Small Business Growth Tips from Richard Branson, Virgin Founder

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Over the years, Virgin started businesses in various fields because the company's executives did not like the way others organized the business. Whether it was airlines, mobile phones, or financial services, Virgin tried to focus on truly improving people's lives with better service and various innovations.

Small details like transparent pricing and friendly staff already gave them an edge, Richard says. Their humor and communication tone also helped attract and retain customers. Branson tries to keep bureaucracy to a minimum and constantly reminds his team that business, like life, should be fun.

When starting a small business with a team of enthusiasts, it is relatively easy to focus on the details of high quality service. But how to maintain the original passion and attention to detail as the business grows, becomes more successful and bigger?

As Virgin's record empire grew, Branson split the company into smaller labels to maintain a small business vibe. A healthy competition for new groups developed between these small companies.

But this approach could not work with some of Virgin's other businesses, which required large scale and size to compete against the competition. And they had to adapt these big companies a bit to keep the Virgin spirit, especially as they expanded through mergers and international expansion.

Branson recently attended a conference attended by several fast growing companies. One of the speakers was Richard Read, founder of Innocent, a smoothie and non-alcoholic beverage company. Reed started the business with two friends in 1998. Since then, the company has grown tremendously (with annual sales of $ 315 million), and Coca-Cola has become the majority holder of their shares. And yet they have retained the spirit of innovation and fun that they had from the very beginning. It is from their experience that Richard Branson invites other companies to learn. Here's what they did:

1. Be clear about your mission

For Virgin, this is often a shake-up of an established market, providing customers with something more in terms of value and service. In the case of Innocent, it is about providing customers with great juices to help them lead a healthy lifestyle in a fun way.

2. You must have a well-organized fundamental structure

It is necessary to strengthen relationships with those suppliers and partners who can supply you with raw materials without prepayment or rent out premises without charging rent immediately. In this case, you will be free: you can start a large-scale campaign without a large investment.

3. There must be a correct team at the "top"

Managers who have reached the top often cease to feel part of the team. And sometimes it is necessary to part with such employees, it is painful, but necessary.

4. A well-defined purpose and a sense of ethics give the company a solid foundation

Innocent focuses on making the planet a little better than it was before they came along. And this simple but effective message evokes emotions from both the staff and the customers, whether there are 10 or 500 of them.

5. It doesn't matter how much your business has grown, the details are still important

Richard Branson regularly visits the locations of his businesses, looks at how things are on the spot, and talks to the staff. And Richard Read does the same. He checks everything from the bottle cap, on which, by the way, the expiration date says not “use until…” but “enjoy until…”, to the carpets in the offices, which are all of exceptional quality.

6. Listen to your customers and act on what you hear

Talk to staff, read reviews on social media and forums, always listen to what is said about your business and brand. Feedback is what will keep your business afloat.

All these steps are quite possible to take for execution, it is not so difficult. And it is they who will help your business grow harmoniously and easily.