When running a business, the business owner can either continue as they are or dream big with plans of growing their empire. While expanding a business takes a lot of work, a successful result could offer longevity to a company, and increase its profits as a result.
But before rushing into the process, it pays to spend a little time researching the next steps, so the end result reflects the true capabilities of a business owner and entrepreneur.
Top tips for Business Owners
Here are some top tips on how to grow a small business to get the ball rolling, from expanding a business’s product offerings to updating its business insurance to accommodate the additional risks associated with growth.
Expand Your Offering
To grow a business, it’s critical to think bigger and better on every level. Now is a great time to consider the current product offering, along with any common customer requests that a business has so far been unable to deliver upon. As part of this, a business owner may want to conduct market research looking at enquiries to the business, along with common search engine results relating to the niche.
After all, being able to meet the demands of customers is ultimately what is going to stop them from heading to a competitor instead. At the same time though, it’s important to not get carried away trying to offer all things to all people, as a business must be able to ensure every single aspect of its service is on point. The idea here is more to identify gaps in the market, specifically what would bring in more revenues to a business. And then, creating a plan to achieve this.
Identify Actionable Steps
A thoughtful plan will make all the difference as to whether a business expansion is fully achieved or not.
So now is the time to identify the current financial status of a business, along with any stumbling blocks that are hindering progress. A business owner may need to consult a financial advisor or business mentor to help bridge the gap between where the business is now and the ultimate goal.
From there, identify what a business is going to require to expand. For example, business insurance will need to be updated or upgraded, such as increasing stock insurance limits if the number and/or value of products on offer grows.
While insurance may seem like an afterthought, what is often just a small cost per month can protect a business from financial ruin. Plus, if a business’s product offerings change, this could invalidate its existing policy. This is why such seemingly small yet essential administrative tasks cannot be ignored.
It’s impossible to do it all alone, and when growing a business the owner’s time and resources are going to become stretched even further. As well as hiring more employees, an owner should consider outsourcing as many tasks as possible, especially if they lack the time, knowledge or even inclination to do them.
Some of the most commonly outsourced tasks for businesses include the likes of bookkeeping, accounting, social media marketing, content writing and web design. With the plethora of remote freelance platforms available these days, it couldn’t be easier to hire talent to make the running of a business way more simplified, regardless of where a business is based.
How To Grow My Small Business Online
Think about all how the business currently communicates online with its customers, including ways to reach new pockets of potential customers. This includes the website, social media and digital marketing strategy as a whole. All aspects of online marketing should be stepped up when trying to scale to new heights as a business.
The CMS (content management system) is the engine of an online offering. Some common CMS providers include WordPress, Wix, WooCommerce and Squarespace.
As a business grows, its website must be able to facilitate an increase in visitors, and especially orders if the business sells products online. If it’s been a while since a website was designed, let alone maintained, it might be necessary to consult the services of a web developer or designer to ensure the website can handle the expansion.
Plus, as the digital face of a business, a website should look the part too. The final result should not only be functional but present itself as being highly professional.
Just because an owner knows their business inside out, that doesn’t mean the owner knows the best ways to market it online. In which case, it may be time to hand the reins over to a digital marketing professional.
Even when using paid adverts, there must be a strategy behind what is done otherwise money might be spent on campaigns that don’t bring in a return on investment. Hence, the thought process behind the campaign matters most. The efforts must be tailored with potential customers in mind.
Some common digital marketing strategies include:
- Refining your SEO strategy
- Social media marketing
- PPC advertising
- Email marketing
- Influencer marketing
- Creating giveaways
- Regular blog posts on your website
- Reposting user-generated content
- Link outreach to boost domain authority
To Sum Up
Planning for the road ahead will provide a much clearer idea of what to expect when growing a business. The greatest entrepreneurs are those who persevere and are ready to take on the challenges of growth.