How To Grow Your business – How To Make A Business Grow
As a business owner, it is important that you learn how to grow your business from its current state to where that point you so much desire. The Nigerian economy is consumer-driven so many new businesses find it easy to enter the market can what is obtainable in other parts of the world. As an investor who is concerned about growing a business, there are many factors you should look into.
From my study so far, I can conveniently extract that most owners of businesses in Nigeria especially small scale investment managers barely understand the key factors that make business succeed. Consequently, most of the these start-ups collapse with just a few years of launching them. Many investment decisions and choices made daily have a ripple effect on the success and future of that business.
The basic strategy to increase profitability of a venture is to reduce running costs and increase profit margin and customers’ satisfaction. Reducing production costs will widen your net returns even if you maintain the same record of sales.
Are you are planning to start a business or you own one already? Do you sell products or offer services to your clients? In the post, I will be revealing to you top secrets involved in growing your business and doubling your returns.
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Top 8 Ways To Grow Business
Your business should be well structured. Ensure that everyone on your team should has his/her task defined so as to increase their efficiency and make assessment easy.
2. Study The Market
Be reasonable in you pricing. The price of that product and service should determine the cost. Carry out routine surveys and opinion sampling to gather customers complaints and know what they really desire. Package your product based on the needs and pocket size of the immediate market.
3. Evaluate Your Competition
Before starting a business or expanding an existing one, it is crucial to analyze your competition. Many businesses have been stifled to death because of huge competition. What makes your business better than others? What do you think others are doing better than you? Even if you think you have advantages above your business competitors, a good practice is to analyze what places you above them and improve on it in a bid to directly influence your business growth.
4. Comprehensive Recording
Many businesses in Nigeria are deemed profitable because many business owners fail to keep comprehensive reports of their business operations. Keeping records of your sales, customers and financial transactions will assist in understanding market patterns and making decisions that would assist in business growth.
5. Appreciate Your Workers
If you are in the habit of not motivating your employees, your business is missing a lot. All employees do not have to be perfect but if you can provide bonuses and conditions that help motivate them your business will enjoy a boost from their increase productivity. They are happier to contribute into achieving your business goals.
6. Unwavering Focused
This is a crucial step to achieving business growth. Ensure that your decisions agree with your companies’ goals and mission. It is important for your business to be identified with something. Resist the urge to start changing focus especially while trying to survive evolving economic climates.
7. Strategic Marketing
as a business owner, you should understand the powerful role in the growth of sales figure. Even established brands like MTN, Shoprite and Dangote still advertise their brands and products. Marketing increases the exposure your business enjoys.
8. Plan For Expansion
Whenever you make returns from your business, you should spend our a sizable percentage of what you realize on expansion re-invest into your business as this is a mandatory requirement for growth. Avoid wasting your profits on frivolities.
Best Ways to Grow Your Small Business
If you run a small business and you are seriously looking for ways you can grow your small business, you need not go anywhere because I have in this post 50 ways any business owner can grow his or her small business.
Sometimes, most business owners think that growing a business always involve money. Keep reading if you want to be among the minority that grow their business with little or no expenses.
Here are 50 ways any business owner can grow a small business anywhere in the world:
LIST OF WAYS TO HELP SMALL BUSINESS GROW
1. Keep Around with Key Players in your Network
There are people in your network that can either help you directly in your business or link you up with people that can. They may either help you win big contract or hook you up with good business partners.
2. Develop a Referral Portfolio
Another way to grow your business is by creating referral system where your customers can help you promote your business to get more customers.
3. Form Strategic Alliance
Use your customer lists and sales team to your advantage.
4. Develop a Tribe Around Your Business
Create raving fans/customers around your business/products and services. Create a medium by which people can start talking about your business and interact with you.
5. Market to your Customers by Placing their Needs before your Own
Don’t talk about yourself when marketing. Think about your customers and what they want and put your products in their hands.
6. Sales Training
Sales is the lifeline of any business. If there is no sale, there is no business. Conduct sales training for your sales rep so as to increase their closing ratio.
7. Know your Products and Industry
Take your time to do research and understand the nuances of a product and its industry.
8. Be Persistent
Sales don’t happen automatically. For you to be able to grow your business for the long term, you have to be persistent because customers won’t just say yes at the first time. They may want to see if you are just for the money or you are here for business.
9. Help Solve Problem
Customers don’t just buy product because they want to buy, they buy products that help solve their problems. Connect your product or service to the problem and it will win over customers immediately.
10. Show Respect
Customers deserve to be respected. Don’t do business as if you’re trying to help your customers.
11. Be Available
When customers are ready to buy, they do it on their time, not the business time. Those salespeople who are available win the deals because they make it convenient for the customer to buy on his time.
12. Learn how to Listen
Many customers want to explain their problem first before they make the purchase so they know that you understand their pain and you can provide the best solution for it. Unfortunately, most salespeople are too busy trying to sell their products or services that they fail to listen to the customer when talking.
By listening, sales are easier because you understand the customers to provide the best solution which lead to repeat business.
13. Follow Up
Too many businesses fail to follow up which is why they are not growing. Following up with an existing customer can solve product problems quickly before a complaint happens, it can generate new sales, and it builds a long-term relationship with a customer.
14. Build your Database
If you don’t have one, start a list today. Start building your list of customers. This will lead to lots of referrals.
15. Have a Great Elevator Speech
Whenever someone ask you, “what do you do?” tell the person what you do and how what you do can help him or her.
16. Help Everyone You Can
Always be looking for opportunities to help people. Remember Zig Ziglar words regarding help. It gets you referrals in the long term.
17. Provide Outstanding Customer Service
Make this a priority in your business and watch your business soar high. If your customer service is bad, it will pull you out of business.
18. Be Different
Don’t try to be like your competitors. Be different in the way you run your business. Find a way to brand yourself and your product/service in your community so you will be easily recognized.
19. Don’t Throw Away Email Addresses
When anyone connect with you, ensure you keep their email address. Copy and paste it in your computer folder. Treat these email addresses as gold. Put them into categories if you want.
20. Use Testimonials Effectively
Write testimonials and send them to people you want to do business with.
21. Get More New Customers
One other way to grow your small business is by growing your customers base. Getting new customers means more sales which result to more money.
22. Selling More to Existing Customers
Getting your customers coming back to patronize your products or services is another way to grow your business. This allow you to grow exponentially which gives your balance sheet a fast and explosive shot in the arm.
23. Raise Your Prices
Too many small businesses are afraid to raise their prices, they are thinking if they do customers will leave their business and go patronize their competitors. You can train your customers to expect a price increase and please, make sure you deliver an exceptional value for your rise in price.
24. Improve Your Website
Your website is your online office, it should be clean and attractive. It needs to have contents that answers questions in your reader’s mind.
25. Expand Your Online Marketing
Expand your online marketing by publishing and distributing articles online on platforms like EzinesArticles, Medium, LinkedIn, Squidoo and many other places.
26. Build Relationship Through Freebies
Whether you want people to purchase your product, signup to your email list or respond to an advertisement, offer a valuable giveaway to establish your value as an expert. It could be anything like eBook, audio, video etc.
27. Outsource and Automate
One reason why most solo business doesn’t grow, is because the owner feel he is the only person that can do the job properly so, they fail to outsource it.
Make a wish list of what you would like to be able to automate in your business. Then make a plan to outsource those daily tasks that are not profit generating, like routine admin tasks, online marketing like article and press release submissions, web maintenance etc.
28. Search Engine Optimization
By ranking high on search engines, your site can attract hundreds of visitors daily. Of course, there is work involved in adding quality content to your site and building links to it, but that’s a small price to pay in return of a consistent stream of targeted visitors that turn into buyers.
29. Email Marketing
This is very crucial when growing a business whether online or offline. Build strong relationship with people that subscribe to your email list by providing them with useful contents and then generate revenue too by also promoting your products and services.
30. Leverage Twitter
Many successful entrepreneurs have given many testimonies about twitter helping their business grow and build their online brand. Develop a schedule and build a community around your twitter account.
Promote your presence, include your Twitter handle on your website, in your email signature, and in your marketing materials. Use analytical tool like TweetReach to track and measure your activity.
This will help you analyze your effort and see how you can make it better if you don’t like the report you get.