So you’ve done it – you’ve made the move to start your own business and now you’re looking to grow. Whatever your small business is, there are means and methods to increase sales and grow revenue. While there’s no magic bullet, to boost your business’s growth model and plan for success, you can consider these key strategies to put you on the path to success.
This is a contributed post. Please refer to my disclosure for more information.
1. Look at your business plan
First thing’s first, the best course of action is to refer to your business plan and ensure it’s working as hard as it can to help you succeed. If you’ve outgrown or succeeded, it’s time to rethink and forecast the plans. If you’ve come this far (and succeeded in the process) without a business plan then it’s time to make one. Choose from a number of online tools to help you do the work yourself if you’re new to the concept.
2. Make the right hires
Hiring the right staff for the job is crucial to the success of a business. No matter how good your product or service is, without the right people to keep the place going your hard work isn’t going to pay off. Bringing hardworking, enthusiastic, and passionate employees who want your business to succeed will ensure your growth is sustainable and positive. Focus on creating the right team and a collaborative environment, and growth will follow. It’s time to start reaching out to your network and engaging with LinkedIn.
3. Focus on systems
If you’ve got this far, then you’ve already proved your business acumen. The next task is considering where to spend your money to improve efficiencies and achieve growth. By powering your business systems, you’ll unlock growth potential that you didn’t know existed. For example, a powerful system such as a CRM system can help you automate and outsource, freeing up time and resources.
4. Grow physically
You may find that as your business grows (either online or in-person) that you outgrow your physical spaces. While it’s clear that margins are tight as a small business, it can pay to update your spaces as you grow. Creating environments for teams to interact, collaborate and create can make a huge difference. A happy, comfortable workforce can make the difference between winning and losing in business. So, consider hiring a new space, taking over new offices, if possible. Modular buildings are a great option if you want to secure buildings quickly and on budget.
4. Prioritize customer retention
So you’re making first-time sales, great. But the difference between a good and a great company is the number of dedicated customers. Building customer loyalty through great customer service, reward schemes, delivering great products, and creating positive customer experiences will stand your business in great stead. In the world of small businesses, there’s a lot to be said for personal recommendations. So, to grow your business, make sure to keep sight of the people who will actually be paying for your products.
Hopefully, you’ve got some inspiration for how to grow your business.