Every business has its reasons for its founding. While you want to offer value to your clients and customers, you also want to generate revenue. A way to do that is by growing your business to a size where you not only regain your capital but also gain profit.
Even if you're only looking to start a small business, you will need a considerable amount of capital to get things started. And despite the smaller size, it's not easy to grow a small business into a recognizable brand. Furthermore, it will take some time before you hit breakeven or generate a profit.
Fortunately, there are multiple ways to grow your business. We've listed some steps you can take to contribute to your business's growth.
Ten Easy Steps To Grow A Small Business
You may experience rapid growth the moment you open your business. However, you must work on sustaining this growth. Here are some ways to do it:
1. Create A Solid Business Plan
It’s best to create a business plan before launching your business. A business plan is more than just a document that includes all the details about your company—it's a roadmap that guides you on how you’ll achieve your business goals.
What you need to do is sit down and write out your goals for the business. Ask yourself specific questions like:
- What are the milestones you want to achieve for your business?
- How many sales do you need to make in a month?
- When do you want to reach breakeven?
- How much profit do you want to make?
- Who is your target audience?
These questions are just some guidelines you can use to start creating your business plan. Once you have a solid plan, it will be easier to focus on each step and ensure you're moving toward your goals.
2. Monitoring Your Business Progress
Monitoring the progress of your business can be a daunting task. However, it's crucial to stay focused and make sure that you're staying on top of things. It’s easier to keep track of everything if they’re quantifiable, so once you've set up your metrics, ensure you track them regularly.
For instance, you may need electrical contracting software that will allow you to measure the number of jobs that you've done, how much revenue they generated, and how long it took to complete each one. You can also set up a system for tracking customer feedback so that you can identify any issues with your service early on. This way, you'll be able to take immediate action and ensure that any problems are resolved before they become more serious.
3. Network With Other Businesses
You can use the benefits of networking as an opportunity to find new clients. If you're in a particular industry, then it's likely that other businesses in your area offer services that can complement yours. Get together with some of these companies and organize an event where everyone can showcase their work. This will allow you to get to know each other and could lead to future collaborations.
For example, if one of the companies at the event is designing and developing websites, they can help you create a website for your business. If another company is into marketing and advertising, they can assist you with your social media presence. Networking with other businesses in your area gives you opportunities to expand your business and grow organically.
4. Take Your Business Online
The internet is an incredible resource for small businesses. You can use it to market your products or services and reach a wider audience than you would by advertising the traditional way. You can set up a website and use social media to increase the awareness of your brand and get more people talking about it.
Make sure that your online presence is consistent with your brand and has all the information your customers will need. If you’re selling products, you can create an e-commerce website to make it easier for customers to purchase from you. Additionally, update your social media accounts to announce any events or promotions you’re having.
5. Offer Value To Customers
The best way to get customers back is by offering them value. If you want your customers to keep coming back, ensure that your products or services provide genuine value. If you’re selling products, guarantee your customers that your products are high-quality. You can offer a satisfaction guarantee or a warranty depending on your merchandise.
You could also offer discounts and special offers for loyal customers who keep coming back. In addition, you could create a loyalty program that rewards customers with points each time they purchase. The more points they collect, the more discounts they can get on future purchases. This is a great way to reward your customers and encourage them to keep coming back, which helps grow your business.
6. Host A Giveaway
One of the best ways to grow your business is by giving away free stuff. You could host an event where you give away some products or services as prizes to customers who participate. This is a great way to get people talking about your brand. With more people participating in the contest, you can have a bigger reach with a better chance of getting new customers interested in your business.
You can create the mechanics as you see fit for your target audience. Be sure that it is something they can easily participate in to attract even more people to join. Furthermore, spread the word by posting on your social media pages and website.
7. Recruit Skilled Staff
If you want your customers to keep coming back, you need to have great staff who will do their best to ensure that customers feel welcome, well-cared for, and satisfied. If someone has a negative experience with your business because of how a team member treated them or did their job, they may not return. On the flip side, if all staff members treat them respectfully and courteously, they'll likely feel compelled to return.
For example, if customers are unable to get assistance in finding a product in your store, they’ll likely leave the store without making a purchase. If you’re offering services, a customer might have questions before ultimately deciding to work with you. You need an alert and knowledgeable team to answer their inquiries.
8. Encourage Customer To Post Online Reviews
Encouraging customers to post online reviews is a great way to get more people to talk about your brand. You can ask them to post their experiences with your product or service on social media and then share those posts with your followers. You can even incentivize customers to do so by offering a discount on their purchase if they post a review.
If customers are happy with what they've experienced, they'll likely want to tell others about it and encourage others to purchase from you or avail of your services. If things didn't go so well, their feedback could give you valuable data and ideas on how to do better next time and improve your customer approach.
Additionally, you can ask your customers to post relevant photos. This is applicable if your business sells fashion items, art, or even food. If you have a physical store, you can encourage your customers to take photos around the place. Aesthetics matter to an online audience, and having pictures available in reviews will help prospective customers know your business better.
9. Know Who Your Customers Are
When you know who your customers are, you can better understand what they want from you and how to provide it. Suppose you noticed that a particular demographic tends to shop in your store or avail of your services more often than others. In that case, it makes sense for you to take steps toward reaching out to that demographic with targeted ads or special offers that will appeal to them.
For example, if your customers tend to be people between the ages of 18 to 30, the best way to reach them would be to invest in digital marketing through social media. Because targeted ads can cost a lot, you must study which social media platforms your customers use most to get the most reach.
10. Have A Plan B
Although it's essential to have a plan, you must also have a backup plan. While you want your business to succeed and grow over time, there will be times when things just don't go according to plan. If you try something new that doesn't work out as well as you wanted it to, then make sure that you have another way of reaching your customers or providing them with what they need so that they keep coming back.
For example, if you try to sell your products through your website and they don't sell well, then it would be a good idea to have another way of reaching out to customers. You could start an email marketing campaign or advertise on social media sites.
Many people assume that starting a small business is easy. However, if you don’t take active steps for its growth, you may end up in the red. Thus, growing your small business is a crucial aspect of any serious entrepreneur that wants their business to succeed.
It is not an easy task. You will need to be proactive from the day you open your doors. Remember, it will take time before your business starts growing, and while you may start slow, following some of the steps above may help you achieve your business’s goals.