As a small business owner, consistent business growth should be at the forefront of your mind. With about 20 percent of small businesses failing within their first year, you can avoid becoming part of this statistic by making sustainable growth a priority.
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One of the best ways to remain successful is to continually come up with new strategies for growth. Next, you’ll want to sustain these strategies through technology and documented processes so that you can keep them consistent throughout the years.
With this in mind, read on for our quick guide on how to manage your business growth and make smart business decisions for more revenue!
Improve Your Website
When it comes to growing a business and managing your growth responsibly, improving your website should be one of your top priorities. The reason for this is because 91 percent of adults search online in order to find information, including the businesses they make purchases from.
By improving the UX, UI, and design of your website, you’ll be able to set clear expectations about your business and target your audience more effectively. Even more importantly, you’ll have a dedicated hub where people can fill out their information in order to sign up for email campaigns.
You can use the data gathered from your website in order to make better marketing decisions, learn more about your audience, and more.
Research Types of Business Financing
When your business begins to grow, you need to ensure that you have enough capital. Asset finance is often recommended because it’s a flexible leasing arrangement that allows you to hire equipment for a certain amount of time. There is also a wide range of products that you can finance.
Risk management is built-in because you won’t have to worry about the tech becoming obsolete. Your lease payments are also categorized as expenses, making them fully deductible when tax time comes around.
Explore this link to learn more about your asset financing options.
Improve Your Customer Service
Your customers are the lifeblood of your business, so you need to continually focus on meeting and exceeding their expectations for all your interactions. This starts with having a greater understanding of your target audience.
Answer these questions:
- The average age of your audience
- Gender
- Discretionary income available
- Geolocation
- Devices they predominantly use
- Hobbies
- And more
The more questions you’re able to answer, the easier it will be to market to them and provide the type of service they expect. Next, you’ll want to establish rapport and loyalty by offering personalized services. This can be as simple as offering discounts on their birthdays.
It can also include featuring user-generated content on your social media pages or running giveaways. Lastly, make sure you invest in reputable customer relationship management (CRM) software in order to keep track of all your loyal customers.
From keeping track of your last interactions to calculating their lifetime value, a CRM will help you sustain this growth.
Strategize Your Growth
One of the top mistakes that new small businesses make is not having a clear strategy for growth. Without a strategy, you can easily waste money on tactics that don’t make sense for your industry or niche. Even worse, you may have trouble scaling the solutions you choose in the future.
Keeping your audience in mind, choose the marketing methods that can make the most impact at first with the least amount of effort. For instance, you may find that you have a younger demographic of customers that spend most of their time on social media.
With this information, you’ll know that focusing on your Instagram marketing will make more sense than investing in billboard or radio ads. You’ll also want to consider your short-term as well as long-term growth.
Overall, SEO for websites is a good long-term strategy for pulling in organic traffic. Investing in PPC ads would be a short-term strategy.
Support Your Staff
As you grow your business, you’ll also want to keep in mind that a happy staff is far more effective in growing a sustainable company than an unhappy one. With this in mind, make hiring decisions based on experienced employees who would be able to fit into your company culture.
You’ll also want to come up with ways to reduce staff turnover. This starts with providing a livable wage, ample healthcare packages, and other income incentives. You may also find that funding new technology purchases can help them complete their work more efficiently.
Lastly, speak to your staff about working remotely versus in-office. You may find that the majority of your staff would appreciate a fully remote environment. On the other hand, a blend of in-office time and remote work may be the best fit for your employees.
Know Your Core Strengths
Last but not least, it’s important that you don’t lose sight of your company’s core strengths. Unfortunately, you can’t be everything for everyone. Specialize in what your company does best, then outsource what you aren’t as talented with.
For instance, if you own a web design company, specializing in responsive web design should be something you focus on. However, SEO and paid ads may be services that you’ll need to outsource.
Keep Focusing on Sustainable Business Growth
When it comes to business ownership, focusing on sustainable business growth will be able to keep your small business from failing within the first few years. Keep in mind that you want to exceed customer expectations, leading to retaining customers and reducing staff turnover.
You’ll also want to make business decisions that you can sustain for a number of years. This can be as simple as documenting processes or investing in technology that scales with you.
Ready for more tips on how to run a successful business? Keep reading the blog for more in-depth strategies and techniques!
