Expanding a small business is a big step. Growing a company carries risks and it’s not easy to execute a successful growth plan. If you’re considering opportunities to open a new office or store, develop new products or services or tap into different markets, here are some effective strategies to help you achieve your objectives.
Analyze sales data and performance
Before you commit to opening new branches or offices or designing new products, it’s crucial to ensure that you’re in a good position to grow your business.
Analyze sales data and performance, evaluate your financial situation and carry out market research.
Gauge the level of demand, keep an eye on client behaviors and new trends and make sure there’s an appetite for more products or new premises. If you’re struggling to fill a restaurant or a hotel, or you have a lot of surplus stock, for example, it may not be the best time to expand.
Team up with other businesses
Growing a small business can be challenging because in many cases, you’ll need to access services or skills you don’t currently have in-house. You may decide to hire new employees, but it’s also worth exploring options, such as teaming up with other businesses or working with agencies to fill gaps and enhance operations.
If you sell products to business clients or consumers, for example, and you’re scaling up, you might want to join forces with a logistics company that utilizes modern technology like commercial GPS to deliver to new locations and handle large orders.
If you run a medical business, or you offer consulting services, hiring a digital marketing agency could help you to attract new customers and raise brand awareness.
For a sales firm, working with a managed IT provider will help to enhance security, optimize efficiency and provide access to expert advice.
Take good care of existing customers
If you are growing your business, it’s natural to want to be proactive in creating leads and attracting new clients and customers.
As a small business, the more customers you have, the higher your chances of growth and revenue. Before that happens, however, much thought must go into planning, marketing, customer service, and content. Assuming your small business is a retail store, what effective strategy can you implement to ensure growth? Believe it or not, a strategy that works well is background music in the store. Existing customers who visit will likely recommend your small business to others after experiencing a welcoming atmosphere. A retail store music playlist can define your small business’s brand personality and contribute to growth.
This is a positive step, but taking good care of existing customers should always be a priority. Improving customer retention rates enhances brand image and reputation and it can also help you to increase revenues and capitalize on positive reviews, referrals and recommendations.
Studies show that repeat customers spend more than new clients. They’re also more likely to recommend the business to friends, family members, colleagues or business partners.
Revamp your marketing strategy
Marketing campaigns can supercharge sales and put brands on the map, but they don’t always succeed. If you’re struggling to draw attention to your business or create leads, review and revamp your marketing strategy.
Look for effective ways to connect with your target customer, gather information about them, encourage them to share ideas and feedback and upsell your USP.
Choose channels and techniques that will help you to reach the right people, create a buzz using targeted promotions and tell customers about your brand.
Social media offers an incredible platform to engage with followers and share your story as well as to promote and advertise products and services.
Networking is a powerful tool when you’re looking to scale up your business. Many entrepreneurs rely on good relationships with other companies, investors, and potential customers to expand operations and make their organizations more successful.
You may want to attend conferences or collaborate with people from different industries who can help you to connect with new contacts and build valuable partnerships. Canadian businesswoman Belinda Stronach, for example, has networks that she relies on to help her grow her businesses and achieve success.
Take the time to find out who you need to connect with in order to speed up growth or make improvements and ensure your business is in the best position possible.
Growing a business isn’t easy and there are risks.
If you’re hoping to expand, analyze data and performance levels, research the market and consider teaming up with other businesses to access skills and services. Revamp your marketing strategy and take good care of loyal customers.