How to Grow a Small Business in 10 Easy Steps
Small businesses may find it challenging to scale effectively and efficiently. To achieve success, different parts of your organisation must work together, including:
- The sales department
- Promotions
- Accounting
- Legal
Do Your Research
A small business should invest in market research. Understanding your target market is crucial for understanding your current and potential customers. Understanding your target market is critical to success. If you watch for your competitors, you can scale your business based on your strengths and weaknesses.
Build a Sales Funnel
When customers enter your company or visit your website, they’re at the top of the sales funnel. They move successfully through the funnel if they buy something or sign up for a service. You can convert people into customers by offering discounts, collecting their contact information, and keeping them informed.
Enhance customer retention
The cost of getting a new customer is five times higher than keeping an existing one. Retaining customers builds loyalty, which leads to sales growth. Businesses focusing on retaining customers spend less on investments that may not pay off.
Retaining your customers can be achieved by:
Launching an email campaign:
Using an email campaign can help ensure your business stays on top of customers’ minds. Sales funnels are an excellent way to move current and potential customers.
Engaging with customers on social media:
There are many reasons why customers would want to speak with your business, including questions, feedback, main points, or complaints. Your response and engagement show that you value their thoughts and care about their concerns.
Promises should be kept:
Don’t forget to follow up with customers or contacts. It can hurt your business’s reputation.
Attend networking events.
Increase your brand’s visibility by attending networking events. Check out local professional organisations and participate occasionally to get your name out there.
These events can be attended by:
- Networking with other business owners
- Promoting your business at a booth
- Providing expert advice in the industry
Practice Corporate Social Responsibility
The values of a company should align with those of the customer. In CSR (Corporate Social Responsibility), businesses recognise their impact on the community. By letting the public know what you are doing to make a difference, you can help your business’s bottom line.
Business practices that promote CSR include:
Going green:
Besides lowering utility bills, there are many other benefits to working with a green company. Your business’s commitment to reducing its environmental impact will be demonstrated by doing so. Reducing your carbon footprint can be accomplished through energy-efficient projects or LEED certification.
Giving back to the community:
Volunteering in the communities where your employees live and work is a positive way to motivate them. Work at a food bank or clean up an open space to show that your business cares about the community.
Producing sustainable products:
Consider changing your materials or processes to create more eco-friendly products.
Developing strategic partnerships
A solid business plan and good vendor relationships can help your business grow and reach more customers.
Consider Franchising Your Small Business
Franchising can benefit small businesses. You sell to a third party who opens a franchise. Popular franchises include McDonald’s, Starbucks, and Marriott hotels. Adding a franchise can serve more customers and increase revenue. Determine if your company is franchisable, as certain industries are more suitable.
Provide a range of products and services
The products or services you sell to customers have been successful. As a result, you decided to expand your small business. To gain new customers, follow these steps:
- Consider offering your customers something new by researching the market.
- Your existing products can be offered differently through subscriptions and bundles.
Market Expansion
By finding export opportunities, you can ship your products and services globally. Franchises may not be viable for your business, but you can still expand your customer base by franchising.
Benefits of exporting:
- Selling your products and services online through global platforms
- Opening new locations for your business
- Increased customer and business access
Take your business global to increase market share.
As you progress, measure what works and refine it
Engage with your customers regularly via email or social media, or get a CRM if your loyalty program doesn’t increase customer retention.
Growing a small business requires taking calculated risks. In your business plan, you should make realistic and accurate forecasts regarding the impact of specific strategies on your business. Keeping track of your progress and updating it regularly is crucial to a successful business.
- Leveraging global platforms to sell your products and services online
- Opening a new location presents several opportunities
- Access to customers and businesses is increased
Take advantage of global opportunities to grow your business.