When you first open a small business, your sole focus is getting it off the ground and keeping it afloat. According to the US Bureau of Labor Statistics, as many as 20% of businesses fail within their first 12 months of being open. But once you’ve beaten these odds and established yourself, you’ll start to turn your attention toward how you can grow your business.
If you thought getting set up was challenging, buckle up because as you’ll soon find out scaling can be even more so. That’s why it’s good to have a few small business growth strategies up your sleeve.
If you’d like to hear some innovative ways to expand your business, read on.
Explore New Markets
If you’re interested in expanding your business, then moving into new markets makes sense. This could mean a few different things.
If you’ve got a physical store it could mean opening up a new location. If you’re an eCommerce site you might consider adding to the list of locations you currently ship to. You could also consider expanding your offering of products or services.
Focus on Customer Experience
If you want to grow your business, you need to first establish a loyal and vocal customer base. You’ll do this by focusing on creating the best possible experience for your customers or clients.
This means providing excellent support and customer service, having great QA practices in place so you never make any big blunders, and really trying to build a connection with your current customers. You want to make them feel special and valued.
Invest in Your Marketing Strategy
One of the best strategies to grow a business is through exposure. The more people that are aware of your business’s existence, the more people are likely to choose it. That’s why having an effective marketing strategy is so vitally important to a business—at any stage in its life cycle.
Marketing takes many different forms. It could mean taking out billboards, getting a write-up in a local paper, or planning a community event. Then of course there’s digital marketing.
Digital marketing channels such as email marketing, PPC, social media marketing, and SEO are all super helpful in raising brand recognition and capturing new leads. Click here if you’d like to learn more about some of these strategies.
Form Strategic Partnerships
Business is all about who knows you—and who you know. You can strengthen and expand your business by working with the right people. Whether it’s an influencer you want to do a brand deal with or a smaller outfit you’d like to acquire, partnerships can be a super useful and effective vehicle for growth.
Small Business Growth Strategies You Need to Know
We hope that with the help of these small business growth strategies you’ll be experiencing a whole new level of success before you know it. If you’re looking for further business tips, we’ve got plenty of content in this area.
Check out some of our other informative articles now.