Did you know that according to the Central Statistics Office of Ireland, SMEs accounted for 99.8% of the total number of enterprises in 2017? This clearly shows us that the future is bright for small businesses, but how do you scale your business once you are past the survival stage? How can you turn it into a profit-generating powerhouse?
Regardless of the size of your business or the phase it is in, a little planning and a lot of proactivity will definitely pay off in the long run. If you’re an entrepreneur, small business owner or a leader with a vision, here are five strategies to help you grow your small business.
✏️ Have a plan
From building your website to developing franchising opportunities, there are several ways to grow your small business. However, the most important one is having a plan that you can execute. The strategies you use to grow your small business depend on what stage your business is in and the resources you currently have access to. Evaluate what assets you have to invest, the current market and the needs of your customers. Based on this, choose one or two strategies that work for you and draw up a business plan. Set benchmarks, track them and consistently work towards achieving your goals.
📱Improve your online presence
Did you know that almost 49% of businesses do not have a digital marketing strategy? Here are three steps to follow to improve your online presence
Step 1 is to start working on your homepage. Your homepage is where your potential customers will land. Ensure that it is easy to understand and navigate and isn’t cluttered.
Step 2 is to make your content shine. Good blogging and a solid social media presence can drive traffic to your website and convert that traffic into leads. Use images, interact with users and put out content that is evergreen.
Step 3 is to focus on analytics. The analytics market is predicted to surpass $200 billion this year. You don’t have to shell out big money to analyse your data. Tools like Google Analytics show you everything from how the audience arrives on your website, how long they stay, bounce rates and so on. Use this data to analyse and tweak your marketing efforts.
⚠️ Take risks and have a backup plan
The growth and expansion of your small business cannot happen without taking a few risks. You will have to move out of your comfort zone to make the best decisions for your business. That said, as your business grows, pivoting when things do not go as expected becomes more difficult and complex. Therefore, always have a backup plan for emergencies so your business can survive the inevitable bumps along the way.
⭐️ Ask for referrals
The best way to attract new customers and gain more visibility is to ask your current customers for referrals. The customers that you have now are already your target market. This means that the people in their social or work circles are likely to be your target market as well.
Don’t just assume that your customers are generating more business for you by word of mouth. Actively ask your customers if they know someone who would be interested in what you offer. You can also incentivise these referrals with a discount code. In addition, you can encourage your customers to tag you and share their experiences on social media.
🏷 Think about product expansion
If your business is experiencing a lull in sales or growth, it might be time for you to think about expanding your products and services. As step one, evaluate what products and services are doing well and what aren’t. Next, start to phase out products that aren’t doing very well and try to introduce a better version of them. Similarly, you can also research what your existing customers might need and introduce a new product to your line.