, focus on building your business, and develop a business model that really stands out, you will be poised for positive growth in both the short and long term.
The main lesson for entrepreneurs looking to emulate Google’s growth strategies is simple: Growth is learning. The more you dig into the growth patterns and systems of market giants like Google, the better prepared you will be when your business is ready for the next surge in growth. By differentiating your business model, expanding into new markets, and standing out for the services and goods you provide, the seeds of your business will grow wonderfully and profitably.
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