10 Ways To Grow Your Business
When you first started your business, naturally you would do a lot of research. You must have consulted with advisors, read books, magazines and other forms of sources related to your type of business. Investing in terms of time an money in order to get your business started..
Those of you who have started and survived a successful business, you may be wondering, what the next step is, and how to grow your business beyond you present position?.. There are multiple possibilities, 10 of which are stated below. Choosing the proper one (or ones) for your particular business would depend on the type of business you own, your available resources, and how much money and time you can afford to invest over your business.
1) New Packages and Loyalty Programs
The most successful method to expanding your business is through implementing a digital or physical suggestion box to receive direct feedback from your existing customers in order to know how they feel about your products and services and what their interests are. Therefore, you can implement their thoughts into your business as you expand.
Establishing a loyalty program for existing customers can be an excellent way to retain their allegiance to your business. For example, a hair salon might want to offer a discount every fourth haircut at their store, and a coffee shop could offer a free small beverage for every 15 purchased. For a low monthly subscription fee, you can even utilise rewards app such a “Perkville” and “FiveStars”, which links you directly to your sales system and allows you to format your own unique loyalty program that syncs seamlessly within your daily routines.
As an owner of a small business, you carry a great deal of responsibilities and you are consistently navigating a a wide variety of tasks. Hiring new staff members can help release the stress and allow you to divert your focus on other critical matters. On the other hand, this is an excellent way to delegate tasks an increase productivity, training new employees about your business necessities a transaction process that will take a large amount of your time and energy before you can trust your new recruits to do the job by them self. On top of investing your time on your recruit, you would also be paying a salary which is a ‘cash outflow’ for you as the business owner. Are you financially stable to invest your time and income on a new recruit?
If you are considering to expand your team, begin to keep a running tally of tasks and roles that a new employee could potentially predict when hired. Try to strategically manage or outsource these tasks yourself, which is often a more cost- effective solution. Once you have decided that hiring is the right move for you, make sure that you are picking the suitable candidate for the job, not just for their skill set, but, also in disposition. Within a small company, the attitude and work ethic of an individual can affect the atmosphere of the over all workforce.
3) New Location
“New Location” is usually understood as- Business expansion and is also extremely risky. The ability to make such a move requires planning, finance and an increase of competition based on where you choose to open your business in your new location. Before opening your business in a new destination you must make sure you have studied the area and ensure you are within reach of your targeted customers.
4) Diversify Your Services and Develop Into New Markets
As you are thinking to expand your business, you could offer your services/ products into new markets and take a certain amount of the profit. This way you will also be strengthening your brand awareness and reaching out to potential customers. Networking is always a great way to move forward and build your awareness.
Think about the various types of demographics you would like to target and how they could benefit from your products and services, beginning to tailer your marketing strategy to suit these models. This can be done through:
- Facebook (Advertisements)
- Local Marketing
Depending on your market, you can begin to expand your repertoire of products and services and offer consultations towards other businesses who require support.
You can also generate an audience of potential customers through involvement in industry conference and events, sharing advice through an industry- specific column, or to offer an educational program as an additional source of revenue diversification.
5) Business Partnerships
To build connections and expand your base clientele, think about partnering with another local business to issue special deals and membership perks that are tailored to a similar target customer. For instance, if you own a fitness studio. you may want to partner with a nearby smoothie shop to create a unique package for health- minded consumers. This could entail a sales promotion of a half- prices smoothie after a discounted class, or package 20 classes and 20 smoothies, all at a discounted rate.
May 16, 2018
May 10, 2018