8 Must-Know Tips to Grow Your Small Business Today
If you run a small business, you know that one of the biggest issues you face in growing your business. A lot of small businesses fail and you don't want your business to be one of them.
You want to make sure that your business doesn't fall into this statistic.
So what exactly do you do? How do you grow your small business and ensure that it continues to maintain steady growth?
We have put together this informative guide to help your company prepare to grow. Keep reading to learn more about small business growth!
1. Build Your Credit
You want to first make sure that your business has a great credit score. Business credit is one of the most overlooked aspects of running a business.
Your company's credit score is used by a lending organization, a financial organization, venture capitalists, and investors. They will look to see if your business qualifies for funding.
As a result, you want to make sure that you have a great business credit score if you want to find funding for future initiatives.
2. Have Great Customer Service
While small businesses are often obsessed with acquiring as many customers as possible, many small business owners don't give importance to retaining customers. This can only happen if you have great customer service.
This has to extend to offering a variety of customer service options. You should train your employees on how to assist customers face-to-face and over the phone. There should also be options to seek customer service through online live chat and through emails or through an online helpdesk.
Your customer service is the best way to market your business. With poor customer service, you'll rapidly see your customers turning away.
3. Offer Incentives
As a small business, you will face fierce competition in convincing customers to choose your products/services over those made by prominent brands. You can convince them to try out what your brand offers by offering incentives.
Incentives can range from free trials to discounts to even giving away some products and services entirely for free. These incentives will give customers an idea of what your business has to offer. If the quality of your products/services is great, you will likely see these customers returning for more.
4. Social Media Marketing
While many small businesses will use social media marketing, many of them will want to splurge on marketing campaigns which are certainly unnecessary in the early days of a business.
Social media marketing is a free way to promote your brand to a large audience. Make the most out of social media platforms to encourage customers to visit your website and sample your products or services.
Social media is also the fastest way to acquire followers and fans. These followers and fans will also be the most likely to turn into customers. Social media is also an easy way for your customers to share your brand with others.
5. Attend Networking and Professional Events
It's crucial for small business owners to attend networking and professional events. These ensure that you are getting the word out on your business to others.
At these events, you can not only promote your business but you'll also be able to find potential partners, employees, and investors. Networking/professional events are a great way to make your business known in the industry.
Often, when you are known in your industry are you able to acquire more customers and establish your reputation. Don't neglect the next networking event, workshop, or seminar.
6. Host Events
While hosting events may not always be a regular occurrence for your business, hosting them once in a while can greatly boost your brand's public relations.
Events are what put your brand on the map. It shows that your brand is willing to go the extra mile and engage with the community, investors, customers, and interested talent. These events can be from a range of possibilities - anywhere from a concert, to a fundraiser, to a community service event.
We also recommend hosting virtual events such as Zoom conferences, live streams, and if you want to be really creative - virtual reality meetups. These are a great way to connect with your customers online - which is where we spend much of our time nowadays.
7. Professional Development
We mentioned the importance of teaching your employee's customer service skills. Your employees are a reflection of your business. You need to focus on their professional development.
You should encourage (and perhaps require) them to attend professional development workshops and seminars. You should have interactive staff meetings where they can practice their skills. For example, during a meeting, you can have mock sales sessions where your staff can practice selling products/services with each other.
If there are skills that you feel your employees can benefit from, you may wish to pay for their education. If your PR agent needs to improve their public speaking, pay for a Toastmaster's session. If your Director of Marketing needs to learn about email marketing, pay for an online course that teaches the subject.
8. Set Your Goals
As a small business owner, you should be adamant about setting goals for your company.
These goals should be written down and you should keep track of whether you managed to meet your goal or not. Goals can range from meeting a certain revenue goal by the end of the month. It could also include acquiring a certain number of customers by the end of the quarter.
By setting your goals you are able to track your progress. You will also be able to critically look at your company's shortcomings. This latter part is missed by many small business owners and is what causes them to fail.
Always keep an eye on how your business is progressing and what needs to be done to continue meeting its goals.
Build Your Business Bigger and Better
Now that you know how to grow your small business, you will be able to better build your business. By following these steps you will surely see an improvement in your company's growth.
Be sure to read more great content on entrepreneurship and running a business. Visit the Startups section of the Bootstrap Business Blog to learn more about small business growth on a frugal budget.