Growing your business from scratch may seem daunting to most new entrepreneurs starting their own business, but the fact of the matter is, if you’re focused and determined to put in the work then it all boils down to knowing what to do and how to do it, which is what we’ll be discussing in this article.
While there are hundreds of different strategies out there, we have whittled it down to the top 7 that all small businesses can easily carry out and benefit from.
1) Offer great customer service
There’s nothing better than good customer service and many brands are now making customer service their top priority due to customers being able to express their experience with brands through social media and websites like Google, Yelp and TripAdvisor.
This should therefore be at the top of your priorities list as, not only does it keep existing customers, but also helps with referrals to new, potential customers.
2) Attend networking events
It’s not what you, know it’s who you know.
Investing the time into building a network is important for any small business looking to grow, as it allows you to connect with people in the business world that can aid you in your growth, be it through word of mouth referrals or business operations help.
3) Expand market reach
There are always new ways to reach your target market that you haven’t thought of yet and attacking these avenues will bring in new customers you never thought you had which will lead to growth in your business.
This might be by opening brick and mortar stores in new locations, having a website with an online store, or advertising through different mediums, such as social media, email and magazine.
4) Recognise new opportunities
Continuous innovation and the pursuit of new business opportunities are what entrepreneurs do best and, as you start to work on your new business, you will understand your demographics, client’s problems, competitors and market better, which helps identify new opportunities. Identifying new opportunities will allow you to target new markets, create and offer new products or services and ultimately grow your business.
You can even go out and look for these business opportunities first hand by doing a SWOT (strengths, weaknesses, opportunity and threats) analysis on your current market. This will help identify what opportunities are out there that will allow you to grow.
5) Build an email list
Email marketing has been around for many years now and might seem too old for many new businesses, but the truth is it still happens to be one of the most effective strategies to grow your business. Just take it from marketing experts like Neil Patel, who said “Out of all the channels I tested as a marketer, email continually outperforms most of them”.
There are multiple ways to grow an email list, but the most effective way is simply by promoting it and promoting the benefits of it. Having a lead magnet gives people a reason for signing up and creates a sales pipeline you can use to nurture your leads.
6) Retaining customers / Nurturing customers
Although gaining customers is the main priority for all new businesses, keeping customers is equally as important when growing your business.
Having a strategy to nurturing your existing and new customers is important to any business as it builds the relationship and trust that customers want with businesses. Lead nurturing starts with categorising customers into different buyer personas, which is important when nurturing customers and leads, as it allows you to segment clients depending on their stage in the buyer’s journey, helping to provide each persona with the right content. This content can be as simple as sending a monthly newsletter, providing clients with industry news and sending them offers that you know will interest them.
7) Acquire another business
This may seem like a big deal for most businesses, but it can be a very fast way to grow your business. Finding competitors or businesses that contemplate your products/services and acquiring them will allow you to secure their customer base, helping you to grow instantly.
With all of these tips in mind, go and run free with your business ideas and grow, grow, grow. You don’t have to overwhelm yourself by taking on all of these tips at once; just pick two or three and create your own growth plan from there.
Grow your Business with the Fabulous Group
If you would like to find out more about how you can plan to grow your business, give us a call on 0800 112 0880 or drop us an email at firstname.lastname@example.org.