5 Ways to Grow your Small Business
Category: Business Advice
Tags: 5 growth tips, grow your business, grow your small business
Growth can only occur when you understand what it will take to achieve.
As a business owner you are always looking for ways to grow your business. But what are actual things you can do to grow your business, and when is the right time to do so?
Growth of a business is natural and expected if all is going well, but timing is everything when it comes to growth. If you grow rapidly, there are chances of failure, but at the same time if you don’t grow, the chances of failure exist. So understand what it takes to grow, and when to grow in your business is key.
One tip I have for you is to look at your business, where you currently are and where you see your-self in a year. If not much has changed, revenue is the same, problems don’t occur often – then it’s time to grow.
So consider these top 5 ways to grow your small business:
Get your customers to sell for you
I know, I know you must think that this is a stupid right of the bat. However consider that the best type of advertising is free advertising, and word of mouth advertising. So by getting your customer to sell for you, it is not meant to be taken literal, however you can encourage your customers to speak to their friends, family members and other people about your business, products and services by creating a campaign that will reward them for every referral they make.
Start to delegate
As a business owner you always want to do everything yourself. This is the mentality pretty much of every small business owner. Why would you pay to have somebody work on something that you can do easily, and probably better? Â Well, even though you may be the best and the smartest person to do the job, this is not a way you can ever grow. Just think, if you intend to grow, you as the owner of the business do you want to be doing 2 times or 5 times more work then you currently are, or do you want somebody to help you do it, or even better do it on their own and you collect 2 to 5 times more revenue since you can have time to concentrate on growth ideas?
Develop new products
Your business is successful because of the products and services you sell, but what happens when you reach the potential of how many customers want your product, or when you run into a wall with that one idea? Developing new ideas will ensure that you continue growing your company. Now all new products have to be unique ideas that will make the company 100% more money, instead they can be simple product changes, accessories, add-ons and improvements.
Go into new markets
Let’s say your business is doing great and you want to grow. How do you do so if you’ve reached the potential you can in your city/target area? Well, you can expand into other cities and target areas. If you have the capital, it is recommended to grow your business into other markets. Other markets don’t necessarily mean new countries or continents but it can mean even another location, or a new city. Sometimes a website, or online presence can help you be global in a short period of time, or it can be a good test of a market. If you website performs great in a specific area, try a physical location there as well.
Automate as much as you can
Similar to delegating work, automating work is very important too if you want to see growth. If your team members, or you are spending countless hours, days or even weeks on tasks that can be simply automated, do it. The cost to have something automated may be higher than you would want to pay, but consider how much money just in man-hours you are losing by doing work that is basic on a daily or weekly basis.
These are just 5 tips on growing your small business. If you ask me, I would start from within the business and clean what needs to be cleaned. At the same time you will notice that delegating and automating will come in very handy. Use these tips to grow your own small business.
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