Starting a business can be a very risky move, and expectations are always high regarding the new venture. Every business owner wishes to grow their business in a linear, quick progression to new heights overnight. However, growing a business requires tenacity, hard work, and above all, patience. Unfortunately, there’s no magic potion that can turn your business into an overnight success. However, there are certain strategies that you could implement to improve your chances of turning a relatively quick growth pattern and higher revenues. We asked small businesses turned big to share some of their best strategies. Here are thirteen secrets to help grow your business quickly.
- Hire the Right People
A ship needs a solid, trained crew before it can set sail. Similarly, your business will first and foremost require a highly professional team of experts that will help grow your business. Unfortunately, there is only so much that one man can do. You might have the strongest work ethic on the planet, but if your team members are not dedicated enough, there isn’t much that you can do. With hardworking and dedicated people, your business will be much better equipped to grow quickly and consistently. Also, delegating important tasks to trustworthy individuals will free up your time, allowing you to develop better and stronger work culture.
- Focus on Patrons
It is an established business fact that acquiring a new customer is ten times costlier than retaining an old one. So rather than worrying about getting new customers to increase revenue, focus on the existing customers and attempt to induce an undying fidelity towards your business. You may achieve this by implementing a customer loyalty program or a referral discount system. Technological developments should also be encouraged for they improve your analytical skills. For example, devise strategies to retarget customers with customised deals based on their past purchasing behaviour. Focusing on established markets also help when trying to secure funding. Banks and investors appreciate a stable business model more than lofty business aspirations.
- Reduce Liabilities
Liabilities and risks are inevitable in business. However, there are measures to reduce them internally and externally. Small businesses face many challenges that inadvertently affect customer confidence and loyalty. These challenges include theft of employee data, customer records, design plans, and business models. Such challenges can destroy a business and generate high costs in remediation and lawsuits. One effective solution to this problem could be getting insurance and insured products. However, keep checking your coverage regularly and ensure that you update it when you grow and expand your equipment.
- Be Adept at Adapting
The COVID Pandemic has exposed major holes in the armours of established businesses. Many businesses were not able to adapt to the sudden shift to the online platform and were left stranded. Don’t be that business; set your business model in a way that is easily adaptable and highly agile. Develop the ability the switch directions quickly in response to changes in the market. You will also be able to test different approaches and find out which business strategy works the best for you. Recognise your target demographic and notice the trends in the current market. Use these trends to leverage the most out of any dire situation.
- Customer Experience is Key
The primary recipient of your product or service is the customer. For most businesses, the primary source of revenue is the customer. So, it is a no brainer to state that improving how your customer feels after a business transaction would improve your business. The Japanese have long focused on producing higher quality products than producing a higher quantity of products. As a result, Japanese products are renowned across the globe for their superior quality.
Small companies are better at noticing, anticipating, and responding to their customers’ needs. Use this to your advantage and strengthen your customer relationship. Build rapport when interacting with your loyal customers, for they will glorify your business on their social media channels and improve your chances of gaining more loyal customers.
- Keep Investing in Your Business
In the early stages of your business, you will see a very small profit margin or no profit at all. Even so, it is important that you invest whatever money you make back into your business. In the beginning, your business will have a lot of room to grow. Therefore, use every opportunity you can find to improve your business. Identify your areas of improvement and invest immediately to improve. While it can be very tempting to cash in your profits and go home, refrain from such thoughts if you wish to observe a continued linear progression in your business.
- Look into the Future
Undeniably, the greatest asset for any business can be the foresightedness of its upper management. The upper management steers the business and is responsible for the company’s next step. Although agility and adaptability are important, if you cannot plan the next step, your business will forever lose its uniqueness and be left to copy other businesses. Thinking ahead is a broad term and can include a wide variety of steps, from improving your negotiating skills or increasing your workforce or trying to set up a new offshoot of your business.
- Strive to Provide Better Service
Another method to circumvent a temporary lack of high-quality products would be to improve your customer service. Aim to exceed the service expectations, and the customer is bound to come a second time. Exceed the service expectation a second time, and they shall recommend your business to their friends and family. If you go the extra mile to provide a unique and exclusive experience, the person will likely have a positive outlook on your business. Offer a discount or reward if a customer had a sub-par experience with your business product. It shall turn a bad experience into a neutral experience, if not a good one.
- Keep an Eye on Your Socials
With the rapid digitisation due to the Pandemic, social media marketing has gained much-needed attention. However, small businesses for a long time have underestimated the potential of social media platforms such as Facebook, Twitter, Instagram, etc. An active social media presence not only allows you to market your business better but also interact with far more people than you would ever be able to. It also allows you to provide a more engaging experience for your audience, make it easy for customers to provide feedback, and help in cultivating brand value and customer trust.
- Attend Networking Events
It has been a fact that networking is the driving force to finding new opportunities. Networking events are the best location to meet and interact with like-minded individuals with unique perspectives and great ideas. It also allows you to identify new ways to invest in your business. You can also showcase your business achievements and attract the right kind of investors that will help you for years to come. Networking events are especially helpful for small businesses as they serve as an ice-breaker event and allows for the business to introduce itself to the market.
- Practice Corporate Social Responsibility
The current market is designed as such that customers demand the businesses they invest in or buy from to have similar interests. Company goals and social outlook has been a major deciding factor for customer choices for many brands. For example, Red Bull’s major success as an energy drink came from its dedicated efforts in the sports industry. Hence, the majority of Red Bull’s customer base is highly invested in sports. Look for ways to give back to society to gain customer support and take an ethical approach. There are many ways to be socially responsible such as donating to cancer research or publicly supporting underserved communities.
- Support and Host Community Events
As stated earlier, it is great to attend community and networking events. However, it is much more beneficial and effective as a networking strategy if you host one yourself. Suppose you cannot find the funds required to host an entire event, then chip in rewards and prizes such as holiday tickets or sponsor a local sports team. Associating yourself with community events will produce a strengthened customer bond and improve loyalty. It will also increase organic brand awareness and show the community that you are invested in their well-being. This will further fuel your small business’ growth.
- Know Your Enemies
While this strategy might not contribute directly to your growth, it will help you indirectly. Identifying the competition and analysing their business model might help you identify what works for them and what would work for you. It also helps understand the market demands and identify the areas of improvement. Finally, it will enable you to find the trait that would give your brand its unique touch.
Running a successful business is not an easy task and improving it consistently is much difficult. It requires a lot of work and patience. Expecting large overnight growth is being ignorant of reality. However, use these strategies to improve your chances of securing consistent linear growth.
Source – Businessnewsdaily