At the incipient of your business, your key motive is to come up with a brand and start growing. However, this growth process is a gradual one. Usually, small businesses don’t grow all at once. During the early days of the business, the growth might not be noticeable.
Apart from the usual notion of expansion, there’s no exact way of defining business growth. This is because business growth is a vast concept. Hence, a significant portion of the industry usually uses numbers to define small business growth.
These numbers represent growth indicators, and they are very important. Internal factors, such as the number of employees and company precepts, and external factors, such as consumer demand and sales trends, serve as a measure of business growth.
This article entails effective strategies that will assist with the growth of your small business, as well as growth indicators to watch out for.
Mitigate Your Risks.
Risk is an inescapable part of business, as a matter of fact, starting the business itself is a risk. Having total control over everything that pertains to the business is unfeasible. Risks entail different things and come in different aspects.
Small businesses must persistently strive toward limiting risks to ensure sustained success when presented with new opportunities or faced with challenges. There are numerous ways to mitigate risks to your small business.
The first step towards combating risks is to insure your small business. This insurance policy must secure every aspect of your business. This includes the inventory, employees, business property, vehicles owned by the company, and every other thing that pertains to the business.
Obtaining insurance doesn’t mitigate the risk directly; however, it prevents a small business from bearing the entire financial burden caused by any defective aspect, thereby limiting the chances of the business folding.
More importantly, make safety your habit. A major setback that a small business can experience is a loss of inventory or a work accident causing an employee to get injured. Ascertain that all safety guidelines are adhered to by your workers.
Additionally, safety gadgets such as smoke detectors, fire alarms, sprinkler systems, burglar alarms, and security cameras should be installed.
Improve Your Customer Experience
Another important factor that plays a vital role in growing your business is your relationship with the customers. Customers’ impressions can build or pull down your small business.
There is rigid reciprocity between customer relationships and business growth. For a small business to grow, it must make the most of every phase of the customer life cycle, from choosing the customer to customer acquisition, retaining the customer, and customer growth.
The moment you establish a reasonable level of trust and utility with your customers, most of them will remain loyal to you and your business.
An added advantage of developing a positive relationship with your customers is that you get free advertisement. Your loyal customers will refer your business to their friends and neighbors, thereby increasing your potential audience.
Moreover, as you develop a positive relationship with your customers, you should try as much as you can to strengthen and maintain this relationship. Here are some methods that can help you with this;
- Provide them with service updates, promotions, new services, etc., via Emails, Surveys, and Newsletters.
- Be accessible to the customers such that they can easily reach you.
- Provide helplines and be responsive. Reply to emails, and return calls.
Be Mindful of Your Competition
Being aware of your competitors, the growth of their businesses, and their unique method is crucial if you intend to stay ahead or retain your top spot in your industry.
From time to time, check your competitors’ websites, and take note of any changes, anything they’re doing differently. Make inquiries about their ad campaigns, customer service options, promos, and any other thing that might be of help.
With that, you might be able to come up with certain improvements in your own small business or even go as far as bringing new and improved ways of doing things into your business.
When it comes to researching your competitors, you should ask yourself some analytical questions such as:
- What are my competitors doing that works for them?
- What are my competitors doing that I am not doing?
- What am I doing, but they’re doing better?
- What can I do that they’re not doing?
- How can I make my business unique?
The answers you give to these questions will help you to come up with a more effective business growth strategy.
Your Social Media Presence is Key!
The influence of social media on the growth of small businesses can not be overemphasized. Social Media provides you with a platform where you can reach out to anyone, anywhere, and anytime.
An effective way to grow your small business is by creating profiles on all popular social media platforms, talking about WhatsApp, Twitter, Facebook, Instagram, etc. Don’t only create these profiles; keep them active too. This allows you to publicize your business, thereby bringing you in contact with innumerable potential customers.
You should hire a social media manager to handle this part, but you should be updated on your social media status and happenings frequently.
Furthermore, with your social media presence, you’ll establish a more pleasing experience for your potential customers, making them feel connected with your brand and fostering trust.
Hire a Business Growth Consultant
A business growth consultant is a professional advisor whose aim is to understand the objectives and goals of a company, consider its major challenges and give the business owners strategic advice that yields positive results and financial success.
A business growth consultant analyses the merits and demerits of your business decisions and provides you with a clear and unbiased perspective. Hiring a business growth consultant will save you from a lot of mistakes that you’re bound to make as a starter or as a small business owner, thereby driving your growth.
Additionally, a business growth consultant will provide you with relevant intuition, which saves you money and time in the long run.
Growth is a perpetual process that demands patience, persistence, hard work, and dedication. In the same way, the growth of small businesses doesn’t occur overnight, you just have to keep at it, keep doing it, and that’s how you keep growing.