Setting up a business is hard, but expanding it is an even bigger challenge. Regardless of the niche, today you have competitors right, left, and center. If you don’t grow your business over a period of time, you will find it hard to survive in the market, let alone competing. That’s the number one reason why so many businesses come to a sad ending every year.
Of course, growth does not happen overnight. It takes time. But growth is only guaranteed if you are on the right track. We assure you that expansion is going to be a matter of time if you stick to the following strategies:
#1. Invest in the Customer Loyalty Program
Loyalty programs have proven to be an effective way to retain old customers. As a matter of fact, acquiring new customers is three times more expensive than holding on to old ones; not to mention the mental fatigue.
At the end of the day, it’s not the number of your customers but the quality of customers that counts. As a rule of thumb, about 80 percent of a company’s revenue is generated by 20 percent of the customers. So you can imagine the importance of investing in customer loyalty programs.
Before formally announcing a customer loyalty program, you should drill down into the following aspects:
- The past record of the customer. For example, how much a customer buys in a year
- Types of products that people frequently purchase from you
- How long people take to make the payment
#2. Make an Email List
Ever since social media has hit the scene, many businessmen have cultivated a distaste towards emails. If you happen to be one of those businessmen then you need to revisit your decision real quick because emails are still very effective.
Make an email list right from the word goes. If you have a website, it can provide you leads and you can nurture them over a period of time through emails. What’s more, you can even automate your email campaigns. People are more likely to read and respond to emails when they are sent at a suitable time.
#3. Invest in Your Staff
Remember, your employees are an asset to your business. Your business is only as good as your employees. For example, if the staff is untrained, workplace productivity will greatly suffer. By having a well-trained staff you save a lot of time and, without a doubt, time is money.
At the onset, investing in a training system may sound like a costly idea but, considering the return of investment, it is definitely worth it.
#4. Make the Most Out of Social Media
Being on social media comes with a lot of benefits. Firstly, it gives you visibility. People will not have a hard time to trust you if your business can be found on every major social media channel. So make it a point to be on platforms like Twitter, Facebook, LinkedIn and so on.
Secondly, social media can give you a clear picture of what is trending and what has been outdated. Smart people learn even from their rivals. By following your competitors on social media, you might learn a thing or two which can add in your bottom line.
Thirdly, social media is all about making opinions. If people are saying something bad about your business on social media then it will have a negative influence on your brand and vice versa. Not only you will come to know the broader picture regarding how your business is being viewed but you can also work its branding.
#5. Provide Quality Customer Service
The quality of customer service has just reached a new level in the last few years. When it comes to millennials, they might compromise on the quality of your product but they would not accept bad customer service by any mean. You may be able to attract new customers but the success mantra to retain them lies in quality customer service.
Customers want to feel valued. The more value and importance you give to them, the more they are likely to stick to your brand. Apart from your business website, you have to be on your toes on social media accounts as well.
#6. Attend Networking Events
Don’t shy away from attending business events. They give you the opportunity to be among the best people from your field. You don’t necessarily need to read tons of business books to turn your business around. Sometime a single piece of advice may as well do the job for you and you can expect to receive such advice in these gatherings. If you don’t know, these events might also reveal how to use profitability ratios to grow your business.
#7. Look for Funding
Of course, in order to fix all these measures, you need to have money. if you don’t have savings left, loans could be perhaps your only option. There is a variety of loans available and you should pick the one which goes best with your type of business. Don’t forget to shop around before committing to a lender.
The Final Verdict
If your business growth is stagnant, you need to quickly take note of the above methods. Avoid being hasty. Just stay glued to these ideas and positive results will be on their way rather sooner than later.