How to Expand Your Small Business

September 24, 2013 3:20 pm

opportunity-businessBeing small has its own advantages. Especially when economic times are tough – small business are more malleable and likely to adapt, if they’re smart about it. But perhaps you’ve reached a crossroads now and you want to expand.

It’s often hard to get noticed, when you’re a small player. Yet, there are many approaches you can use to promote business growth – here are a few ideas for the boardroom. Good luck!

 

Word of Mouth

In our marketing-heavy environment, we’ve learnt how to drown out blatant advertisement, but when it comes to personal recommendations, we almost always take note.

Start with your friends and family. Ask them to promote your company in their social circles – start a ripple effect! You may even want to consider a reward or discount offer for introducing new customers to your business. Just something to think about.

 

Get Web-Savvy

It’s amazing how your online presence can affect how successful you are as a business. Social networking, blogging, and instructional videos are all great ways to engage with customers. It also sets you up as an authority figure and expands your customer outreach. If you’re not online yet, you really need to change that.

 

Testimonials

When you’ve made a customer or client happy, don’t be afraid to ask for a testimonial or feedback. Anything particularly glowing can go on your website. Obviously, let them know that you’re using their words and ask for their permission first. Positive customer experiences are a great selling point.

 

Outsource

Outsourcing services means you can improve your company for a one-off payment. You don’t have to put anyone on the payroll system long-term, but you can easily adjust to any rising demand. This often works out cheaper than hiring outright.

 

Target New Markets

small businessYou may think you have a niche audience, but to expand, it’s important to think of any other demographics that you can target. With a little research, you’ll soon find out that you have more than one market at your fingertips.

 

Networking

There’s something in the saying ‘it’s not what you know but who you know.’ Don’t be a sales merchant; just build relationships and help others. Listen to what your customers have to say. Attend a conference venue in Liverpool, for example, to expand your knowledge of your field and meet other businesses in your industry.

 

Plan

Every growth project needs a financial business plan. How will you achieve steady and sustainable growth? Is your company ready for this? Have you exhausted all free approaches to expansion or will you need to invest a little? Unorganised, sporadic growth often collapses in on itself, so make sure that you have clear direction.

 

Get To Know Your Customer

The more you understand your customers, the better equipped you’ll be to facilitate growth. At the end of the day, nothing recommends your business more than flawless customer service and fantastic products. If you’re consistent and trustworthy, demand should increase in time.

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  • Richard

    Useful information. I have a local business in Austin,TX. Business owners can take the help of a consultant to grow once the business foundation and customer base is established.
    But i dnt hire a consultant though, 😛 , i took the training of being a consultant and take better decisions now in order to expand my business.

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