7 Key Steps to Grow your Small Business
Have you recently started a business and feel like it is not growing as fast as you would want it? Why do some businesses grow and others just sit there? What can you do to make your enterprise, no matter how small it is, a winner? How can you make it grab attention and bring the crowd in? How can you get the online orders you dream about? Great ideas get old.
When you first opened your business, your idea was new and attractive. But since then, it has gotten stale. It is up to you to refresh them and to find new ways of making your service or product relevant. Put some customer friendly spice into your product mix. Its all up to you.
Starting a business is not easy. Growing a business is even more challenging. What have other businesses done? How did they succeed?
1. Build up your Capital.
No matter how tempted you are to buy a new pair of shoes that you saw on the store display, control yourself. Stay focused. Every bit of revenue put back in your capital will ensure the growth of your business.
I remember growing up as a child and wanting some things once in a while which were not really necessary but beautiful and lovely to have. Many times, my parents had to say NO. I resented it at that time but now I understood why they had to do it. They were growing their business and whatever it is they can invest back into it, the more the business grows.
2. Expand your Contacts.
Yes, even if you have to attend weddings, birthdays, funerals, and other major events where there is a possibility of meeting new contacts, do so. Visit friends. Keep in touch with them. Talk about your business. Get their ideas. But here’s the key, know about their concerns, what they like. Listen to them and to what they say. Learn but also empathise. Turn your acquaintances into friends.
Are you on social media. Do you engage with your followers? Do you provide useful information about the industry your business is in?
D you join groups or small business associations? Do you get involved in community groups?
If not, start now. Get active.
3. Enhance the quality of your product.
This is very important. Get feedback from the market. They will let you know. Your video is not as sharp as they want it to be. Bring it up with your people. Look at your equipment. You are late in delivering the product. Look into your process and see where the backlog is. See what makes the delay and remedy it.
4. Acquire better skills for yourself and your staff. Skills are key to improving your business, not just of that of your staff but also your own. Government offers training opportunities for free or a small fee. Take this or send your staff. Invest in getting certification for your staff. Join business associations as they offer training and opportunities to learn from your competitors.
Define roles you can pass on to your staff. Identify staff you can train for certain roles. Write down the things they need to do, which of these they already do well and which ones they have to learn better. Yes, engage them so they feel they are part of the business. Give them opportunities to practice and gain experience. Make sure you reward their success.
6. Study your Competition.
Learn from your competition. what are they doing differently? Is this giving them more advantage in the market? Take a look at their product or service. Is it giving customers more value that yours do?
Are your customers moving to your competition? Are they expanding their share of the market?
7. Get some street impact.
Okay maybe you’re not on a street in the way small business used to be. Maybe you’re just there on the internet trolling for wallets but there are thousands of businesses trying to grab attention and grow. Here are 5 ways to make sure yours is one of them.
A lemonade stand or a motor company. It’s the same challenge. So you have no excuse for your business to lag behind. All the evidence is you can do it.
Anymore ideas on how to grow your small business? Share with us.
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