Every small business owner dreams of success, whether that’s in the form of a big exit or local visibility and recognition. You hear the stories of success and it makes you hungry for your own. The reality is that it takes hard work and it won’t happen overnight, but if you persist and have the desire, you can take steps towards preparing and moving towards realizing your dreams.
Are you a business owner? If so, the following are five tips to take your small business to the next level.
1. Finances
Expanding will, in the long term, bring in more profit but, in the short term, you are going to need investment. If you cut corners financially you won’t be able to grow, as it will tell in the quality of service you provide and the products you sell.
Logistical costs are going to increase as you expand, and you are going to have to employ more people to keep up with customer demand and the ability for you to provide them with the services they expect.
Finding money is essential and beginning the process of expansion shouldn’t be started until you have the right backing. One option when it comes to raising the money yourself is to take out a home equity line of credit – it will give you a lump sum of cash that you can then use to invest in your business.
Finding the best rates to provide you with this service can be difficult, so we have found a guide you can use to compare rates on home equity lines of credit and get the best deal. Check out this site here for more info.
2. Build a Website
You may already have a website, but does it really represent your brand? Making branding mistakes is common but damaging because you only get one chance to make your first online impression with your website. Is it converting browsers into buyers? If not, it needs to.
Take your own experiences of using services or buying products: how many times have you landed on a website and immediately decided not to buy from a particular company because they have a poorly designed or outdated website?
It isn’t appealing, and if you want to expand, you must have a strong online presence that starts with a great website. This is an area where employing experts will be beneficial.
They know what works when it comes to landing pages and keeping customers browsing (this is referred to a low bounce rate). They also know what techniques can be used to attract customers who have abandoned their carts.
Search engine optimization is key to getting people to your website in the first place and cannot be ignored. Keep the design looking fresh and modern and be prepared to change things up if they’re not working. Having a good website is essential for any business that is looking to grow and keep growing.
3. Go International
A key part of growth is finding new customers. If you’ve exhausted your target market in your local area or country, you’re going to need to start looking elsewhere. Going international is the answer. This will take up a lot of time (and money) but it will be worth exploring, especially if you can find untapped markets that have a need for your products.
A key theme here is using the services of experts, and you are hiring them because they know what they are doing, and this is very true for international markets.
Different countries have different marketing strategies and customs when it comes to purchasing goods and services and you must be aware of these. You may also have to employ someone fluent in the language of your target market but, ultimately, if you can find new, loyal customers, you will get back all your investment and more.
You will also have to consider the logistical elements of your operations and make carefully researched decisions before you make an ultimate decision on where to sell your goods. An internationally known business is the biggest sign you’ve made it, but it will take time.
4. Listen To Your Customers
Existing customers are your biggest assets when it comes to deciding what you need to do to improve. It would be foolish to dismiss individual concerns as a one off. If one person thinks something, it is highly likely there are many more who think the same way.
If a suggestion is made, take the time to seriously consider the problem and what you can do to improve. Knowing the types of customer needs and how to solve for them is a critical equation for sustainability. A business will grow through reputation and word of mouth, and if your customers are not happy, they won’t recommend your services.
Giving your customers clear lines of communication is a key-way of listening to them. If they can’t easily get in touch with you when there are issues, they won’t return and will tell others about their bad experience.
As your business starts to grow, this is going to become even more important so investing in staff who are there specifically for customer service will become a need. Listening to your customers requires humility and an ability to not take complaints personally.
5. Review Your Business Plan
If you are ready for growth, your initial business plan was a good one. Now you are going to have to start making changes to it – these changes should incorporate all the extra planning and costs involved in growth.
Just like when you first started, your business plan is going to have to address every eventuality and what you envision your business to become. Expanding will require investment, and if investors aren’t clear on your plans, they’re not going to risk their funds.
This is another area where employing experts will be beneficial. As you expand, you will be entering uncharted territory and having people around who know what they are doing will save you from making costly mistakes. They will also be able to advise you on how to move forward. Failing to plan properly will lead to failure so make sure this is an area you invest in.
