How to Grow a Small Business (BUSINESS GROWTH)

It is good to start a business but it is also important to grow that business because that is what will establish the business and make it competitive.

Here are some tips on how to grow a small business.

Satisfy your customers

Satisfying your customers simply means meeting their needs and giving them value for their money and this is what every business should do

I understand that some business owners are in business only to make profit and they don’t really care if their customers are satisfied or not.

I’m not saying you shouldn’t focus on making profit in business but you should focus on making profit and also satisfying your customers at the same time as this will bring about a win-win relationship.

Offline and online marketing

Marketing refers to the act of promoting your business so that you can reach a wider audience.

What I’ve noticed these days it that most business owners focus on either online or offline marketing strategy but if you want to grow your business then you should focus on both offline and online marketing strategy

Reward your loyal customers

One of the ways to keep your customers happy is by giving them gifts because everyone likes receiving gifts. It is rare to see someone who will reject a good gift.

You shouldn’t just give your customers any kind of gift instead you should give them a gift that they are going to like, which is why you need to know your customers.

You will notice that when you start giving your customers gift they will become loyal to your business and they will keep patronizing you.

Employ skilled workers

There will be need for you to employ more staff as your business grows because you can’t do all the work by yourself. The staff you have on ground will also need extra hands to work with them as the business starts to grow.

You should employ your staff based on the skills they have and the value they can add to your business.

Get a loan

Getting a loan form a bank is one of the ways you can grow your business if it is already working or profitable. I do not advise you get a loan to start a business but you can get a loan to grow your business if your business is already making profit.

The issue I have with businesses taking loan is the high interest rate that most banks offer. When the interest rate is high you might not see the positive effect of the loan in your business as you might just be paying your profit to the bank.

You need to be careful when getting a loan and you need to be able to bargain and get the a good deal for yourself.

Create new products

One of the ways of expanding your business is by creating new products to meet new customer needs that may arise. As you have been doing your business you might notice that there is a product you do not have but customers are requesting for it. This is an opportunity for you to come up with a new product.

You can actually sell your new products to your existing customers first then you can also sell to new customers later on.

Maintain good customer relationship

Maintaining good relationship with your client means treating your customers as king and making your customers feel important so that they can keep patronizing you.

Sometimes we get too busy to maintain good relationship with our customers because of work load and this is understandable but if you really want to grow your business then you need to maintain good relationship with your customers.

The bottom line is that you treat you customer’s right and let them know you appreciate them.

Ask for referrals

Asking for referrals from existing customers is one of the easiest ways of advertising your business because your customers will definitely send you referrals if they are satisfied with your product.

It is proper to ask your existing customers for referral, so you should do it since it is going to help your business grow. Ask your customers for referrals!

Establish more branches

Establishing more branches of your business at different locations can help grow your business. Let’s say you are in one state of the country, you can decide to open a branch in another state to service the people there and by so doing your business starts to expand.

Opening different branches at different location will cost you money but it will also help you make more profit.

One thing you should know is that opening various branches does not apply to all businesses. For instance an eCommerce can be run remotely.

Have a plan

You need to sets goals for business and part of those goals should be how to grow your business. Once you’ve set your goals you need to have a plan on how to achieve it.

It is one thing to have a plan and it is another to execute the plan, so if you want growth in your business you need to be able to execute the plan you have. All you need to do is stick to your plan and stay focused till you have achieved your goal which is growing your business.

Please share this post if you've found it useful
Share on Facebook
Facebook
Pin on Pinterest
Pinterest
Tweet about this on Twitter
Twitter

Leave a Reply

Your email address will not be published. Required fields are marked *