Grow your Small Business in 11 Easy Steps

Do you want to grow your small business? If so then there are a few steps you need to take. If you want to find out more then take a look below.

Do your Research

When you begin looking into ways to grow your small business, it’s helpful to start by doing your market research. The great thing about this is that it helps you to understand who your existing market is, while also giving you insight into your target market. By doing your research, you can then grow your business with ease. Don’t forget to research your competition too. You need to know what their strengths are, as well as their weaknesses. If you can do this, then you will be able to gain an edge, even within a competitive market.

Build a Sales Funnel

The best way for you to take your business to that next level would be for you to build a sales funnel. You need to think of your sales funnel as being a way to map your customer journey. When they enter or visit your site, they will be at the top. If they buy something from you, or if they sign up for your service, they will then move down. You should ideally try and come up with different ways to move people down. This can include giving them a discount in exchange for their contact information or even trying to send them updates on your business. Doing this helps to increase the amount of interest they have in your brand and this can work in your favor overall.

Increase Customer Retention

It’s not enough for you to just get customers for your business. You need to find ways to keep your existing ones too. When you boost customer retention, you can then build loyalty which will go a long way when it comes to increasing your sales. Consider the fact that it costs five times more to get a new customer than it does for you to get a new one.  There are numerous ways that you can increase your customer retention. The first thing you can do is prioritize customer service. If you do not treat your customers right then they will not want to support your business at all. Make sure that you take steps to address their concerns and that you give them the best experience possible. Using a CRM is great here. 

Teach your Team

If you have outsourced your customer service then this is great. At the same time, however, you need to make sure that you are teaching everybody about what you do. If a customer has a technical question then they should be able to ask it freely, and your team should be able to answer it. One way for you to do this would be for you to tell your team all about what you do. If you work with contractors, use a HVAC glossary. You can also use software to track all of your activities and jobs that have to be done too, so keep that in mind.

Launch a Campaign

It’s also helpful for you to launch a campaign if you can. Using an email campaign will help you to ensure that you always stay at the front of your customer’s mind. It’s also a great way for you to move potential customers through the sales funnel. Engaging with customers on social media is also a fantastic thing to do. Your customers may reach out to you on social media or they may share feedback with you. Taking the time to respond and engage with them will help you a lot here, as it shows you are taking them seriously. Lastly, when interacting with customers, you have to keep your promises. Nobody likes to feel as though they have been forgotten about. If you tell someone that you will follow up with them, keep your promise and make sure you do.

Participate in Events

Increasing brand visibility is a great way for you to attract new customers while giving you the chance to grow your business. A good way for you to do this would be for you to attend networking events. Check out any professional organizations and make sure that you’re not afraid to get involved. Get the word out and you will soon find that things work in your favor. You can participate in events by attending meetings with other business owners and by putting up a booth so you can promote your own company. Speak as an industry expert if you can too. This is a fantastic way for you to make sure that you are always putting your business first.

Form a Partnership

Entering a partnership with another business is a fantastic way for you to reach a much bigger audience. You can also form a network of contacts and you can align growth with your specific goals too. One example of what a strategic strategy looks like would be the one between Starbucks and Target. The partnership means that Starbucks stores can be found within all of the stores, and revenue is increased for both brands. Whatever partnership you form, it’s a great way for you to get the result you are going for. It’s just wise to make sure that the partnership is mutually beneficial if possible, because if it isn’t then you may struggle to make sales. The best way to ensure a solid partnership would be for you to team up with another company that reflects yours, without being competition. Look up examples that have teamed up in the past, to get some ideas and inspiration about what could work for you. 

Consider Franchising

Business franchising is a very common growth strategy when you run a small business. This means you will sell your rights to an independent owner. They will then operate on your behalf. Before you agree to sell the rights, you first need to find out if your business can be franchised. The process is much more appropriate for those who operate within a specific industry, such as the food industry or even the fitness industry. If you do want to franchise, it’s wise for you to explore the opportunities that are out there, so you can make the best decision possible regarding your company.

Diversify your Product

If you have had success with selling your main product or service to your customers then this is great. After all, this is what made you think about growing your business in the first place. Now, it may be that you need to offer different products or services. You can do this in a few different ways. You can either identify new products or services, as well as do a bit of market research, or you can identify new opportunities. Either way, the main thing to take note of here is that you need to make sure that you are not overlooking anything and that you are not blindly diving into your business. If you are then this could cause major issues for you and this is the last thing you need.

Extend to a New Market

There is no doubt that franchising is the best way for you to increase your customer base. If your business cannot be franchised however then there are alternatives out there. You may be able to expand your company through exporting. When you export, and when you seek out exporting opportunities, you may find that you can take your products across the globe. Some of the benefits of exporting include leveraging global platforms so you can sell online. You might also have the opportunity to open a new business location. You will have access to more customers and businesses as a result too, which is great, to say the least.

Measure What Works

While there are a lot of ways that you can grow your small business, you must understand what is working for you. If you create your customer loyalty program but you find that your customer retention isn’t increasing then now could be the time to change your strategy. Maybe you’ll need to get a CRM or it may be that you need to engage with your customers on a more regular basis. You can do this with an email campaign if you want, or through social media. Either way, one thing you need to do is measure what works as you go. If you don’t then you may be going into your marketing blind, which is the last thing you need when you are investing so much time and money into your campaign.

So as you can see, it’s very easy for you to take your business to that next level if you follow the above steps. At the end of the day, growing your small business can be time-consuming and it can also take a lot of work. If you follow this guide though, you should be able to not only increase your profitability but also your efficiency and stability.