So, you’ve checked the statistics and you’ve realised that your small business is doing just fine. Congratulations! This is definitely good news, but you should know that in order to run a successful small business for a longer period of time, you must consider the options you have to grow your business. For many small business owners, this is a daunting and confusing task because they don’t have the necessary experience and knowledge. However, it doesn’t have to be like that. We have created a list of five simple, yet effective tips that will help you grow your small business.
Expand your offer
One of the ways to grow your small business is to expand your current offer. This is quite logical because you already have a base of loyal customers and many of them will be glad to try something new from you. Numerous studies have shown that the cost of finding new customers can be more than five times higher compared to up selling your goods (new and existing products and services) to your existing customers.
Use social media
Having an attractive website is no longer the only thing you need when you are doing business online. You must use social media networks too. Take some time and invest some money to boost the number of Instagram followers, Facebook fans, and Twitter followers. There is more than one way to achieve this goal and our advice is to try all of them. Once you find out what works the best for you, stick to that method. According to many business owners, using Instagram followers service or similar services provided by reputable online service providers is the best way to become more visible on social media networks. While we are talking about social media networks, it’s good to point out that it’s smart to use no more than three social media networks because this activity requires time and energy.
It turns out that outsourcing can help you grow your small business too. It is not unusual for small business owners to conduct literally every activity associated with their business. This approach is wrong because they can use some of this time to make plans for the growth of their business. Don’t hesitate to outsource activities like accounting, HR, and social media management to professionals once you believe that you are ready to grow your business.
Invest in customer support
With a good customer support, you can make your business stand out from the crowd. We have all read stories about the negative experience of people that have used customer support provided by large companies. Don’t be like that! Invest in customer support – allow customers to reach you in more than one way when they have questions, suggestions and complaints and make sure that your responses are quick.
Follow the trends
Finally, if you want to grow your business, follow the trends. This doesn’t mean that you should implement every change you read about right away. Evaluate the opportunities you have and introduce changes that have proven to be helpful to other small business owners. Check the market and analyse the latest technological achievements.
5 more strategies for small business growth
Simon Cowie, head of the corporate finance and business advisory team at Hall Morrice chartered accountants, believes that business success is achieved thanks to the individual actions of companies, rather than due to the nature of the market.
‘A strong or weak economy is simply a general trend across the nation – it doesn’t necessarily mean that all businesses’ growth follows these patterns. How your company develops is just as much dependent on internal influences as it is on external forces,’ says Cowie.
‘In business, it’s easy to become too comfortable. There is a reassuring sense of familiarity in doing things the way you have always done them, but this is not always the best approach to take. Variation and adaptation are an essential part of a thriving business.’ Follow these five tips to avoid complacency:
Embrace new technology – Naturally this will require an investment in order to be implemented effectively, in terms of both time and money, but it can often make the business more efficient in the medium- to long-term.
It is important, however, that you ensure that the burden of work is not just passed on elsewhere within the organisation. Make sure you choose the right solution for your needs.
Look for new blood – New employees are essential to ensure that the business continues to thrive, because additional staff members bring with them different perspectives, techniques and approaches to doing business. Don’t look for people that are just going to be happy to keep their head down and always go with the flow. Look for employees with the potential to contribute instead.
Combine your strength – A merger or acquisition is also a great way to boost the prospects of the business. Merging with or taking over an organisation that you feel can add value to your business is a great way to drive the company forward, because you also acquire knowledge along with the more tangible assets. You could target a competitor to increase your market share and consolidate your position or pursue a company with a markedly different product or service that will add to the company’s portfolio.
Explore new avenues – Diversification can often be crucial to the future success of an enterprise, especially once you have developed both your product and its market to their limits. This can take three distinct forms: introducing a product or service which complements your existing offering but will appeal to new markets; something different that may appeal to your current customer base; or something new designed specifically for an entirely new market.’
Be brave – All too often in business it’s easy to forget how to be brave and take chances, but that’s exactly what can make the difference between standing still and moving forward. Starting up is a daunting step to take, yet once that has been accomplished that entrepreneurial attitude can often be quickly forgotten. Don’t ever lose sight of that spirit, because that is what could make the difference between a company which is going places and one which is going nowhere.