Last updated on October 24th, 2020 at 12:45 am
Business consultant & analyst Jacob Wilson provides some quick education on growing your small business.
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Every small owner dreams of making it in the big world of business and gaining recognition for their brand. Such aspirations are essential for a business to endure all the challenges that appear in its way because if you don’t aim for growth, you lack that fighting spark that keeps your business going through thick and thin.
This is why notions of growth shouldn’t remain in the realm of fancy but instead need to be transferred to real life – but not without proper preparation beforehand. With this in mind, here are some tips to keep in mind when planning to grow your small business.
Know Your Present State
For the seeds of success to sprout, you need to make sure that the soil is fertile – or in the language of business, you need to ensure not only that your business is ready for a change but also that it is ready for that particular kind of change. If you go ahead and implement a strategy without first checking the present situation, even the most functional of strategies will not help your cause.
Instead of potentially wasting resources, you need to analyze the present state your business is in and this includes having a clear perspective on your current budget, income, and expenses, your marketing strategies, the number of employees and customers, etc. Once you have a clear image about where your small business stands, you will be more confident when it comes to assessing which course of action would be best suited.
Understand What Your Goals Are
There is more than one way for a business to grow and for instance, seeing fewer employees doesn’t necessarily mean that a business is failing. It could be that they have actually obtained some advanced software tools which will expedite the daily tasks and overall business processes or that the employees have been allowed to work from home on certain days.
Looks can be deceiving but what’s important is to establish what it is that you want precisely so that you can get down to achieving it. Perhaps you wish your business to grow in terms of attracting new customers or you might want to entice current customers to spend more money – at this stage, what’s important is that you set your focus on one grand goal.
Once you have that covered, you should set mini-goals that would lead you to the grand one because it would be easier to monitor the progress in that way. Also, if you accomplish one goal at a time, the motivation will grow.
Consider Your Strategies and Tools
Now that you have your grand and mini-goals set, it is time to find the best means to achieve them. If your research tells you that your growth strategy can be made more efficient by using particular software and tools, you shouldn’t hesitate to invest in them. By allocating some of your budget towards monthly installments for software as a service solution, your small business will benefit from it manifold.
Cloud-based solutions are scalable and more affordable which makes them useful for any business that is growing. Despite popular opinion, businesses in the IT sector also experience similar problems with finding the right software solutions. It often happens that an app looks all right in the development stage but it doesn’t work in the operational stage which leads to breached deadlines and loss of money.
This is why many IT businesses use DevOps as a service to help streamline their workflow and ensure a stable and safer infrastructure. The automation leaves little room for mistakes, while software updates rarely disrupt the ongoing processes.
Think About Expanding Internationally
Another growth goal worth discussing is expanding your small business internationally. If you see an opportunity for such a venture, you need to consider it because it can take your business to the next level. For starters, it would be best to look for partners and suppliers before you initiate the expansion since that would mean you would have a more stable ground to disembark.
Foreign partners can help you with advice on how to attract local customers because what works in your country might be offensive or simply inefficient in another. In addition to that, they are a useful source of information when it comes to the legal side of things since the last thing you want is to start building something and for that to disappear overnight taking your investment with it.
If you’re interested in the idea of international expansion but you still aren’t certain whether that would be the right course of action, you can always consult with entrepreneurs who have more experience in such undertakings.
Add New Products or Services
If you notice that the interest in your brand is growing, perhaps the best path is to mix it up with new products or services. Experimenting with your offer, especially if the change is significant can be risky but sometimes you just need to try and see what happens. Naturally, you needn’t take a stab in the dark but instead, you will need to rely on the information you gather along the way.
This means using resourcesto learn as much as you can about your current and potential customers. By learning about their gender, occupation, device preference, interests, you will be able to form an informed conclusion of where their needs are and how to cater to them. Your new products are services are located at the junction of those two areas and if you have done your research right, with a little luck, you will be attracting customers in droves, as well as growing your business.
The business world is full of unusual stories of success, of companies or products that started as one thing and ended up succeeding in a completely unexpected manner, just take Instagram as an example. Although your story doesn’t have to be that unusual, what you need to learn from it is that change is a necessary step for a business to grow.
You would, of course, want for this change to be thoroughly analyzed before you implement it but what’s important is that you recognize when the time is right for a change of strategies. If you make a good assessment and prepare your strategy right, your small business stands to greatly benefit from that course of action.
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