Most small business owners may have lost faith in the growth of their ventures in the past year due to the pandemic. Still, their confidence is rising again slowly, according to the SurveyMonkey Q3 Small Business survey made by CNBC. Indeed, small businesses are vulnerable to economic downfalls. However, owners can still achieve their growth objectives by employing specific strategies that have been proven and tested by major players in their chosen industries.
Below are some business expansion tips that small business owners can get ideas from to grow their current ventures.
Conduct Market Research
Even the biggest and most well-known brands these days had gone through hard times when they were starting up. Pepsi, Coca-Cola, and many other giant corporations had also struggled to get more market shares and rise above the competition before they reached their current status. They were able to do it partly because of the research they conducted on their market. These known brands performed demographic segmentation based on the demographic factors to focus their resources more on the defined groups that are using their products more. Small businesses can get their cue from these big corporations and do their own market research and demographic segmentation to reach better a market that will likely love what they offer.
Incorporate the Business
Incorporating a business provides many advantages to small business owners. This process separates the personal liabilities of the owner from the company, which means that whatever happens to the business, the owner’s assets will not be at risk. Business incorporation also gives the business more credibility, and it allows the owner to secure funding and establish business credit for its growth. Taxes are even lower for companies that have been incorporated.
Incorporating a business is highly recommended as the business grows. In such cases, hiring the assistance of a small business lawyer provides added benefits. The attorney can help the owners draft standard contracts that may be used between the business and the customers and its supplies. The lawyer can also assist in organizing policies and making sure that the company follows all the regulations and laws set within the vicinity or locality where it is located.
Diversify Product or Service Offerings
Business expansion means more customers or clients will be served. This also means that there may be a need to provide more product or service offerings to satisfy all customers. Adding a new product or service that meets the needs of people and selling them to the existing or growing market helps create multiple income streams for the business. It also helps protect the existing customer base.
Use Technology to Stay Competitive
Modern technologies like the Internet are making it easier for people to do business with a broader market. Small business owners should use these technologies for their growth advantage. For instance, apart from marketing by disseminating flyers, business owners may post their newest product or service offering on social media. They may use digital marketing strategies to advertise their businesses to gain more new leads and sales.
Build Brand Awareness Through Networking
Connecting with other people through social media and engaging with them is the modern means of promoting businesses. These days, many companies have successfully experienced massive growth because of their strong online presence. They network with influencers and other industry players online, and this move has significantly helped them build brand recognition across their target markets. Brand recognition is vital for business growth.
Form an Alliance with Other Businesses
This has been proven to help businesses expand faster. An alliance means partnering with other companies that can help the organization enhance its production. For instance, businesses that primarily sell golf balls but do not have their own manufacturing facility can partner with direct manufacturers to ensure continuous production of the products. They can also partner with resellers or other distribution channels to help them push the products to the intended markets. The idea is to plug into the community that can help the business achieve its growth potential.
Offer Awesome Customer Service
Excellent customer service is an essential part of any business. No customer would want to deal with the same company again if they are not given the proper customer service they deserve before and after they bought the product or service. Excellent customer service can lead to increased sales, customer loyalty, and improved public image.
Several applications can be used to improve customer service in an organization. These apps allow businesses to automate workflows and attend to customer inquiries and complaints better.
Business expansion may require more effort and more time spent on planning. When done right, it can offer better benefits to business owners.
