6 Ways to Grow Your Small Business
Posted on 16th February 2022 at 12:02
Small businesses are the backbone of the local economy, but running one isn’t easy. Getting your business off the ground in the first place is one thing but scaling it up is another!
For your business to grow, you’ll need a clear plan, as well as a lot of persistence. You may also need to ask for help from time to time – part of growing a business is growing the team behind it.
We’ve done some of the research for you and compiled a list of 6 ways to scale up your business.
Fortune favours the brave, but it also favours the prepared! Knowing what your potential roadblocks are ahead of time will not only save you a lot of stress, but enable you to meet any problems head-on.
Ask yourself:
• What are the potential weaknesses in your business?
• Will you have a big enough team to handle the increased workload?
• Do you have a good enough idea of the way your industry is moving to ensure that you will be successful?
• Is your product as good as it can be?
• Do you have a healthy enough cash flow to be able to sustain this growth? (If you struggle with maintaining healthy cash flow in your business, we have two other blogs on this subject! Click HERE to read our guest blogger Amy Collett’s article on keeping your small business in the black, and click HERE to read our blog on how to maintain healthy cash flow!)
• Do you have the infrastructure in place to handle increased business?
• Do you have a back up plan in case anything goes wrong?
Knowing the potential weaknesses within your business isn’t tempting fate – it will allow you to come up with solutions to problems before you even need them!
Your product or service needs to be as good as it possibly can be for your business to grow. Once you have a healthy cash flow in your business, it’s worth investing in your product to ensure your success. Clever marketing may get plenty of first-time customers, but a stellar product is what will keep people coming back.
Remember to think of the other areas of your business too – is your customer service up to scratch? If you sell a physical product, is your returns process simple and streamlined?
Customers are becoming more eco-conscious as consumers, so it is also worth investing in sustainable packaging options (if applicable). Consumers are only going to become more aware of sustainability in business in the future, so it makes sense to ensure that your product is as eco-friendly as possible now.
You simply can’t expect to scale your business up without some form of plan in place. Planning your strategy will ensure slow, steady progress that is sustainable in the long-term. Aiming for sudden, rapid growth may seem like a good idea initially, but it is rarely sustainable if there is no plan behind it.
If you’re not sure where to begin, it might be a good idea to enlist the help of a business coach. This doesn’t have to be a huge expenditure – you may be able to find coaches who are willing to work with you for just a few sessions to help you plan your next move.
Work together as a team to plan your strategy, including a ‘plan b’ strategy in case anything goes awry.
Hosting small events is a great way of introducing new customers to your business and networking with other businesses.
If your business has a physical location (i.e. a shop), then you could host a small event inside your business – offering a promotion or launch of a new product is a good way of getting people interested. Small business events could include:
• Pop-up events in nearby markets or fayres
• Stalls or showcases at larger business events
• In-store promotions with freebies
• Themed events (i.e. celebrating local traditions or holidays)
• Collaborations with other business owners to showcase both your businesses
If your business is purely online, there are plenty of virtual events you can get involved in. Events don’t have to be in ‘real life’ – host informative webinars, livestream videos on social media, or connect with customers with an online question-and-answer session. Hosting a virtual event isn’t just easy thanks to technology, but it could also work out to be a lot cheaper too.
These days a large proportion of business and marketing is done online. There’s a good reason for that – These days brick-and-mortar shops just aren’t enough when most people are spending a lot of time online.
Most consumers expect businesses to have an online presence to inform them of promotions or opening times, and many will follow a business’s social media accounts if they offer something informative or interesting.
Don’t view social media as purely a way to sell your wares – remember that for someone to follow you, there must be something in it for them. Regularly post engaging content that is entertaining or informative – keep the sales posts as occasional features. If you are interested in shaking up your social media accounts, click HERE to read our blog called ‘6 Ways to Improve Your Social Media Presence’.
And last but not least…
We may seem slightly biased here but hiring a virtual assistant is ideal when you’re trying to scale up you small business.
The cost of hiring an administrative assistant to sit in your office all day when you may only need them for a few hours can be beyond the reach of a growing business. From admin to sales support, a virtual assistant can work seamlessly alongside your team, offering flexible and efficient support.
If you’d like a free, no-obligation chat on what a VA could do for you, visit the ‘Contact’ section of our website!
Tagged as: Business Tips, Small Business
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