Growing a business will mean that you will have more responsibilities, and this is one reason why it could be inconvenient for some business owners to grow. Running a business is already a large responsibility on it’s own–but trying to grow the business will be even more challenging. But then there are some people that are completely up for the challenge. They may feel that their business is stationary and they want it to move forward. This article is especially for those people. Whether you have an established business that needs to grow or a brand new business that simply needs to become more known—you are in the right place. Let’s get started…
1. Build your customer base. Whenever you can get more customers, you will already be in growth mode. The best way to gain lots of customers is to reach out to all kinds. Start broadening the services and products you offer, and you will see a boost in the amount of customers that come into your business. Even f you add as little as one product/service to your business, you will still see a boost in your customer base.
2. Hire more (or better) employees. Now that you have more customers, you will need more employees to deal with them. But you aren’t going to need just any employees–you will need those that are skillful enough to handle the pressure of a growing business. At this point, things may be a little more hectic than usual, so there should be enough employees that are able to handle the hustle and bustle.
3. Build a management team. You may be the only manager of your company right now, but that may have to change once business starts booming. It will be a good idea to have assistant managers to help you keep things running smoothly. There will be much more to take care of at this time, and you may not be able to do it all yourself. Only you will know how many people you will need to help run your business, but it is a good idea to consider hiring help for management.
4. Go big on advertising. Reach out to larger amounts of people by investing in advertisements. Consider using social networking (which is usually free), signs, billboards, or even commercials to advertise your business. You may also have to make your business available in more areas after doing this. After more potential customers know about your business, they are going to need to have access to it. So be prepared to expand your business in ways that allow more people to gain access to your products/services.
5. Be competitive. In business, you will have competitors and they can be one of the reasons why you’re business isn’t growing at the rate you may want it to. Your competitors have support from some of the customers that you may want to support your business, so it’s up to you to find ways to win those customers over. You can start by reading How to One-Up Your Competitors .
6. Reduce costs of overhead. To help save money, try to reduce the costs of some of your business expenses. The money that you save can be used to invest in better equipment and supplies for your products and services. You can also use the extra money to pay newly hired employees or whatever you see fit. Business can always use more money, and cutting costs is a great way to save money. Read How to Cut Costs & Balance Your Budget: Money Management for Small Businesses for more information.
7. Have a business plan. This is a big one. If you don’t have a plan for your business, your business may not operate the way you want it to operate. It’s better to get your ideas down on paper. Doing the market research, coming up with a mission statement, then a marketing plan, and financial statement is serious business, and it is a life saver once you do it. There are plenty of articles and books on how to do a business plan. One of my favorite books on the matter is The One Page Business Plan by Jim Horan. It simplifies the process for the reader.
These 7 tips should be just enough to get you started on your journey to growing your business. The sky is the limit for you. Every large business has started off as a small one, so there is no telling what your business can become. It is all up to you and those that support you. Good luck on your business.