Building a business is hard. I know, I’ve done it myself and I’ve been advising business owners of all types for over 10 years.
Developing the right product, finding customers, keeping them happy, and growing month on month, and year on year are some of the prerequisites for a successful business. Different skills are required at all different stages of the business’ lifecycle. And that is exactly why I have created Growthologie – to help you successfully navigate these waters in order to make your business succeed.
My name is Tallat Mahmood and I am a business advisor, investor, creator of Growthologie, and an avid squash player!
Growthologie will show you how you can short-circuit your business venture so you don’t fall into the traps that so many entrepreneurs fall into, and so that you can maximise your time and money to achieve more.
Let me show you how I’ve done it for hundreds of clients and how I can help you too.
It all starts with your business idea. There are two fundamental elements to getting the right idea for your business;
- thinking creatively; and
- thinking commercially
Not all business ideas will work, but more importantly, presenting or packaging your business idea in the wrong way is a sure fire way to make your business bomb.
There are some fundamental principles that need to be considered to follow through on your business idea. After all, you will be investing some serious time, effort and money in your business, so you cannot afford to get this wrong.
Every business starts with a product. Your product (or service) could be anything depending on what you are looking to build your business around, but there will be some key characteristics it will need to set you off on the right path to success.
Above all though, the product needs to solve a real problem for your target audience. They have to want to buy it because they cannot afford to live without it (slight exaggeration, but you get what I mean!)
Once you have your product, you need to get customers for it. But not any customers – customers who need what you have produced. This is your target market. It is necessary to be creative to find where your customers hang out so that you can reach out to them and convince them to try out your product.
There are many ways to approach this depending on the type of business you have, and the nature of your customers. Executed in the right way this can have a profound effect on the fortunes of your business.
Marketing & Sales
Once, you have customers, it is important to be able to map out the right customer journey from when they are introduced to you, all the way until the leave you. This is the customer ‘funnel’ and is dependent on the right marketing efforts to get different market segments introduced to the right product or service in your company in the right way.
This also involves a pricing strategy that ensures you are pitching your product or services correctly and have a commercial overall proposition that is bringing you the sales you need.
OK – I know what you’re thinking, “not a boring business plan”. And you’re right! I don’t prescribe to boring business plans and don’t encourage business owners to waste their time building boring business plans. Instead, I encourage them to think rationally about their business and develop a plan that explains what they want to do with their business and why. This is your business plan.
The importance of this is because it helps you articulate in your mind what you are doing and sense-check if it makes sense. This is an excellent discipline for business owners to work on. If you’re not serious about your business plan, you’re not serious about business.
It’s crazy the funding sources that are available to businesses these days. It’s even crazier the extent to which so many entrepreneurs don’t know about these funding sources!
Why would you make it difficult for yourself to build a business any more than it needs to be?
Understanding the funding landscape and appreciating how you can navigate the ‘murky’ financing world will put you on par with some of those businesses who have access to these resources and are killing it (yeah, these are the same companies you hear about or read about and think “how the hell did they raise that money?!”)
The culmination of all the above is growth. If you are serious about building your business, you know that you will have to scale your product, and also scale your customer acquisition efforts.
Even though its great that my mum and wife always buy my products, the excitement of those sales will soon wear off (sorry guys!) 😉
Growing your business means being smart and using the right hacks at the right time, and in the right way.
The right product development, combined with consistent customer acquisition and the right marketing and sales plan gets you on your way to building a sustainable business. Developing a powerful Business Plan that can articulate your vision, and be used to help with fundraising efforts will really help you grow your business and realise the goals for your venture.
How To Get Started
Watch out for more information here soon on how you can get started to get your business (or business idea) on the right path. In the meantime, sign up below to receive some of my best, and my new articles around how to grow your business.