Running a small business is nice, but there comes a time when every business owner wants to expand their business into something bigger and better. However, there are certain pitfalls that make it really difficult for businesses to handle their growth, especially if the growth is a rapid one. With bigger business come bigger responsibilities, and your ability to delegate them properly to competent managers. This is why it’s important to have a strong plan in place before even thinking about business expansion, and this guide will help you find out some of the best tips you can apply to your business in order to grow it successfully.
Focus on the Customers
One of the most important things when it comes to expanding a business is to understand and keep up with current market trends. If you fail to satisfy some of the basic customer demands you will never be able to grow your business beyond a certain point. This is why it’s vital to know as much as possible about their potential demands, as well as what’s trending and what your customers might be after. Whether it’s great customer service or a competitive product that can match any other out there, you need to know what to focus on.
Plan Your Marketing Campaign in Advance
No small business has ever expanded into a large one without investing heavily in advertising their brand. However, many business owners make a mistake and don’t actually factor in how the marketing itself needs to change once you start expanding, which can lead to a total crackdown of your expansion efforts. This is why it’s important to plan your marketing campaign in advance and try to cover all stages of expansion and how your campaign is going to adapt to meet the demands of an expanding business.
Running a business today means being online, which further means that investing in SEO is clearly something you should consider if you’re planning to expand. More traffic means more conversions, which will not only increase your revenue – but also boost your reputation as a brand.
Identify New Groups of Consumers
Expansion basically means moving past your existing customer base and thinking about how to attract new customer groups to become loyal to your brand. To do this, you need to diversify your products and/or services to better match the new groups you’ve identified. If you manage to do that, while also retaining your existing customer base, you’ll effectively have multiple income streams which will push your business forward. It’s always best to design new products to match what’s trending right now, so it’s important to constantly analyze the market for opportunities if you’re to get an edge over your competitors.
Get a Bigger Office
If you’re caught by surprise by your sudden expansion and you’re all of the sudden in a dire need of getting a new office, you might lose valuable time and money at a point in time when you need to be focused on the expansion. That’s why it’s crucial for you to identify when the expansion is going to happen and expand your workspace beforehand. While you might love your small, sturdy office, it’s no place to be once you start growing. Companies like Pinkjunk Rubbish & Junk Removal Company, 1800 Got Junk, Junk King, and numerous others, can get rid of the extra stuff you no longer need and save you a ton of time when moving an office.
Use Social Media to Your Advantage
Social media is a powerful marketing tool today, one that’s also the best marketing platform for many consumer groups out there. Be super-active on social media channels that best fit your industry. So if you’re in the business of interior design – Pinterest and Instagram might be your best bet. There are a couple of things to keep in mind when it comes to social media promotions, so pay attention.
- Always Reply to Comments – There’s nothing users hate more than their comment staying unnoticed, so have someone vigorously answer everything that needs answering on your channels.
- Deal with Negative Feedback in Private – If a customer had a bad experience with your service or a product, the last thing you want is to start a discussion for all the public to see. It’s bad for business, so always try to contact the user privately and settle things over there.
- Fresh Content – Try to actively post fresh content, as that’s one of the best ways to get you traffic and conversions, as well as affect your SEO efforts.
Many businesses in the past decade failed for the sole reason of being unprepared for their expansion. Every small business owner wants their business to expand, so the more you’re ready for it – the better chances you’ll have to stay ahead of the game. By following these tips you’ll have a greater understanding of what awaits you and how to tackle it if you wish to successfully grow your business.
Guest author, Chloe Smith, is a cycling enthusiast, business consultant, and a part-time writer always willing to share tidbits of advice. She believes that passion, courage and, above all, knowledge breed success.