Running a small business venture involves numerous implementation of strategies to improve sales and profits of that business. Being an entrepreneur and budding business owner, the dilemma of how to grow your small business into a large business always comes up over time. Here a detailed guide on how to grow your small business effectively and make more profits.
A small business is basically an independently owned and operated business venture that is limited in size, structure and revenue stream, examples include a local shopping store, bakery, laundry service and lots more, but you should know that in order to run a successful small business for a longer period of time, you must consider the options you have to grow your business and expand. For many small business owners, this is a daunting and confusing task because they don’t have the necessary experience and knowledge to grow their various businesses. However, here is a detailed 10 step guide that will help you grow your small business.
10 EFFECTIVE STEPS ON HOW TO GROW YOUR SMALL BUSINESS
Step 1 : Increase your products or services
One of the best and effective ways to grow a small business is to expand your existing product or service structure. If you started with 50 products for example and you wish to grow your business, you would need to expand and sell more products with an increase from the initial start-up numbers, which also enhances your ability to receive and deliver more orders in time, which boosts and expand your loyal customers base and many of them will be glad to share to their friends about your products or services.
Step 2 : Make effective use of social media
Social media and digital media marketing and its various platforms such as WhatsApp, Facebook, Instagram are communities with huge following and trends and is also an avenue to sell and grow your small business, reaching a wide audience and influential promoters. Hence invest some money and time to boost the number of followers, on your social media platforms, showcase your products, your business store and even product reviews from your loyal customers. Also to be engaging on your social media platforms, regularly post engaging product pictures and business quotes, once you find out what works the best for you, stick to that method. For example, Using Instagram and twitter followers service is the best way to become more visible on social media networks.
Step 3 : Hire extra hands
Growing a small business to a large business requires extra hands and personnel. being a solo small business owner can be tasking and time consuming. To grow effectively and handle more customers, you need to employ efficient workers who have adequate knowledge and experience to run your day to day business activities. It turns out that hiring extra hands can help you grow your small business too as you can use some of this time to make plans for the growth and plan your business. Don’t hesitate to hire people to handle activities like packaging, deliveries, and social media management, once you believe that you are ready to grow your business.
Step 4 : Invest more in customer service
There is a saying in business that the “customer comes first”, and should be treated with outmost importance. Having in place a good and responsive customer service support is the backbone to the growth of any business as customer’s satisfaction determines sales and overall influences profit of any small business. Hence to grow your small business, invest more in good customer support, you can make your business stand out from the crowd with that. We have all read stories about the negative experience of people that have used customer services provided by large businesses. Don’t be like that! To grow your small business, invest in customer service, allow customers to reach you in more than one way when they have questions, suggestions and complaints and make sure that your responses are quick and satisfactory and trust your business will grow.
Step 5 : Follow current trends
Running a business doesn’t mean you should distance yourself from current business trends, such little attention to current trends could be the breakthrough your business needs to grow. Evaluate the opportunities you have and introduce changes that have proven to be helpful to other small business owners. Check the market and analyse the latest technological achievements. If a product is trending among consumers and you have the resources to acquire and sell such products, adding them to your catalogue of products will attracts more customers and will keep your loyal customers coming back. if you want to grow your business, follow the trends.
Step 6 : Reinvest in the business
A small business cannot just grow with existing capital, you will need to reinvest in the business constantly as long as the business is making profits, reinvest and expand. Understandably, a lot of small business owners pull money out of the business to pay themselves or take a family vacation. When the small business is experiencing success, the owner might be tempted to take a significant amount out as a reward for his or her hard work. In most cases, this money would be better spent on expanding the business: to hire extra and efficient hands, improve training or invest in inventory. By keeping the money in the business, the rewards for the small business is more growth exponentially.
Step 7 : Prioritize your team
Small business owners often carry out many of the business tasks out of necessity, handling the core work of the business, as well as other tasks like marketing, accounting and customer care support. While it might be difficult for small business owners to hand over control of some aspects of their business, doing so is necessary if you want to grow your small business growth. Acknowledging that you can’t do it all is an important step in opening your small business up for growth opportunities. Additionally, bringing in good people who are experienced and can help your business and get your business on the track for growth.
Step 8 : Keep the cash flowing during expansion
A small business cash flow is more easy to manage but planning to grow your business can put a strain on cash flow, and that’s why many small businesses fail while attempting to grow. It is important to ensure you have a robust cash flow before attempting any kind of business growth. During your growth phase, be sure to forecast and monitor cash flow diligently. A small business loan can help ensure cash flows smoothly when inevitable challenges present themselves.
Step 9 : Join with a larger partner
Being a small business owner and you want to grow your business require making new partnership with larger business which can pull in more customer’s base which are available when you partner with them. Small businesses can often take advantage of partnering with a larger, more established company when they’re ready to scale. Big companies have the footprint and resources required for growth, including manufacturing facilities, distribution channels and a proven supply chain. For example, a small business which sells cements in small quantities to a small customer base can partner with a major distributor of such cement receiving more products directly and at a discount rate and sell to a large customer base.
Step 10 : Diversify your business
If you run a small business and your business focuses on only one product, your business growth is already limited. but by diversifying your product line to include a wide varieties of products, you are opening up your small business to a new and large revenue streams that can boost your business growth. Just be sure your primary products are successful and selling well before you concentrate on something new.
Growth is important to every small business owner as it is a mark of progress. There’s no just one right approach if you’re considering how to grow your small business into a big business. Though different business owners will choose different paths, the fact remains that your business’ potential reach and success can expand exponentially when you aim to expand and grow your business, hopefully the 10 steps above will give more light on avenues to grow your small business.
Are you a business owner? kindly tell us via our comment box below on how you are currently growing your small business.