Most times young business owners jump into the realm of business just for the mere sake of being a businessman. As such, these businesses tend to end within a short period of time. In respect of this, it is true that the key to a successful business lies on the ability of the business owner to successfully scale and grow the business by applying basic business fundamentals. Basic though, doesn’t mean easy. Growing a business enterprise takes time and considerable effort. You will most likely have to deal with understanding taxes, pricing, sales and marketing. You will also have to interact with customers daily and provide good customer support. While it can be a relatively daunting task, the following business fundamentals will give you an edge over your competition in growing your business fast.

• Developing a Sales Funnel

Ryan Deiss, co-founder of Digital Marketer, describes the sales funnel as “a multi-step, multi-modality process that moves prospective browsers into buyers “. A sales funnel involves gathering a pool of potential buyers and converting them into buyers. The difference between a sales funnel and the real life funnel is that in the sales funnel, not all that comes in goes out. That is, not all potential buyers get converted to real buyers. A sales funnel can be developed by sending emails, writing pitches to other large businesses, organizing webinars and possibly workshops also. By this, you can start gathering potential buyers which will with time, convert to real buyers.

• Research your Business Competition

A basic and fundamental process to be undertaken to ensure successful growth of your business is by research about the possible competition that exists in your industry. These include checking out for the large businesses, checking out the products which are in large sale and checking out the products which are most beneficial to consumers. By doing this, you cannot be taken aback in your business journey. Also it gives you an opportunity to know how well and how to employ strategies which can grow your business faster.

• Good Customer Service

Nobody wants to buy a product or a service from a seller who is not responsive. As such, good customer support is a prerequisite for fast business growth. Good customer service enables the customers to develop trust in you and your products. It also gives them a sense of confidence when purchasing your products.

• Pricing

Another factor to consider if you want to grow your business is the price factor. For emerging businesses, it is important to start with lower prices as this will encourage buyers to purchase your products. A low price though, shouldn’t mean a low quality. The quality of the product should also be at a high standard. The price of the product should not be too low though as a very low price is often interpreted by most buyers as being low quality.

In conclusion, a good understanding of the business environment and a good sense to adapt to changes in the business environment is a must have quality for any business man who wants to grow his business.