Whether you’re a freelancer or an entrepreneur, these strategies for how to grow a small business can take your business to the next level.
Owning a small business comes with many perks but many challenges as well. You can make your own hours and be your own boss, but there is a lot to figure out and manage on a daily basis as a small business owner.
10 Small-Business Growth Strategies
Figuring out how to start a business can be tricky in the beginning, but once you have things underway it’s time to start managing other hurdles like growing your business and gaining new customers.
Use these small-business growth strategies to help grow your business, retain existing customers, and gain new customers.
1. Offer Great Customer Service
The very first thing you need as a small business is great customer service. And great customer service doesn’t just include being polite when you’re on the phone with a customer or client. It’s also about providing adequate or satisfactory services, products, and customer experience.
For example, do you have solid policies in place like return policies? What happens if something that gets shipped never arrives? What happens if it arrives broken? How do customers reach you if they have a complaint or a question?
These are the questions you’ll need to answer in order to have all the policies you need in place to provide great customer service.
2. Provide a Great Customer Experience
No matter what business you are in, whether you sell goods or services, your customers are going to have some kind of experience when they work with you, buy your products, visit your website, or visit your store.
If any aspect of the customer experience is confusing, overly complicated, or difficult then this will give your customers a negative experience with your brand.
For instance, someone has a question about your service, but they can’t find the answer to their question anywhere on your website. Or they found an answer on your website but that content is outdated and the customer is inconvenienced later when they find out.
Have testers go through your customer experience online or in stores to make sure the experience they’re having is simple, intuitive, and smooth.
3. Get Funding
Adequate funding is a big part of any business endeavor. Don’t be afraid to seek out investors or loans so your business can get the funding it needs.
As with any monetary investment, you just want to calculate the Return on Investment (ROI) before going ahead with your investment and loan plans. Sit down and create a budget that estimates the total revenue alongside the total costs to get your ROI.
When addressing your business’s funding needs it can help to seek advice from a hired accountant or a business consultant.
Check City cares about our local communities and wants to see your business thrive. That’s why Check City provides financial services specially designed with your small business in mind, from business check cashing to small business tax preparation.
4. Take Care of Existing Customers
One of the hardest parts of owning a business is all the work it takes to gain a good customer base. Once you do have some customers, it’s important to hold onto those customers as much as you can.
Create a community around your brand that encourages customers to come back to your business again and again. Reward your customers for their loyalty by offering rewards and loyalty programs around returning customers.
5. Nurture New Customers
Aside from nurturing the loyalty of your existing customers, you also need to always be actively seeking out new customers as well. So how do you get new customers?
Nurture new customers by creating a community around your brand, offering incentives to choose your products and services over your competitors, and offering special rewards and deals for new customers.
Another key aspect to getting a steady stream of new customers coming in is to have advertisement campaigns to spread awareness about your brand and what you offer.
All businesses need to advertise to some degree. This is how you can get the word out about who you are and what you do. Not only that, but advertising is one of the main ways to reach a wider audience than you could reach organically on your own.
Run ads on all your social media accounts alongside posting organically on a regular basis. You can also run display ads online, video commercials on TV, audio ads on radio stations, and more.
In a way, advertising and treating your customers well is like networking with your customer demographic. Being involved in your local communities is another way to network with members of the community and community organizations.
It’s also helpful to network with other businesses and companies. Partner with other businesses whenever you can and help your own company grow by supporting other local businesses.
Network effectively and professionally with other businesses by practicing key business communication tips.
8. Build a Community
Building a community is an absolute must for any business that wants to stick around for a long time.
Start by getting involved in your local community. Sponsor a charity or community service event as your business. Make donations in your company’s name. Or start your own annual fundraiser, food drive, or community service project.
Another good idea is to create a Facebook Group and a Facebook Page for your business. The Facebook Group can be for all your employees and the Facebook Page can be for all your customers.
Make your brand into a community experience as well as a product or service
9. Plan, Record, Adjust
If you really want your business to grow you need to make detailed plans, record results, and adjust where necessary.
Keep detailed accounts and records of all your business efforts so you can easily see how well they do and what needs improvement.
10. Be Timeless
Set your small business up for long-term success by keeping “timelessness” in mind with all your business and brand decisions.
When your business and your livelihood are on the line, it can be easy to panic and shoot for short-term success. But this will only get you so far.
You want all the aspects of your business to be as timeless as possible and as accessible as possible. That way things like your logo, brand name, and slogan will work well and still make sense even 10 years from now.
Entrepreneurs, small business owners, and freelancers are important members of the business world and essential contributors to local economies.
Take these small business growth tips to your own business ventures and see how they can help you grow and expand.