If you’re a small business owner, chances are you’ve thought about and even made a plan about how you will grow your business. Having growth strategies in place is crucial for business growth. You want to be sure you don’t grow too quickly as you need to be able to provide the product or service you do currently at the same level that your clients/customers expect.
So where do you start? We’ve put together a few tips (that are affordable and easy) to set your business up for success when it comes to expansion.
4 Tips on How to Expand Your Business
Have a Good Company Culture
Having a strong company culture is not only a must if you want to keep your current team happy, but it’s also a must for attracting the “right” new talent.
When your employees feel connected and invested in your company, they will be far more likely to stick with you even when times are uncertain. Strong company culture can also attract a new customer base to your company, so make sure that you are consistent and that you utilize your company’s social media platform to showcase this.
If your customers are able to see the value behind your company, then they will be far more likely to engage in your services or purchase your products.
Hire the Right Team from the Get-Go
The hiring stage is crucial to every business. Where do you go to find the “right” person to fill the role?
You need to take your time with this stage to be sure you find the right people. You may not be able to afford the best of the best for this role – someone with years of experience and skills. However, if it’s a position that you can train someone for, consider applicants right out of college that you can work with and train for your processes. And make sure to document those processes for future employees. Employees will come and go over the lifespan of your company, the processes you create will stay and evolve over time to make you a successful business.
You should also ask potential new employees how they view your company, what they say their role to be, and discuss their professional goals as well. Do those pieces line up with your goals for the position and your company culture?
Start-up life really isn’t for everyone, so you have to make sure that you find people who are going to be up for the challenge. If you are hiring people, such as contractors or other professionals to help with your expansion then look into the AABC Commissioning Group.
Focus on Innovation
When you are expanding your business, you may be faced with a lot of decisions to make. You might feel the need to spend money on improving your business product, acquiring another business, or even to offer a wider range of sellable items. Our best advice? Focus on what you do at the core of your business, and do it well. That is the best use of your funds.
Try to avoid adding new products or services for your customers if it’s not absolutely necessary. It’s better to be great at one thing than average at a lot of things.
However, you should focus on adopting new processes and/or tech that will help you provide better customer service to potential and existing customers. This should be one of your top focuses as it will give you the step up you need to create more products at a later date.
Furthermore, solid customer support will help you to build a more stable company with a strong reputation, and it will ultimately increase sales with your target markets.
Brand recognition is everything for small business expansion. Word mouth is great for sales and marketing, but the bottom line is you also need to have a strong digital presence in place. Make sure your marketing efforts include social media (and that you’re tracking social media ROI) and a website that is user-friendly with clear messaging. Are potential clients and customers able to easily contact you through the website or your social media accounts? If they can’t, this is the first thing you need to address.
Do your market research, know your target markets and market segmentation, and develop a strategy around the best way to reach and communicate with your target audience.Published in