A big challenge small companies face is growing their small business. Finding new customers or promising leads may be difficult for micro businesses. You are offering an excellent service or great product, but you are stifled with executing an effective plan to take your business up a notch. How can you set yourself apart from other small businesses tasked with the same challenge? Here are 5 proven effective steps in growing your small business.
Focus on One to Two Products/Service Offerings
It is complicated trying to appeal to everyone, so perfect your top product or service by focusing time and money developing that area. Ultimately, you will be offering your customer base the best you can. Once successful with your top offerings, begin plans for expanding and diversifying into complementary products and services that will appeal to your existing clients.
Grow Your Existing Customer Base First
It is a great starting point to growing your business and is easier and cheaper than pursuing new customers. Consider offering your existing consumer base a volume discount, bundle or package deal and get creative rewarding your loyal customers.
Website Development & Online Presence
Today’s consumer is initially introduced to a business by discovering the company online. A website will help boost your company’s reputation and establish your brand. According to an article on Forbes.com, surprisingly, only 51% of small businesses have a website and 97% of consumers are searching for products and services online. A website will help new customers find you. Keep your website simple, update with fresh information and make sure it is mobile friendly.
Partner with another Business
Join forces with a local business to mutually promote each other’s company. A great referral partnership does not cost a dime and can be rewarding.
Develop a Marketing Strategy
An effective advertising approach should be simple and affordable. Consider a customer Email campaign, social media, newsletters and blogs. Selectively chose your social media outlets. It is not necessary to be active on all. Focus on one or two by keeping material creative and unique.
Customer Service is Key
Loyal customers are crucial to successful businesses. Ask them to review your business online. They continue to support your company and share your business with others. Exceptional customer service allows you to retain loyal patrons.
Network and Referrals
Balance supporting your existing clientele and networking for new prospects. Word of mouth advertising proves to be effective in growing a small business. Simply begin networking by reaching out to your existing customer base and asking for the referral, “Mr. Jones, if you are happy with the service/good we provide and you know of someone that could benefit from our company, we would sincerely appreciate the referral.” Always thank customers for referrals.
Hire Help as Your Business Grows
Small business owners wear many hats, and as business grows it is wise to hire help. Consider hiring an intern, contract or freelance worker or part-time employee. Additional help frees you to network and interface with your existing customers.
These effective steps in growing your small business should not break the bank or cause you to lose your sanity. It takes time, creativity and planning. Executing your plan you will help take your business to the next level.