You have a business and business is good. Now, how do you make it better?
No matter what kind of small business you run, you’re going to want to increase your sales and grow your revenue. That’s why so many people are interested in how to grow a small business.
There isn’t an easy one-size-fits-all business growth strategy for small business owners. But, there are key strategies you can use to give your business the best chance at growing.
- Know your customers
Knowing who your customers are and what their needs are is vital for the success of your business.
Whether it’s through a quarterly survey, user reviews, or direct customer service communications, you need to ask for honest feedback. Take note of consistent grievances amongst your customer-base and use those to launch new features, make internal adjustments, develop your products and so on.
- Offer great customer service
As you look to grow your business, quality customer service for your current customers is a great way to do it.
If you treat your current customers exceptionally, they’ll remember your business. Hence, they’ll be more likely to leave positive reviews, recommend you to their friends, and purchase from you again.
- Nurture current customers and look for opportunities
It’s common when looking for growth opportunities to try and attract new customers, but don’t forget to tour current ones. You’ve built credibility with them, meaning they’re more likely to purchase from you again or even pay more for additional services and new products.
It’s a good idea to think of ideas about how to extend the value of your customers. For example, you can create a customer loyalty program. And maybe the changes you make to increase the value for current customers will bring new ones.
- Use social media
You don’t need to post every day or even create incredible looking images and videos, but do establish a consistent schedule your followers and customers can expect. From there, it’s up to you to actively engage with your followers, read comments, answer messages, and generally build your social brand.
Overall it’s a great way to identify trends and insights about your customers. If you want, you can even use the insights you gain and try running social ads. Social media can help you to build your business profile and attract new customers.
- Share your knowledge
In order to share your knowledge, you have to be proactive and willing to help others. Be initiative and showcase your expertise. You can host webinars, conduct research studies, and run Q&A’s through your social channels. Find opportunities to share what you know, and present it as a free opportunity to learn and grow.
Just be sure to gather contact information or provide a link to a specific promotional page when you host an event or give access to a download. You’re not just showcasing expertise but using it to grow an audience that will hopefully one day turn into customers.
Furthermore, webinars are a great way to promote any product or service. It can also help you grow any business relatively fast. And hosting your event can be a great way to get to know your customers and build relationships.
- Support your community
Being socially responsible is a great way to grow your brand and show your business values. Sponsor or donate to nonprofits, provide free products or services for initiatives you care about, or host community events. You could even look to partner with other businesses with similar nonprofit interests.
Do the right thing and grow your brand reputation around sustainability and responsibility in support of your community.
Invest time to grow your network and build relationships that can potentially develop your business. That is a vital part of the success of your company.
Having a strong network can lead to new customers, partnerships, employees, and even investors. It’s also a great way to share industry insights, emerging trends, and best practices that you wouldn’t have found otherwise.
- International expansion.
If you have the opportunity to expand internationally and sell your products internationally, don’t think too much and just do it! International expansion could be a quick way to grow. Yes, expanding will cost you some money, but the potential for profits could be massive.
- Measure success
However, you choose to try and grow your business, make sure that you are actively measuring and tracking success. It is easy to make a change without any goals or key results in mind that determine success. Without them, a growth initiative can turn into an expensive idea.
Remember, you shouldn’t be afraid to kill projects if you can’t see positive results. Some growth strategy might not be suitable for your business, but eventually, you’ll find what works best for you.