From startups to small organizations, growing a business in today's market is quite a tough job, right? Especially when so many competitors are out there. Well, you can also think in a totally opposite direction. Because, with the increase in the number of competitors, the opportunities to learn new methods and ideas from them also get higher. This post is about such methods and ideas. If you are trying to grow your business fast but carefully, you're in the right place.
12 Unfailing Business Growth Strategies
There are various ways to skyrocket business growth. But it's important to know which are the viable ones. We've tried to combine the most important tricks which are really necessary for small businesses. Without further ado, let's learn about the fastest ways to grow your business.
Do your research
When we talk about the fastest way, our brain starts looking for shortcuts to save time. We don't want to waste our time researching. But the truth is, spending time on a profound research is not a waste, rather it is the first step, and a very crucial step of doing anything successfully. Boosting a small business is no different. So, our first priority in the strategy list is ‘the research'. It may seem to take some precious time but it will assist you in setting your plan which will save a lot of time ultimately.
Proper ‘research' means knowing your own company as well as the industry clearly. Gather profound knowledge about your customers, your products/services, and market demand. This will open up the opportunities and the challenges before you. The planning will be a lot easier and more effective in this way. In simple words, before jumping to the execution, take your time to consider the possible consequences.
Set long-term and short-term goals
You should think for the long term. Set up a long-term goal, but achieve it with the short ones. Setting short-term goals is one of the most important tricks in business development. Instead of one long race, get involved in numerous short races. After achieving each endpoint, take time to analyze your business performance. Take a look at which are working fine for your business and which are not. Refine your strategy, go for the next goal.
Keep in mind that the goals must not be too burdensome to achieve. Try to keep them SMART. SMART means –
Engage with your customers
In any kind of business, it is a top priority to listen to your customers. Always take customer feedback into account in order to improve product quality. This feedback may work like business expansion tips for you. Besides, understanding customer expectations will help you tune your business plan and ensure your brand acceptance.
Without a great customer service, you may find it difficult to satisfy your customers even if your product or service is superior. When a customer gets quality support from your company, he or she is more likely to tell about your service or products to others. See? Customer service is not just helpful for the customers, it is in fact, another hack to grow your business.
Retain existing customers, reach for the new ones
Business grows when the number of customers grows. So, retain your old customers as well as look for new ones. Existing customers have already tested your products or services. Retaining them is easier than acquiring new customers. Make them feel special, and encourage loyalty among them. There is always a chance that your competitors can drive them away. To avoid this, you can use the following strategies for consistent communication –
- Use social media communication
- Use a mail campaign
- Make sure offers and promotions reach them
Now, since acquiring new customers is also a must, you need to discover them wisely. Target your customers on the basis of their demographics, interests, which sites they visit, etc. Branding both online and offline is a great way. Keep track of your online ads, and what people do after seeing your ads, to keep yourself standing out in the competition. Many small to medium businesses are using the WordPress plugin: WooCommerce Conversion Tracking to find all these information in one place.
Build a loyal employee base
It's pretty obvious that the people who are dedicated to their work are great assets. They don't take their responsibility as a burden, but rather enjoy it. Make sure that your employees enjoy their work. Create a collaborative environment. Make sure they get their own purposes and motivation. As your business grows, you might be hiring more people. Be careful during the hiring process. Spend time determining what kind of employee your company actually needs. Try to hire people who are likely to stay for the long term. The people who take work just as a job, not as a passion, wouldn't be much of a help. And keep an eye out to prevent burnout in the workplace to keep your employees motivated.
Focus on adaptability to market trends
Your business is most likely to have its own approach and a well-planned marketing model. But always stay alert about the market trends. Refine the plan if necessary. Keep in mind that timing plays a vital role in marketing. You can stand out in the competition easily when you are comfortable with the current trends.
Thinking of possible scenarios, predicting what might happen in the future is a very useful strategy. All the successful entrepreneurs use to do that. If you know your own business clearly, it wouldn't be much difficult for you. In the meantime, you may also find new opportunities where you can expand your business.
Never compromise with quality
In the process of expanding the business, don't forget about maintaining the quality of your products or services. Remember, customer service and product quality both are equally significant for any business. Degradation in quality creates immediate bad impressions among the customers. It wouldn't take long for your customers to find your alternative. Definitely, you wouldn't want that.
Try to offer more than your competitors. Know about their products in detail. Keeping up the good work and overcoming the shortcomings is the key here. Customer feedback is also very helpful in this case.
Take the advantage of modern technology
To make the most out of the resources, using technology is a must. Don't hesitate to take the help of technology in your business. You may need to expend some cash at first, but what you get in return will be worth it.
There is a lot of software or application in the market for almost every purpose. All you need is to find out which one is suitable for you. We've given one example of the usage of technology in the “Retain existing customers, reach for the new ones” section. It can keep track of your conversion rate. Another useful technology is the ERP solution. It can optimize your small to medium businesses with powerful HRM, CRM, Accounting & Project Manager. The importance can be demonstrated by the fact that, 81% of organizations are either in the process of implementing ERP software or have completed implementation.
Look at your business, choose the software which will be helpful for it. It will allow you to leverage your resources.
Emphasize performance measurement and comparison
A comparison has its own perks. Measurement or comparison of performance with even broader companies is vital for business. We can mention the self-made billionaire Warren Buffett's tips to Inc Magazine here.
“Whether we do a good job or a poor job is not to be measured by whether we are plus or minus for the year. It is instead to be measured against the general experience in securities as measured by the Dow Jones Industrial Average, leading investment companies, etc. If our record is better than that of these yardsticks, we consider it a good year whether we are plus or minus. If we do poorer, we deserve the tomatoes.” – Warren Buffett, the CEO of Berkshire Hathaway
No matter how small your business is at this moment. If you want to go big, you need to think big. Compare your business performance with the leading companies. It will increase your hunger for success. You will get the idea of what it takes to face the ultimate challenge.
Extend your network & community
Building your network is as much important as the other strategies for growing a business. Attending social events may seem time-consuming, but this will improve your relationships with people. More relations mean more recognition, more customers, sometimes even employees or investors.
There are many benefits to having or joining a professional community for entrepreneurs. A community is the best place to learn from others, to make connections, to share knowledge and skills. Give back to your community whenever possible. It will help you maintain a good mental health. Moreover, you might find good support during your difficult times.
Use social media for brand awareness
Branding is considered the fuel for growing a business. You can't ignore its power. An effective branding can go a long way in today's market. There are various ways you can make your presence in people's eyes. Social media is one of them.
Engaging in social media is undoubtedly one of the most powerful and fastest ways of branding. People spend a lot of time on social media every day. Hence, you get the chance of reaching a huge number of people here at once. Make sure your business has active accounts on popular social sites. Share your thoughts, value people's interests on a regular basis, and see the magic.
Look out for partnerships & integrations
Take the opportunity to grow your business faster by making partnerships with other corporations when possible. The main benefit of the partnership is that both companies get to share knowledge, experience, and skills with each other. Besides, this may be helpful for your business recognition.
On the other hand, by integrating your business functions, you can save ample time. You can leverage existing people, processes, information, technology, etc. with this simple tweak. So, integrate your organization's systems together to improve efficiency. CRM tools can be mentioned as a useful software for automatic customer integration. It is so helpful that, 20% of users say that they'd rather sleep on a bed of nails, instead of losing their CRM tool.
Every successful business today was a startup once. They didn't thrive overnight. They have their own story of triumph. But one thing is common behind all these stories. That is hard work and consistency. If you are ready to work with integrity, have belief in yourself, you are not too far away from writing your own story.
We tried to cover all the primary stuff essential for business expansion in this post. But if you think there is more to add, please let us know in the comment section. We always appreciate your feedback.