Practical Tips For Solid Business Growth
By Business Desk
Thursday, November 19, 2020.
Many countries rely on start-ups and small businesses to keep the economy running by providing jobs and income to citizens. As such, entrepreneurship is widespread globally as people look to explore the various money-making opportunities through business. In the UK, small businesses are essential to the economy, with the Federation of Small Businesses’ data indicating that there are about 5.9 million small businesses in the country. Do you want to know more about what you can do to grow your small business? Take a look at these points:
Invest In a Good Website
Having a website is a no-brainer for businesses looking to compete and grow in today’s business world; websites are a reference point that many customers will consult before purchasing from you. As such, invest in establishing a website to develop your brand online and improve your business’ visibility. Many experts advise that you prioritize a good layout for your website because according to research, 75 % of consumers judge a company’s credibility based on its website design. You can use an excellent website to present a professional image to customers and build an email list for marketing purposes. You can also use your website for brand campaigns, to sell your products or services, and share your expertise with your business community. Lastly, consider hiring a professional marketing agency for Search Engine Optimization (SEO) to improve your website’s visibility in search results because this will bode well for your business’ growth.
Bring New Products and Services
Innovation is essential to the sustenance of business, making it crucial for you to continually come up with new products and services that will sustain your existing customers’ interest. New products and services should also be introduced with the intent to capture new clientele who would bring more cash to your business. Many business experts agree that there will always be innovations that observant business people can introduce to address a pressing need. Consequently, it would be best if you were on the lookout for problems that you can solve by introducing new products and services. Talking to customers concerning what they want, brainstorming with your workers, and personal research are useful ways you can also generate ideas. Subsequently, you can bring your concept solutions to life through product development and testing to see what will work best with your target consumers.
Good Customer Service
A startling 90% of customers who are disgruntled with your product will leave without even complaining. 13% of these dissatisfied customers will tell not less than 15 others about how dissatisfied they are with your service, leading to a potential decline in customers for you! Statistics like these prove how modern-day customers are increasingly particular about the customer service experience they enjoy when engaging businesses. As such, it would be best to prioritize top-notch customer service to keep your customer base loyal and satisfied. Common strategies you can employ to enhance your company’s customer service experience include responding quickly to complaints while maintaining a positive attitude at all times. Also, find creative solutions to address the breadth of problems that your customers will bring before you. Consumers appreciate genuine efforts to help them, so ensure that your business delivers a polite, personalized, and helpful experience to retain customers for increased business growth.
Consider Franchising
2015 Research reveals that 97% of franchise-owned units in the UK recorded profitability. Indeed, franchising is a popular strategy that many of the world’s most successful businesses employ in their growth strategy. You can also benefit from franchising if you find the right company to pair with. The franchise industry’s central premise is providing your business with a reliable brand, business model, and an established product or service to sell. Franchising has numerous benefits that should make it worth considering in your business growth strategy. Becoming a franchisee may reduce funding issues because lenders are mostly convinced by your association with a reputable brand when lending you money. You also benefit from economies of scale, advertising and marketing assistance, training programs, etc. Therefore, consider adopting the franchise model as a way to grow your business effectively while enjoying many perks.
Price Reduction
With correct execution, the price reduction strategy can be an effective market penetration strategy to grow your small business. Market penetration’s main end goal is to capture a substantial market share within your industry. You will therefore have to sell more products and services to both new and existing customers to have this stake in your industry. Consequently, you will need to convince existing customers to ditch competitors in favour of your business. Price adjustment by merely lowering your goods and services’ prices will give your customers a good reason to purchase more from you, leading to increased sales. This tactic is useful in markets with little product differentiation, and as such, a lower price may help your business increase its market share. Therefore, consider applying this tactic to increase your company’s market share in its industry if you deem it appropriate for your business model.
Give Back to Your Community
Many successful brands employ corporate social responsibility as a tool for business growth, and you should also do the same. Giving back to your community through volunteering and philanthropy is an excellent way of supporting those who support your business. Through corporate social responsibility, your brand’s reputation and visibility increases; you can quickly attract and retain customers and employees who align with your company’s values and will help your business grow. Common ways to execute social responsibility are offering pro bono services, sponsoring a local sports team, sponsoring a community event, launching a charity drive, supporting charities, etc. Aside from providing you with new customers, attending charities is a good networking platform to connect with other business people and develop relationships with partner businesses that will advance your company. Therefore, prioritize corporate social responsibility for publicity, business growth, and making a difference to your community.
Enter Into New Markets
Several business experts advise that to ensure your business’ expansion, you should plan to reach new markets. Globalization in today’s world has improved inter-connectedness; many entrepreneurs are exploiting this inter-connectedness to make their products and services accessible to more people globally, and your business should not be left behind. New markets present you with a whole new set of customers. New customers for your business implies larger profit margins, which is the goal of every business owner. Despite some business experts expressing concerns about the risk of stepping into new territories, many other experts agree that entering new markets can be a way for you to mitigate risk. Being present in more than one market ensures that your business is established, so even if your business collapses in one region, you will still have a vibrant customer base elsewhere.
Leverage Social Media
Statista data indicates that 66% of UK residents are on social media platforms. Social media is also popular in the world at large, making it a useful tool that modern entrepreneurs can use to grow their businesses. Firstly, you should decide which platforms will be best for you based on your business type. For example, companies with visual products will benefit more from visual platforms like Pinterest and Instagram because people frequent these sites to browse through images. After establishing your presence on your preferred platform, you can then proceed to use social media for a myriad of purposes. You can drive traffic to your e-commerce stores and keep customers informed and engaged through videos and interaction. Targeting influencers to promote your brand, products, and services is also possible through influencer marketing. Consequently, focus on having a strong social media presence for your business to remain relevant in today’s business landscape and boost your business’ growth.
Know Your Customers and Industry
Proper market research remains crucial to the survival and growth of businesses. Market research is essential because you regularly collect, interpret, and investigate new information that guides you to improve your business accordingly. The information you discover from market research can help you increase profits, optimize your company’s performance, and stay updated on competitors’ activities. Several business experts also advise that you should keep tabs on consumer trends to know what products and spending habits the market is leaning toward, to position yourself strategically for optimum results. As such, prioritize market research to stay abreast with customer and industry trends that will help you plan strategically, bring more satisfying solutions to your customers, and help your business grow.
Acquisitions and Mergers
Strategic mergers and acquisitions can be an excellent opportunity for you to expand your business and make more profits. Mergers combine two distinct companies into one new legal entity. On the other hand, acquisitions do not produce new companies, but rather one business gets fully absorbed by the purchasing company. The uniting of two business forces can stimulate growth, increase your market share, influence supply chains positively, and help you gain a competitive advantage over your competitors. As such, your business benefits from a strengthened position in its industry which will result in more profits and steady business growth over time. Therefore, consider acquisitions and mergers as a business growth strategy to boost your small business.
