Starting a new business probably felt like a mixture of both excitement and trepidation, worrying about what could go wrong. But now you have got things running smoothly, it is time for your next challenge. The business must be helped to grow on all levels.
After the start-up of a business and once it has stabilised, there comes a time where things seem to be stagnating. This is the time to put on your strategic thinking cap and plan for future growth. It won’t happen in an instant. However, your efforts will pay off, some in the short-term, and others will take longer. With that expectation in mind, let us look at the strategies you need.
Speak to Your Customers
Although you went into business with a target audience in mind, you need to reassess if you are still meeting the consumer needs of this group with your products or services. Do a survey every quarter to keep your finger on the market’s pulse.
Check all user reviews in your suggestion box onsite or your website online. Answer questions and provide explanations. Use this feedback to improve your market offering(s). Issues raised must be promptly addressed. Negative word of mouth usually reaches more people than a good review. You need to turn those customers around, whether you replace an item, give them discount, or make changes to your product.
Watch the Competition
You need to carry out a market analysis according to a set schedule. Don’t be tempted to skip one as it is vital to know both your customer base and your competition in an industry. This is fundamental to every decision you make. Things can change rapidly within a year. Market analyses need to be done monthly to pick up the winds of change. It will make you aware of risks and opportunities.
Taking Care of Your Customers
As you expand your business, make sure you take your existing customers along with you. That is, if you are still marketing the same product or service. Keep them abreast of important changes to your business.
Providing good customer support will improve brand recognition and contribute to company growth. On the other hand, poor customer care will likely lose you ten customers – the one who received the service and the nine people that were told about it. Some of this group of nine would have been potential clients. Others would never have bought from you as your niche doesn’t answer their needs. But each one of them is also a spokesperson who can damage your reputation by making other aware of a negative experience.
Networking
Networking is an important tool in your toolkit. You should use it at every chance. Join the community watch for the area where your business is located. Use local services, such as plumbers and electricians. Attend functions and community meetings. This will make your business premises safer as the neighbourhood watch has eyes and ears everywhere.
A business growth club will provide many opportunities for networking and building up your contact list. Join the Inspirent business growth club for success. It is only for those who are serious about growing their companies.
These tips are the most important ones to follow. You should also look at improving your website, shifting to online if you are still working in a traditional location-based site, risk management, health and safety, quality, good governance, and using social media as another communication channel.