As a business owner, who doesn’t want to see his/her business growing and reaching the heights of success, beating all the tough competition in the marketplace? Leading a business is just like raising a child as it needs your proper attention, money, and care. The term “grow your business” might be easy to hear but in reality, it is not less than a herculean task.
For those of you who have survived start-up and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status. There are numerous possibilities, 7 of which we’ll outline here. Choosing the proper one (or ones) for your business will depend on the type of business you own, you’re available resources, and how much money, time and sweat equity you’re willing to invest all over again. If you’re ready to grow, we’re ready to help.
Here are 7 ways to grow your business:
Penetrate your existing market
When you think about how to grow your business, the first thing that probably comes to mind is getting new customers. But the customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.
Innovate your product or service
Discovering and promoting new uses for your products or services is a great way to both get existing customers to buy more and attract new customers. Think petroleum jelly and duct tape—and how few of these would actually be sold if they only had one use!
Advance Accounting Techniques
The role of accounting in small business management is huge as it assists to track the financial information for various business functions. Accounting software will help an individual keep track of the cash flows documents and processes, perform calculations, transactions and generate reports. While there is no rule saying you have to use accounting software, once you make the change you may look back and wonder what took you so long.
Else you can also hire a professional bookkeeper who provides bookkeeping services.
Conquer a niche market
Remember the analogy of the big fish in the small pond? That’s essentially how this strategy for growing your business works. The niche market is the pond; a narrowly defined group of customers. Think of them as a subset whose needs are not being met and concentrate on meeting those unmet needs.
Form an alliance
Forming an alliance with a similar type of business can be a powerful way to expand quickly. You can have wider options in case of alliance and also get another point of view or thinking which can prove to be a good thing for your business.
Implement ERP system
By implementing ERP system, you can automate business processes by placing them into a useful format that is standardized and common for the whole organization and integrates all departments and functions across a company in a single computer system that is able to serve all those different department’s particular needs.
Invest in yourself
You will likely see a very lean profit margin in the early stage of business. So any money you do make should go directly toward helping you grow. A start-up’s ability to invest in itself accelerate growth. In those early years, it’s critical to make sure that you’re redirecting any revenues back into the company. In the initial days of a business start-up, it is vital to invest and heavily in order to grow quickly.
It Is for sure that you won’t experience growth right away. Whichever way of expanding your business you choose, you will see progress if you keep at it. And will successfully transform your business into all you want it to be.