In all forms of business, achieving sustainable and scaleable growth is one of the key goals. A growing business is likely to be more resilient to market changes than a small firm that struggles to grow. It may have a wider product portfolio, helping it to perform more consistently when there are changes in demand in certain consumer sectors. However, in recent years, achieving meaningful and sustained levels of growth has become increasingly challenging.
At present, many economies are experiencing higher-than-normal levels of inflation. This can increase the cost of a range of materials needed to produce goods, and these extra costs are inevitably passed to the consumer in the form of higher prices. This can have the knock-on effect of reducing demand for products (especially if they are considered as non-essential) which can impact a firm’s revenue streams and profitability.
In addition to higher-than-normal levels of inflation, the cost of living crisis is currently gripping many developed and developing countries. This serves to reduce consumer spending power and can hamper the growth of companies that serve consumer markets. However, it is still possible for all small businesses to take steps that will promote sustainable growth within their company, and leaders and managers need to consider a range of steps and strategies.
In this article, some of the most effective ways to secure sustainable growth for your small business will be explored in detail.
Build strong relationships with delivery firms
With the rise of e-commerce and the increasing willingness of consumers to shop online and await delivery of their orders, there is a need for small businesses to ensure that their delivery channels operate effectively. Millions of small businesses rely on sending goods to their customers through delivery channels rather than being bought from physical retail premises.
Modern customers expect that delivery timescales will be adhered to and that the goods will arrive in perfect condition. A company that routinely delivers products outside its stated timescales will risk losing customers as it will quickly be viewed as unprofessional in this vital final aspect of order fulfillment.
Successful business leaders recognize that one of the key ways to grow your firm is by relying on a growing base of customers who make repeat purchases from you. It is estimated that the cost of attracting new customers is six to seven times greater than the cost of keeping existing ones. Outstanding and reliable delivery channels play a key role in customer retention; therefore, businesses should seek to build strong relationships with professional and reputable delivery firms such as 24/7 Express Logistics. These firms should be able to offer a range of delivery timescale options and competitive prices for your shipments. They may allow your customers to track their orders in transit so that they are available when deliveries that need to be signed for are nearby.
In short, ensure that you partner with a reputable and dependable delivery agent to satisfy the expectations of your customers and enjoy repeat business that cultivates business growth.
Offer enhanced customer service
Offering reliable and timely delivery is just one part of the customer service function of a business. All aspects of customer service should be optimized to ensure that repeat business is enjoyed and the company can build a solid reputation in this respect.
A key way to improve customer service in your online business activities is to use chatbot technology to improve efficiency. Many online customers will have questions or queries about some of your product ranges. They will expect that these are answered swiftly and effectively, or they may choose to shop elsewhere. Chatbots can be incredibly effective in directing customers to specific information that answers their questions. For example, they can be programmed to detect certain keywords, confirm the question with the customer, and then direct them to a pre-made FAQ page that contains the answer. However, whilst chatbots can be incredibly effective in answering simple questions and queries, a human customer service team is still essential.
When customers have grounds to lodge a complaint or have a complex problem that needs to be resolved, a human team is vital. These staff should ensure that complaints and issues are thoroughly investigated, and that suitable feedback is provided to the customer. If the company is seen to be at fault, some reasonable form of compensation should be offered to the customer. This will help to increase the likelihood of the customer remaining loyal to the company and not shopping elsewhere in the future.
Use cost-effective social media marketing
Small businesses are unlikely to have a large budget for their marketing and promotional activities. However, they can still use these funds to reach a large target audience without needing to rely on expensive forms of marketing such as TV advertising.
An ideal channel for cost-effective marketing is to promote the business on social media channels such as Instagram, TikTok, and Facebook. Ideally, your firm will undertake some market research to determine which social media platforms are used by your target market. Next, create short but memorable adverts and promotional videos that portray your products in their best possible light. Ensure that you add in a hyperlink that takes an interested viewer to the product page of what you are advertising. This can be a key way to convert interest into a sale and can provide your firm with additional revenue streams that will support its future growth.
Demonstrate sustainability in your operations
Finally, all small businesses should understand that modern consumers prefer to trade with companies that can demonstrate environmental awareness and principles of sustainability in their business operations. Research indicates that 44% of consumers actively choose to shop with companies that can demonstrate a clear commitment to sustainability. Put simply, if you cannot demonstrate that your business operations obey the best practices of sustainability, you will likely lose sales.
Small businesses should take a critical look at all their operations and activities. There should be a goal of moving to a zero-waste culture where the reliance on refuse and disposal services is ideally eliminated. In addition, firms can consider using recycled materials in their products and/or packaging to reduce the demand to produce new materials. Finally, small firms should consider promoting a working culture that allows remote working to become commonplace in staff. This can dramatically cut the number of commuting and business journeys that are made and can help to lower the carbon footprint of a business
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