How To Grow Your Business
Small business owners often say that even though their business may be doing well
, it is not really growing and that they don't know how to go about igniting further growth. Growing a small business need not be too difficult; the following are a number of factors that every small business owner should consider.The Business Plan
Ask the average small business owner whether they have a business plan and the answer is likely to be 'no'. This may be because running a small business does not require a lot of planning to start off with but, without a business plan, growth will not be forthcoming. Putting together a business plan will help your to focus your energy on aspects that might otherwise be neglected.
Taking time to consider your products or services, how they can be improved, how you can extend your offerings in the future and other strategic issues requires focused thinking. So does your target market: how can you get your current customers to buy more? How can you reach more potential customers? Again, stopping and thinking is important. Once all of these questions are collated into a business plan your business will have more direction and you may start seeing links between threads that may not otherwise have been obvious.
Use Your Network
Often forgotten, the value of your current clients and your suppliers can be immeasurable in giving you ideas as to new products and new markets. Talk to your existing clients for feedback: what do they like about your product or service? What would they like to buy from you but can't? Why are their peers not buying from you? Your suppliers may be able to clue you in on markets you're not currently targeting and you may find that other products or services from your suppliers are also marketable to your current customers.
Invest In Technology
For any businesses that have thus far managed to avoid the information technology age, now is the time to change. If you think you have a grasp of the power of modern technology simply by offering email ordering, you may want to think again. A website is an essential minimum online presence for any business but embracing other lead and traffic generation techniques including search engine optimisation (SEO) and paid search using, for example, Google AdWords can drive targeted potential buyers to your site. Social media provides another route by which to engage with your target audience.
Your business will also benefit from customer relationship management (CRM) solutions. No longer just the preserve of larger businesses, CRM software can help you to increase sales and revenue, improve your marketing efforts and can bring to light otherwise hidden facts about your customer base.
Hire Staff
A significant jump to make for many small business owner, hiring staff is an essential investment in a growing business. Delegating can be difficult for business owners who are used to completing tasks in a certain set way but if your business is going to grow you will need to delegate certain aspects to other people. With many roles now outsourced or fulfilled by freelance staff, the risks associated with employing staff can be mitigated and, in some cases, freelance staff may allow you to explore the viability of a given role before you commit to hiring for the longer term.
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