Wondering how you can grow your business?
Running a business, big or small, is TOUGH work.
This is especially true if you have to operate using limited resources and manpower.
That is why it is necessary to think of strategies to help you grow and scale your business.
Because growing your business would mean you’d generate more income, attract more clients, and operations won’t remain stagnant.
However, growing a business doesn’t happen overnight. It takes a lot of time and effort to come up with the perfect business growth strategy. So if you want to grow your business, here are key strategies that you can do:
1. Do some market research
The industry is competitive and ever-changing. That’s why you need to gear up with as much knowledge so you know what you’re facing.
Do your research so you can have a deeper understanding of your target market and their needs. The goal now is to create a brand vision that seeks to meet those needs.
Other than your clients and potential customers, you should also look into your competitors – their strengths and weaknesses in the market. Remember that running a business is like playing chess – study every move your competitor does so you can use it to your advantage.
2. Solidify customer loyalty
Customer retention is proof that your business is operating well. When existing customers keep coming back for more of your products and services, then you’re on the right track.
Invest your time and effort in retaining your customers instead of constantly seeking new ones. To improve customer retention, you can do the following:
- Improve customer service
- Launch an email campaign
- Engage with your customers
- Follow up with them
- Establish a customer loyalty program
- Give away freebies or complimentary services exclusive to them
3. Have social responsibility
What do big and small companies have in common?
Practicing corporate social responsibility does not only benefit the community and the industry, but also your brand’s reputation.
You can start corporate social responsibility by going green (reducing carbon footprint, creating energy-efficient projects), giving back to the community (starting an outreach, cleaning up communities, working on a food bank), and producing sustainable products (changing materials, using greener packaging).
In fact, according to the study made by Aflac.com, 70% of consumers are motivated to purchase from companies committed to making the world a better place.
4. Partner up with others
Forming strategic partnerships can help you reach a broader array of clients. Choose a company whose strategic goals align with yours.
One great example of this is the strategic partnership between Starbucks and Barnes & Noble – clients shopping for books can drop by Starbucks to sit and read and vice versa.
When partnering with another company, make sure that your clients’ needs are still the main goal. Think of a creative way to lure them in and make sure the partnership makes sense in the eyes of your customers.
5. Consider franchising
Franchising is a huge step towards growing your business, and it is fairly common for small businesses.
Selling franchises will eventually bring in more revenue, and will give your brand more exposure as it opens in several locations. A great example of this one is Jollibee, which eventually gained enough success to be able to reach franchises abroad.
6. Offer diverse products and services
When running a business, you cannot remain stagnant and too repetitive. As mentioned above, this competitive industry is fast-paced and always changing. With that, you have to go along with the waves and change as well.
Research new opportunities for new products and services. If you are running a make-up line, research new trends and see how you can innovate a product or service out of that. You can try with organic materials or new colors.
7. Build an effective team
Finally, a successful business can only function with an effective team. A motivated team operating with the same sense of purpose, and achieving the same goals is a must for a business to thrive.
Build an effective team that would see your goals through with you – a team that can perform well in the industry and will only want what’s good for your business.
Strengthen teamwork by spearheading team-building activities, and outsourcing effective staffers that know the ins and out of the industry.
The most important step
Above all, you need a stable flow of finances to grow your business. You cannot do this when there are tax problems and inadequate cash flow.
Growing your business starts from within – it starts with your business accounting. And we are here to assist you.
We have expert accountants that can help you manage your finances so you can make wise business decisions. If you need a trusted accounting firm in Angeles City, we, Savvi Accounting is here to help.
Get free service quotation today by calling us at +63917-174-7277 and firstname.lastname@example.org