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Posted 16 November 2020
Kudos, you own a business. Many people wish to start something that can put food on their tables. You’ve taken the steps needed, and now you want to grow. Business can change quickly, and it can make people lose a lot of money. But if you do it right, you should be able to beat the risk and make money.
Considering that you want to grow your business, that tells me you are in an excellent position to scale. It’s good that you are looking for ways to grow because that’s the right decision. Many people get to a certain point in their businesses, and they don’t even know what steps to take. You can read this article by Inc about what you should do when you don’t know what to do.
You should remember that your business needs to grow, and when it stops growing, it’s just a matter of time before you lose money.
Having a target makes you work towards the business’s growth. If not, your competition will overtake or crush you. If you invent something today and patent it, you’ll still have copycats no matter what, and that’s why you need to grow fast so you can be big enough to either buy them or crush them.
You might have started a company that already has big players, but that doesn’t mean you can’t have a market share. As long as you aim to be the best in business, the sky is your limit.
Below are things you should do if you want to grow your business.
1. Offer the best product or service.
If you are not the best at what you are doing, that doesn’t mean you can’t get better. Having the best product or service in the market doesn’t guarantee success. One can have an inferior product and still make a lot of money. But if you want to build a sustainable business, having the right products and offering excellent services can grow your business. You can learn more about having a profitable business and delivering an excellent service in this article by Harvard Business Review.
2. Customers have the money.
Customers are not just people; they can be companies. When starting a business, you need to have done your research to know who will buy from you. When you start up your business, you need to make your customers happy. Even if you sell to companies, know that it’s humans running the company. Although they might not show their feelings, they will appreciate and spend more money.
People will spend more money when they are happy with you. In this article by Impactbnd, you will learn how to keep customers happy and improve customer retention.
Even if you are already advertising, you still have to promote more. Over the years, advertising has shifted to the internet. If you don’t have an online presence, it’s time for you to do so because you are leaving so much on the table. Read this blog post by Smallbusiness.co.uk to learn why your business should move online.
Advertising connects you to your customers. Back in the day, sales agents and women went from door to door, and now in some places, you can’t solicit. But online, you can reach millions of people. Even if you don’t have the budget, you can sign up for Facebook, Instagram, or Twitter and attract people to like and follow.
Another way you can get customers for free is YouTube. Even if you don’t want to show your face, you can still get people to click on the link in the description that leads to your products or website.
Assuming you can’t do this, there are ad agencies that can help you out.
4. Customer Loyalty Program.
One thing is to grow your business, and another is to lose customers. You don’t want to lose customers. You can make them happy, but you need to keep them loyal. Having loyal customers is key to having a business that will be around for a very long time. You can read this blog post by Square to learn how you can set up a loyalty program.
Loyalty programs are critical. I’ll guess you are already a member of a loyalty program. If it is not exon, it’s Costco or Sam’s Club’s loyalty program. For many years, these companies have been adding millions of people yearly to their loyalty programs, and because of that, revenue keeps increasing annually.
It gets to a stage where instead of competing, you work with other businesses. Sometimes they might even refer people to your business. A good example is hospitals. They refer people to other hospitals that can take care of patients. It’s not a matter of money; it’s a matter of ensuring that patients get the best care. That’s how it should be in business.
However, always aim to have a better business and never allow your competitors to overtake you. If you do all this, you’ll make the economy a better place. In this blog post by PanDoc, you will find out the five strategic partnership agreements that can help grow your business.