You don’t have to be a startup venture to capitalize on tips for taking your business to the next level – more mature companies can benefit too. These five tips can help you grow regardless of the size of your company or the industry you’re in.

1. Don’t try to do everything

As an entrepreneur, you’re probably used to wearing a lot of different hats – bookkeeper, marketing guru, sales agent – but that doesn't mean you can (or should) do everything yourself. If you want your business to grow, you need to accept that you can’t do everything all the time. Hire capable people or outsource work to good partners to free up time to focus on the tasks you do best.

2. Spend more time on selling

The one area that contributes most to business success is sales. If you’re a new company, some business experts estimate that 80% of your time should be spent on reaching out to people who can buy what you’re selling. If you’re an established company, that number goes down to 30%, but the point is, the time you spend selling is time spent opening doors and connecting with customers who write the checks.

3. Analyze your competition

Don’t be afraid of your competition. Instead, think of your competitors as opportunities to learn. Take a good look at what they’re doing and think about the things they do that you could implement to make more money for your own business.

4. Consider diversifying

Tweak your product or service so that it appeals to a new group of consumers. Alternatively, add a new product or service to your mix. By diversifying, you can create multiple income streams that can often fill seasonal lows and, of course, increase sales and profit margins. Common ways businesses diversify include importing or exporting their own or other people’s products, selling complementary services or starting consulting services.

5. Hire the right people

It’s essential to put together a team that feels responsible for the growth of your company. It’s equally important to pay them what they’re worth and to offer them the health and retirement benefits they deserve. Can’t offer a 401K? Look into options such as Guaranteed Retirement Income from Nationwide®. It’s a type of annuity that lets your employees lock in retirement income for the rest of their lives with a minimum contribution of just $10 a month. There’s no cost to you and nothing to manage – Nationwide does all the work.

Growing your own business is hard work and success is not guaranteed, but these tips can help get you started on the path to becoming a growing enterprise. Good luck!

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