To say that the last few years have been a rollercoaster for businesses is an understatement. During this time, your company has most likely dealt with a lot of setbacks, successes, and surprises.
If you think it’s now time to scale up your business, you need to make sure everything is in order. Growing your business may seem like a simple task. But the reality is that 92% of companies fail to ever effectively scale up their operations.
This may seem disheartening, but if you’re prepared and follow some simple tips, you can succeed. Companies like Keyzar Jewelry – and other players in e-commerce, SaaS, and offline business – are doing well and you can, too. Let’s discuss how.
8 Tips to Grow Your Business
According to the U.S. Bureau of Labor Statistics (BLS), nearly 20 percent of business startups fail in their first two years, 45 percent within their first five years, and 65 percent within ten years. Additionally, only a quarter of new businesses make it to the 15-year mark.
Getting into this successful 25 percent requires careful planning and attention to detail. Truly great leaders transform teams, create and manage effective processes, and help their employees grow. In order to ensure new and existing leaders have the knowledge and skills to do all of these things and so much more, they need small business leadership training. You need to understand that running a business means embracing life-long learning and constantly adapting to changes in your business environment.
If your sales and revenue need a boost, check out these eight proven tips to grow your business.
1. Rethink your business plan
You probably already know that business plans are extremely important. But do you have any idea how much it accounts for your success? An effective business plan results in a 30% greater chance of growth compared to companies that lack this document.
Remember that a business plan doesn’t have to be a thick, intimidating document filled with complicated financial terms.
If you’re looking to grow your business, you’ll need to make a new plan from scratch or adjust your business plan accordingly. You have to consider your vision, values, goals, and objectives to focus your energy and resources on your future plans and avoid common business plan mistakes that would interfere with your vision.
2. Find the money
When you’re looking to scale, one of the most important things you’ll need is the money to do so.
You’ll also want to think about what kind of funding your business needs. Do you need help with a property purchase? Are you looking for an individual or business partner? Do you need more equipment?
It’s not a bad idea to keep a variety of funding options on hand. For example, if you’re looking for a loan, start applying for one early and compare the cost of credit options that are available.
3. Focus on diversification
Every small business owner needs to conduct market research to gain a better insight into their existing and potential customers. This way, your business is able to adapt to changing customer preferences and market trends.
And when doing market research, don’t forget your competitors. Competitive research means finding out the strengths and weaknesses of your competitors, allowing you to improve your own marketing strategy and identify market gaps.
4. Prepare for growth
If you’re preparing to scale your business, there are a few things you’ll need to do. First and foremost, you need to ensure your company is ready for growth. Take a look at your current technology, office space, and other resources needed to run your business day-to-day. If there are any limitations, you need to expand your operating infrastructure.
As you grow your business, you can work with a business sales broker to help you identify areas where you can quickly and cost-effectively expand your business. They can also help you negotiate better rates for needed resources and provide insights into market trends and potential opportunities for growth to maximize your profits.]
5. Focus on service quality
When you’re looking to build your brand, you’ll want to make sure your customers receive quality service. If you can give your customers an experience they won’t forget, they’ll remember you and your business. Keep in mind that consumers who rate your service as good are 38% more likely to recommend your company to their peers.
6. Put together a support network
Running your own business might create a lonely world for you, as you spend a lot of time and energy at work. But, it doesn’t have to be that way. Having a solid support system can help you face your business challenges.
Grow your team and make learning a priority. Find support from advisers, guides, and even counselors who can help you overcome any challenges you may face. And don’t forget to rely on your family and friends for a comforting ear when needed.
7. Invest in your employees
Before thinking about growing your business, it is important that you hire the right people.
Your employees are the backbone of your company. Considering this, you need to make sure they’re ready for what it takes to help your company grow.
Your staff should be reliable, which allows you to focus on more important tasks rather than constantly micromanaging everyone. Also, having the best people cultivates a collaborative work culture and promotes innovation.
Ultimately, you need to make sure your employees are happy. This will not only help them to perform well, but it will also have a positive impact on your company as a whole. Consider getting them the equipment, tools, and even clothes they need to do a good job.
8. Leverage social media
Social media marketing is a critical vehicle to reach customers today. According to Sprout Social, 55 percent of customers discover emerging brands online rather than through radio or TV ads. That’s why an increasing number of advertisers invest in social media ads every year. Yearly spending on social media ads is expected to reach $253 billion by 2026.
Social media offers several benefits for your small business through your ability to track performance and collect information. This data helps retain existing customers, attract new ones and gather customer feedback so you can build customer loyalty. Also, it enables you to increase your market reach and reduce overall marketing costs through networking.
Keyzar has 100,000+ Instagram followers, which drives lots of traffic to its product pages.
Scaling your business is exciting, but it’s not always easy. As you prepare to grow your business, make sure you keep in mind the tips listed above.
If you ever feel overwhelmed, take things one step at a time. Don’t hesitate to ask for help. There’s a lot involved in preparing for business growth, but if you prepare for it well, your company can reach new heights.
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