Growing Your Small Business for Success
You’ve started a business and it’s up and running. Congratulations! Now you might be wondering what to focus on next and the word that comes to mind is: Growth. The goal after all is not just to survive but to thrive. There are many strategies to grow a small business but here are some key points to focus on:
Connect with Consumers
Make sure you are offering products and services that are compelling to your target market. Create outreach programs, such as special promotions and loyalty programs, that will draw in consumers and keep them coming back again and again. Create a database of your buyers so you can track their sales activity and reach out to them periodically through email or social media to tell them what’s new. Building a long-term relationship with your consumers is the best way to retain them.
Keep Up With Your Partners
Maintaining a strong working relationship with your sales partners and suppliers is just as important as the relationships you build with your consumers. They are the ones who will assist you in executing a good promotion or help maximize your efficiency and reduce your costs.
Know your Competition
Analyze the competitive landscape often. Know what your competitors are doing well and where you think they can improve. Capitalize on your strengths to find a niche that sets your business apart or if you operate in a similar way as your competitors, figure out how to do it better. Either way, you must understand your competitors in order to differentiate yourself so that you stand out.
Partner with Other Businesses
Determine which companies have a shared consumer audience, even if its in a different industry. Forming a strategic alliance with other businesses for cross promotion is a smart way for you both to get exposure to new users and break through to new landscapes.
Create a Product Pipeline
It’s always a good idea to have a 3-year innovation pipeline of new product and line extension ideas that you can develop and launch. Infusing new ideas into your business on a regular basis not only keeps your existing consumers interested and engaged, but it also drives new consumers to your brand.
Know Your Numbers
Make sure to keep track of your sales and expenses on a regular basis. If you find you are consistently losing money, examine things like pricing and cost of goods to see if you can improve in those areas. Always look for opportunities to cut costs or bring products to market more efficiently.
Look into Financing
It is relatively easy for small businesses to get funding these days. There are many different lending options from a variety of sources, from large banks to online lenders. Accounts Receivable and Supply Chain financing are two forms of funding that are worth considering. They provide cash for slow moving invoices so you don’t have to wait so long for payment. ExpoCredit can help you figure out which one is right for you. Visit www.expocredit.com to find out more.
Running a small business is challenging, but focusing on growth can stabilize a company to protect against downturns in the economy and keep you in business for years to come.