As any successful entrepreneur will tell you, the first step to turning your business into a full-stacked, successful company is figuring out what you want it to be. It’s important to make sure you have goals in mind for the present and future. These goals will not only help you decide on what steps to take, but they’ll also give you an idea of how much time and focus needs to go into pursuing them.
Growing a business quickly is great, but it’s fraught with dangers. Grow too quickly (run before you walk, so to speak), and you could damage your reputation, lose clients, and unable to deliver on your goals.
So how do you make sure all of this happens? While we cannot answer every question here, we’ve put together 10 tips to help you make sure you have a good foundation for your business growth.:
1. Invest 30% of your income into marketing
The primary way to ensure that your business is growing fast is by having it exposed to as many people as possible. It’s no good having a great business if nobody knows about it! This will be achieved only when you step up your marketing game. It is generally recommended that 30 percent of the profits you make should be reserved for marketing purposes.
Marketing can never fail when getting new clients within a short time frame, whether it’s online marketing or local. However, there are several ways to market your business, and some are more effective than others. One of the best ways is to invest in online marketing; you’ll reach a wider audience and focus on the acquisition.
2. Utilize a customer management system
Customer management systems are designed to help businesses track and manage their customers to make sure that they are being satisfied with the products and the service they have received.
The benefits of a customer management system include: Boosting sales, building customer loyalty, and ensuring that you provide the best service. These systems also track an increasing number of data points such as: “orders placed, invoices sent, products shipped, and payments collected,” which creates a complete picture of what is happening to your customers.
A good system is a great investment. When considering your options, make sure you buy into something that will scale with your business as it grows, as this will save you a lot of time in the long run.
3. Research your competitors
It might seem obvious, but learning from your competitors should always be done; researching them can offer you a better understanding of your competition and how they handle certain issues.
You need to identify what strategies work and which ones don’t before implementing them for yourself. There is no shame in borrowing ideas from their success.
The trick is to really take time to evaluate your offering vs. theirs. How can you do something better? Offer more value? Improve the customer experience?
4. Create a customer loyalty program
Small businesses are at risk of losing customers because they don’t provide enough benefits to them. This is where customer loyalty programs will come in real handy.
You could consider investing a part of your marketing budget into an effective customer loyalty program. This can go a long way in helping you keep your existing customers and attract new ones.
It would help if you didn’t overlook the importance of customer loyalty. It increases sales and can create a brand for the business.
5. Find a correct money lender
As a small business owner, getting a loan can be a complicated task – this is why many people choose to raise the capital for their business through more informal means of borrowing money. This is usually in the form of high-interest debt and comes with “a lack of protection should something go wrong.” However, there are plenty of ways that you can get hold of funds for your business without having to go through these informal channels.
A lot of small businesses get their money from various sources, including credit cards and loans. If you want to borrow money for your business, make sure that you do it in a legally sound way. Services such as Little Loans UK are a great way to raise capital to invest in your business. And a loan to fund your business growth can be an excellent way to scale up quickly.
6. Put the customer first – always
According to a survey by the Institute of Customer Service (https://www.instituteofcustomerservice.com/), 64% of customers said that small businesses do not provide good customer service. The survey shows that 85% of consumers said they would spend more with businesses that provide good customer service.
Customer service is one of the best ways to increase brand loyalty and attract new customers. Ensure that all your employees are aware that providing excellent customer service should be at the top of their priorities. Always keep your customers informed about delays and other problems to avoid any issues.
7. Create a good online presence
Your business must have a website to showcase your products and services. Ensure that all your employees are familiar with the website and can respond to any inquiries. If you don’t have a website yet, you can get online marketing services from an experienced digital marketing company through your ongoing investment into growth (see point 1!).
Having a website is basic in your marketing plan; most businesses are found online these days, so make sure you can be seen!
8. Use social media
Social media is an efficient and cost-effective way to get your business noticed. You can use your Facebook page, Twitter account, and Instagram account to reach your target market.
This is a very efficient marketing strategy that will help you get more targeted traffic to your place of business and increase the number of leads.
Remember that these platforms are not only for reaching new customers but also for reinforcing your current customer base!
9. Utilize reviews – it’s free!
For many small business owners, the idea of having their products or services being reviewed is very intimidating. So how can you start obtaining reviews if you’re a small business owner? Many websites are dedicated to local businesses, and they provide consumers an opportunity to leave reviews about them or even recommend them to others.
This can be a great chance for you to start getting your name out there and increase your sales as well!
10. Grow your team
As a small business owner, you should always look for ways to grow your team. This will allow you to increase productivity levels and also save you money in the long term. One of the biggest mistakes that small businesses make is that they limit themselves from getting new employees, and they also do not consider their potential employees for growth.
A good place to start is looking for potential employees in your area, college, or even online. Please don’t be shy to reach out to people and tell them about your business. If you find an online vendor already established, try to ask them for a referral and even share your website with them!